SBC News bet-at-home expects €11m income reward for discontinued Austrian business

bet-at-home expects €11m income reward for discontinued Austrian business

Embattled bet-at-home AG has announced that it expects to recoup €11.4m in attributable income related to its discontinued Austrian business. 

Dire 2021 trading saw bet-at-home forced to exit Austria’s online gambling marketplace, having lost a long-standing legal dispute against customers who sought a reimbursement for ‘playing on an unlicensed website’.

While the Austrian exit saw the firm wind-up its Malta subsidiary, it still considers the government’s monopoly concession granted to Casinos Austria as being in breach of EU business rules.

bet-at-home has issued a ‘preliminary unaudited business update’ for investors, in which it forecasts an 18% decline in corporate revenues to €26.7m (H1_2021: €32.8m).

Forced to operate solely in Germany,  the Frankfurt Borsa betting group anticipates that its operating EBITDA for H1 2022 will fall to €1.1m – representing a near six-fold decline on 2021 results of €6.1m.

Q2 trading saw bet-at-home announce that it had withdrawn its UK online gambling licence following a suspension by the UK Gambling Commission.   

Following the winding up of its deconsolidated European assets,  bet-at-home predicts that it will declare an H1 net income result of €10.6m.

The board will announce H1 interim trading results on 22 August.

SBC News Yannis Xirotyris vacates CCO position at Novibet ahead of SPAC merger

Check Also

bet-at-home

Bet-at-home readies for EveryMatrix makeover as year losses mount to €1.5m

Bet-at-home AG has declared a consolidated net loss of €1.5m for its full-year 2023 results …

GGL

GGL begins review of Loot Box laws and protections

Glücksspielbehörde (GGL), the Federal Gambling Authority of Germany, has initiated its legal review of loot …

SBC News German Tote and TPD ‘enrich the sport’ through tracking deal

German Tote and TPD ‘enrich the sport’ through tracking deal

The German Tote has partnered with Total Performance Data (TPD) for race tracking and data …