Frankfurt Xetra-listed online betting group bet-at-home AG has detailed a strong start to 2019 trading, with core corporate metrics ‘significantly above last year’s levels’.
Publishing its first quarter 2019 trading update (period ending 31 March), bet-at-home records a 12% increase in group revenues to €37.2 million (Q1 2018: €33.2m) as the bookmaker benefits from an increased wagering volume of €827 million (Q1 2018: €733m).
In its update, bet-at-home details that its product portfolio has benefitted from increased player activity driven through ‘international advertising campaigns in the form of TV spots, print and online media as well as sponsoring cooperations and extensive bonus promotions’.
Securing its higher marketing coverage, bet-at-home books in increased Q1 2019 costs of €8.2 million, as the company reports a period EBITDA of €12.7 million up 35% on Q1 2018’s €9.3 million.
Updating investors, bet-at-home governance details that it is confident of securing its 2019 corporate expectations, ‘assuming an unchanged regulatory and tax law environment.’
As previously reported in its 2018 end-of-year report, bet-at-home governance revenue expectations at €130-143 million range, as the company adjusts to ‘legal uncertainties in Switzerland’, which have appeared due to the approval of the Swiss Money Gaming Act.
In its updated outlook, the bet-at-home board expects to secure an EBITDA target of between €29-to-€33 million for fiscal year 2019.