Bet-at-home lowers revenue guidance

Its revenue has been hit by a “disproportionate” number of unfavourable football results.

Germany.- The German-facing gambling operator Bet-at-home has lowered its full-year revenue guidance due to a spate of unfavourable results in major football leagues. It dropped its forecast from €50m to between €44m and €48m.

The operator said sports results have had a negative impact on sports betting margins in the three months from August to October. It hopes to still report positive EBITDA for the 2023 financial year. It retains its forecast here of between negative €3m and positive €1m. It says the migration of customers and betting platforms to an outsourcing partner has positively impacted costs and earnings.

For H1, Bet-at-home reported gross gambling revenue of €24.2m, down 9.3 per cent year-on-year. EBITDA tripled to €3.8m thanks to a reduction in costs.

The operator, which is now owned by FL Entertainment after the company’s merger with Betclic Everest, said the fall in revenue was the result of regulatory changes in Germany, its biggest single market. The changes include the introduction of monthly betting limits and a €1 per spin stake limit for slots from July 1 last year. It said growth in online gaming had been weaker than expected as a result of these changes.

In 2021, Bet-at-home left the Austrian market amid legal issues, with players suing for the reimbursement of losses on bets made on the unregulated market. That led the company to close its Maltese business, which targeted Austria. The company also handed in its British gambling licence after a suspension for anti-money laundering and social responsibility failings