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

5 May 2021

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.

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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Bet-at-home is a well-established bookmaker, with a vast presence in Central Europe since 1999. The acquisition of the brand from the Betclic group brought the opening to the UK market and now it has a strong footprint on the most strategic regulated markets. That doesn’t mean of course that we are in awe with the Austrian sportsbook. The site is a little bit outdated, but at least the mobile apps are functional. I find the odds on the top leagues just likable, they are better than Bwin’s, but worse than Bet365’s. The extra features (Multiway bet, 1-click bet) give the players a better betting experience and the fact you can try out the sportsbook before you register is innovative. On the downsides, the low overall payout compared to the competition, the fees on withdrawals and the 10-second bet acceptance on live betting, make me have second thoughts. Bet-at-home is a mediocre second rate sportsbook that hasn’t improved a lot throughout the years. However, it is classified as a stable and safe bookmaker to place your bets.

 

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