The impact of regulatory challenges continue to weigh on the Germany-focused gambling operator.
Germany.- Bet-at-home has reported its Q2 results, showing the continued impact of regulatory challenges. Having already wound up its Austrian division due to legal cases, Bet-at-home took the decision to permanently leave the British market last month following the suspension of its Gambling Commission licence.
The operator reported a profit of €10.6m for Q2 due to a windfall from the winding-up of its Malta-based Austria-facing operations. But with its operations now limited to Germany, revenue continued to fall. Gaming revenue fell to €26.7m, down from €32.8m in the same period last year. EBIDTA for H1 was €1.1m, down from €6.1m in H1 2021.
Bet-at-home is to leave its in-house gaming platform in favour of a turnkey managed services solution from EveryMatrix, a move that it expects to improve its financial situation next year. It’s laying off 45 of its 168 staff.
Meanwhile, the company’s owner, Betclic Everest, has merged with TV producer Banijay to form FL Entertainment with the intention of going public. Monte-Carlo SBM International (SBM) has transferred its 47.3 per cent stake in Betclic Everest to the new media and betting conglomerate.
FL Entertainment will merge with the Euronext Amsterdam-listed special purpose acquisition company (SPAC) Pegasus Entrepreneurial Acquisition Company Europe. The combined business will specialise in pan-European sports betting via Betclic and television via Banijay.