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 as the Frankfurt Börse online gambling group continues to reorganise its operations.

The €1.5m loss figure stands against €11m profit declared in 2022, in which the company recouped a cash reward of €11.5m from its discontinued Austrian business.

Headline metrics saw group revenue drop to €46.2m from €53.5m in FY2022. The decline at Bet-at-home was influenced by several factors, including continued regulatory adjustments in Germany.

Countering home market headwinds, in 2023 Bet-at-home began the customer migration onto a new platform, as its German license has been outsourced to EveryMatrix during H1 trading.

As a direct consequence of operating changes, Bet-at-home’s net gaming revenues (NGR) declined to €36m (FY2022: €42m).

Corporate accounts detailed higher expenditure with advertising expenses reaching €17m, alongside tax duties amounting to €10m, as EBITDA plummeted by 61.7% to €807,000 for the full year.

Entering 2024, Bet-at-home expects a strategic transformation focusing on internal data platform investment and in-house development, alongside collaboration with EveryMatrix for online casino and sports betting products.

The company aims to leverage its brand in core markets like Germany and Austria, particularly around UEFA Euro 2024, forecasting gross revenue between €45.0 million and €53 million and an EBITDA range from a loss of €1m to a positive €2.5m result.

Bet-at-home will continue to work in close cooperation with EveryMatrix to constantly improve and adapt the online casino and sports betting products, as well as the customer platform, to meet the needs of customers and comply with the legal requirements in German-speaking markets.

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