Bet-at-home confident despite 5.5% drop in Q1 revenue

German-based bookmaker Bet-at-home has remained confident following the publication of the 2021 first quarter (Q1) financial report, due to the transitional regulation brought into effect in the German market and the launch of new sports betting licenses, despite incurring financial losses.

Bet-at-Home Ready for Transition in German Law

In general, the company has made a 5.5% year-on-year (YOY) drop in gross betting and gaming revenue, to €30.5 million from the previous year’s €32.2 million.

More specifically, €17.1 million were originated from the sports betting product whereas €13,282 million from the operator’s online casino.

EBITDA for the quarter was down to €6.9 million from last year's €9.0 million; while group equity increased to €55.3 million from €50.9 million, deriving in a consolidated equity ratio of 55.1%.

Marketing expenses stood at €7.4 million for the period, up 12.1% from €6.6 million in the previous year, and it was one of the main reasons for the operator’s losses together with the change in the existing gambling regulatory conditions.

Operating expenses were down at €4.7 million compared to €5.2 million, which the company managed to diminish, and it was in line with the decline in sales in Germany due to the upcoming regulations.

Bet-at-home is quite optimistic about the upcoming establishment (on 1 July 2021) of the new national licensing system for online casino and sports betting products; that will be a big innovative step towards the liberalisation of the online gambling sector in Germany.

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