bet-at-home

Bet-at-home points to EURO 2024 recovery following sluggish Q1

Bet-at-home AG (BaH) will prioritise the initiatives of its ‘strategic transformation’ in 2024, aiming to enhance its financial performance from H2 onwards, coinciding with Germany hosting the UEFA EURO 2024 championships.

Publishing its Q1 accounts, BaH registered an 11.7% decline in gross betting and gaming revenues to €11.7m (Q12023: €13.2m).

The decline in corporate revenues is primarily related to continued regulatory adjustments in BaH’s home market of Germany. In particular, BaH results continue to be undermined by the introduction of cross-product and cross-provider monthly betting limits on a German customer – a restriction applied since Mid-2022.

Amidst a challenging regulatory environment, Bet-at-home AG (BaH) has also made significant adjustments to its financial management and cost structure to align with its strategic objectives and current market conditions.

This is evident in the decrease of personnel expenses by 17.3% year-on-year to €2m, and a 25.4% reduction in other operating expenses to €2.5m.

Preparing for H2,  BaH has increased its advertising spend significantly, to €4.5m , a strategic move aimed at bolstering brand visibility and customer acquisition ahead of the UEFA EURO 2024.

Despite these efforts, the EBITDA before special items fell sharply to €0.2m from €2.5m in Q1 2023, underscoring the immediate financial impact of the regulatory changes and increased marketing expenditures, setting a challenging financial landscape that BaH must navigate.

On the balance sheet, the Group’s consolidated equity increased slightly to €27.8m  as of March 31, 2024,  indicating a stable equity position. Cash and cash equivalents remained robust at €34m, providing the company with a solid liquidity base to support its ongoing investments and strategic initiatives.

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