bet-at-home projects improved full year performance despite 50% Q1 revenue decline

bet-at-home has encountered difficulties during the first quarter of the year, as its total group revenue declines by over 50% to €14 million. 

However, the Dusseldorf-based betting and gaming operator maintains that this figure – dispute representing a 54% decline on Q1 2021 revenues of €30 million – is still indicative of a strong start to the year.

Recorded EBITDA, meanwhile, was also a loss of €1.4 million – down from €7 million achieved last year – whilst sports betting revenue stood at €12.6 million and gaming revenue reached just €1.3 million.

In particular, the group noted challenges in its home market of Germany following the implementation of the Fourth Interstate Gambling Treaty (GlüNeuRStv) – it also had to temporarily cease casino operations in neighbouring Austria in October of last year – but anticipates that rigorous action against unlicensed providers’ in the market will provide greater stability.

Additionally, the company is also hopeful for a commercial bounce back in the Netherlands, where it has applied for a sports betting licence under the KOA Act licensing regime, enabling it to capitalise on one of Europe’s fastest growing markets.

“Despite all the challenges of the past financial year, I am optimistic about the future and am convinced that bet-at-home is on the right track with the measures and initiatives it has taken,” said Marco Falchetto, bet-at-home CEO.

“Since my appointment to the Management Board at the end of February 2022, I have been convinced on a daily basis by the broad expertise in the individual specialist areas and am therefore confident that I will be able to leverage high potential at product level in the future.”

Furthermore, the group also highlighted that various operating costs and expenses had been cut down during the quarter, with personnel expenses reduced by €0.6 million year-on-year to €4.4 million.

Marketing expenses were also cut down to €3.5 million, and the group notes that its focus in this rea moving forward will be on the Football World Cup in November-December, whilst the remaining operating expenses in Q1 amounted to €5.1 million.

Anticipating a more positive commercial experience throughout the remainder of the year, bet-at-home predicts revenue of between €50 million and €60 million, although the figure of expected EBITA is much wider – between a fall of €2 million and an increase €2 million. 

Flachetto concluded: “Once again, I would like to thank all those who have helped bet-at-home make this forward-looking start to the 2022 financial year, first and foremost our employees. I would also like to thank our shareholders for the trust they have placed in us.”

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