Bet-at-Home revenue and profit down in H1

Turnover for the six months to June 30 fell 8 per cent year-on-year to €1.46 billion
Turnover for the six months to June 30 fell 8 per cent year-on-year to €1.46 billion

Turnover fell 8% at the German-headquartered online betting operator following its Swiss exit and impact from the Covid-19 pandemic.

Germany.- Betclic Everest Group’s Düsseldorf-based subsidiary, Bet-at-Home, saw a reduction in revenue and profit in H1 due to the pandemic and its exit from the newly regulated Swiss market. 

Turnover for the six months to June 30 fell 8 per cent year-on-year to €1.46billion, with gross betting and gaming revenue after winnings falling 12.4 per cent to €62.3million. 

Net betting and gaming revenue after taxes and fees was €49.1million, down 16.4 per cent from €58.7million in H1 2019. EBITDA totalled €15.8million, down 25.8 per cent. 

The online betting operator blamed legal restrictions in Switzerland forcing it to leave that market, and the impact of the Covid-19 pandemic due to the cancellation of sporting events.

However, it said the normally low-revenue summer months were being boosted by alternative betting markets such as esports and less traditional live sports and that it expected this trend, accompanied by a return of live sports, would see a much stronger H2.

The number of registered players climbed to 5.3 million, up from 5.1 million in June 2019.

It also noted that its online gaming business, which includes casino, live casino, virtual sports and poker, saw no negative impact from the pandemic and said it still remained confident of meeting its targets for 2020.

It expects to hit gross revenue of €120million – €132million for the year, with EBITDA between €23million and €27million.

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