German iGaming and sport betting firm Bet-at-home is sticking to its 2020 forecast despite taking a hit in Q1.
Germany.- Dusseldorf-based Bet-at-home remains positive it can meet its forecast for 2020 despite a double-digit decline in Q1.
The dent in the sports betting sector caused by the sudden cancellation of events in Europe added to the company’s existing declines in revenue due to regulatory issues in the Polish and Swiss markets.
The company’s first quarter results show wager volumes fell 18 per cent to €677million (down from €827million in Q1 2019).
Gross gaming revenue fell 13.4 per cent to €32.2million compared with €37.2million in Q1 2019.
It said the short-term expansion of eSports and “more exotic” leagues for sports betting had helped it after major European sports events were cancelled.
The variety of its online gaming segment ensured it has been largely unaffected by Covid-19 protective measures, the company said.
The online gaming sector accounted for 57.6 per cent of the company’s gross betting and gaming revenue in the first quarter.
Bet-at-home said it was maintaining its forecast to generate revenue of €120-132million this year.
It said it was revising its operating strategy to minimise costs and limit marketing exposure as a result of the pandemic.
It said it would set its marketing focus on the second quarter of 2021 for the rescheduled UEFA European Football Championship.
Bet-at-home was hit with a huge tax bill in Austria in September last year.