bet-at-home AG Maintains Full Year 2020 Revenue

Despite all corporate metrics trading below 2019 comparisons, bet-at-home AG has maintained its full-year 2020 revenue and earnings outlook, as the bookmaker of the DACH markets returns to full operating capacity.

Bet-at-home recorded group revenues of EUR 93 million when it published its latest Q1-Q3 2020 trading statement, 13 percent below EUR 107 million in 2019.

Despite its revenue decrease attributed by the operator to the effects of COVID-19, bet-at-home stressed that its group performance had benefited from the return of European football and pro tennis competitions as group wagering amounted to EUR 2.1 billion.

As DACH market betting and gaming levies totalled EUR 16 million , up from EUR 15.4 million in 2019, the Frankfurt Börse betting group was unable to capitalise on a summer of heightened sports activity.

In its cost breakdown, bet-at-home revealed that, despite its business absorbing COVID-19 impacts, it had contributed EUR 3.4 million in German digital VAT charges during 2020 trading.

As a consequence, net revenues from bet-at-home Q1-Q3 declined to EUR 73.5 million, down 16 percent from EUR 88 million in 2019.

Bet-at-home also reduced its year-to-date marketing expenditure to EUR 21 million (YTD 2019: EUR 30 million), countering numerous covid downturns, as Q1-Q3 EBITDA amounted to EUR 23 million, a 14 percent decrease from EUR 27 million reported in 2019.

Bet-at-home signed off on the Q1-Q3 trading statement despite recording performance declines across all core metrics, emphasising that the corporate outlook of the company remained unchanged.

“For the financial year 2020, the Management Board continues to anticipate gross betting and gaming revenue of between EUR 120 million and EUR 132 million and an EBITDA of between EUR 23 million and EUR 27 million,” a statement read.