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Q2 trading saw bet-at-home announce that it had withdrawn its UK online gambling licence following a suspension by the UK Gambling Commission.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