Bet-at-home posts €1.5m net loss for 2023

Bet-at-home says results were in line with expectations.
Bet-at-home says results were in line with expectations.

The Germany-facing betting operator has reported a 13.6 per cent drop in revenue.

Germany.- Bet-at-home’s revenue fell by 13.6 per cent to €46.2m in 2023. It attributed the decline to the implementation of cross-product, cross-provider spending limits in mid-2022 and the requirement to report increased deposit limits as of Q2 of 2023. It posted a net loss of €1.5m and EBITDA of €807,000. 

The company stressed that the results were in line with expectations and hailed its reduction in costs.

It said: “The reduction in internal complexity and resource requirements associated with the increased outsourcing has resulted in lower IT costs and positively impacted the group’s financial performance. This strategic reorientation will continue to form the basis for a lean and cost-efficient organisational structure in the future.”

For 2024, Bet-at-home plans to continue to invest in its data platform and to work with EveryMatrix on its online casino and sports betting products. It also plans marketing campaigns around Uefa Euro 2024 in Germany. It has forecast gross revenue of between €45m and €53m and EBITDA from negative €1m to positive €2.5m.

Meanwhile, the German gambling regulator, the GGL, has made an appeal against proposed changes to Germany’s criminal code, the Strafgesetzbuch. It says the changes could reduce its ability to take enforcement action against offshore gambling operations and could also harm work to prevent money laundering.

GGL co-president Ronald Benter has said that the regulator had asked the movement to reconsider the amendments that would affect the application of Article 284. This article allows federal bodies like the GGL to work directly with the public prosecution office to undertake criminal investigations. The GGL uses this article to fight gambling operators located overseas.

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