bet-at-home AG has cited trading difficulties as its business continues to be impacted by a deluge of negative adjustments across core markets.
Publishing its H1 2022 financial update, bet-at-home disclosed the impact of the Frankfurt Boerse betting group exiting Austria and downsizing its business due to the termination of its Malta subsidiary.
Period trading saw bet-at-home generate gross gaming revenues of €26.7m, corresponding to a 19% decline on H1 2021 results of €32.8m.
Negative headline results reflected the continued decline of the firm’s online sportsbook unit, which registered an H1 GGR of €24m down 25% on 2021 results of €32m.
Sportsbook performance was blighted as bet-at-home was forced to observe German GlüStV2021 state-treaty rules that imposed significant restrictions on live betting markets impacting customer activity.
The decline in sportsbook activity saw bet-at-home reduce its H1 betting and gaming fees to €5.8m (H12021: €6m).
Taking into consideration betting taxes and gambling levies, net gaming revenue in the first half of 2022 amounted to €20.8m (H12021: €26.8m).
H1 trading saw the German betting group impose tighter cost controls across its day-to-day business as advertising and personnel expenditure were reduced to €5.8m and €7.6m.
Reorganising its business, bet-at-home reduced the headcount of its workforce by 65 employees to 170 staff members.
Compounded impacts saw bet-at-home declare an H1 EBITDA result of €1m, reflecting a 6x decline on 2021 results of €6m. Yet, the firm’s consolidated statement detailed that it expects to be granted a €11m reward from its discontinued Austrian operations.
As stands, bet-at-home maintains its 2022 outlook, as the company forecasts a full-year GGR to be in the range of €45-to-€50m and EBITDA result to stand at €2m-to-€4.5m.
Source: SBC News
