bet-at-home AG has declared a full-year corporate loss of €585,000, due to the extensive streamlining of its day-to-day operations and reorganisation of its business strategy.
2022 marked a dire year for the Frankfurt Börse betting group, which recorded declines across all core trading metrics as its full-year gaming revenues (GGR) fell by 10% to €53.5m (FY2021: €59.3m).
The drop in headline revenues was primarily attributed to bet-at-home’s “discontinuation of its offering in the United Kingdom, and the implementation of cross-product deposit limits in Germany from mid-2022.”
The streamlining of its business units saw bet-at-home sportsbook GGR ‘from continued operations’ stand at €49m, down 13% on FY2021 comparative results of €56.6m.
Positive trading was registered by the firm’s online casino unit, which generated an FY2022 GGR of €4.5m (FY2021: €2.8m), as bet-at-home achieved net gaming revenues of €42m (FY2021: €47.6m).
Though bet-at-home lowered its personnel costs to €13.5m (FY2021: €18.6m), the group’s total operating expenses amounted to 43.3m (FY2021: €37.5m) – factoring higher year-on-year advertising costs of €13.6m, combined with further business expenses of €16.2m (legal fees and discounted unit costs).
Accounting for streamlining expenditures, bet-at-home would register a 85% drop in EBITDA to €2.1m (FY2021: €14m) as cash equivalents within the bet-at-home AG total €35.3 million as of December 31 2022 (December 31, 2021: €42m).
Providing a 2023 outlook, bet-at-home continues to prioritise a ‘strategic reorientation’, with ‘increased out-sourcing and the corresponding adjustment of key processes, as well as the renewal of revenue growth’ earmarked as key focus areas.
Company leadership targets a recovery of market share gains in the core markets of Germany and Austria, in which “financial resources gained from its cost-cutting measures” will be used to fund new customer acquisition campaigns and retention measures for existing customers.