Bet-at-home revenue falls in Q1

Bet-at-home has posted its quarterly update.
Bet-at-home has posted its quarterly update.

The company continues to be impacted by regulatory developments in Germany.

Germany.- Bet-at-home has reported gross betting and gaming revenue of €11.7m for Q1. That’s a drop of 11.7 per cent year-on-year but stable in comparison with the previous quarter. The company attributed the decline to the implementation of monthly betting restrictions across products and providers in Germany in 2022 and mandatory reporting of increases in deposit limits in Q2 of 2023.

Online sports betting generated €10.6m, down 13 per cent, while online gaming revenue rose 4 per cent to €1m. Net betting and gaming revenue was €9.1m, down 10.7 per cent year-on-year and EBITDA was €744,000, down by €1m.

CEO Marco Falchetto said Bet-at-home will focus marketing on its core markets of Germany and Austria during the Euro 2024 football championship from mid-June. It said it focused on technological development in Q1, including the introduction of a customer loyalty programme that uses machine learning.

For 2024, Bet-at-home still expects gross gaming and betting revenue of between €45m and €53m and EBITDA before special items between -€1m and €2.5m. Full-year revenue for 2023 was down by 13.6 per cent to €46.2m in 2023. The company posted a net loss of €1.5m and EBITDA of €807,000. 

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