DACH markets betting group bet-at-home AG has recorded double-digit declines across all topline metrics, publishing its Q1 2020 trading update.
The Frankfurt Xetra bookmaker detailed that tough Q1 trading was compounded by the abrupt postponement of European sports and continued wagering declines recorded in Poland and Switzerland.
Dealing with multiple headwinds, bet-at-home saw Q1 2020 wagering volumes drop by 18% to €677 million (Q12019 – €827 million).
Entering 2020, bet-at-home had warned investors of Swiss and Polish ‘regulatory disturbances’, which saw the group Q1 revenues decline by 13% to €32 million (Q12019 – €37.2 million).
Despite recording lower revenues, period costs related to betting taxes and gaming fees were maintained at €5.6 million as bet-at-home recorded period net revenues of €25.5 million (Q12019 – €31 million).
Closing Q1 2020 accounts, bet-at-home declared corporate EBITDA of €9 million, reflecting a 30% decline on corresponding 2019’s €12.7 million.
Entering the summer months with no European sports schedule, bet-at-home has confirmed that it will revise its operating strategy as it seeks to minimise costs and limit marketing exposure.
bet-at-home detailed that it will maintain its 2020 outlook despite facing multiple headwinds, with the company expecting to generate revenues in the €120-132 million range.
Furthermore, bet-at-home’s board anticipates that group EBITDA will amount to €23-27 million for the financial year 2020.