The boss for global online sportsbetting operator PointsBet Australia Proprietary Limited has reportedly defended his company’s decision to spend some $163 million over the course of the last year on a range of new marketing and sales initiatives.

According to a Wednesday report from The Sydney Morning Herald newspaper, Sam Swanell (pictured) serves as the Australian firm’s Chief Executive Officer with his endorsement coming as the enterprise posted a net loss of over $182 million for the twelve months to the end of June. This disappointing result was purportedly 43% higher than the company’s preceding annual deficit of about $103 million and followed a ramped up promotional spend that included approximately $110 million for the United States market alone.

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