DACH markets betting company bet-at-home AG reported double-digit declines across all topline metrics, after releasing its trading update Q1 2020.
The Frankfurt Xetra bookmaker outlined that the sudden postponement of European sports and the continued wagering declines reported in Poland and Switzerland aggravated tough Q1 trading.
With numerous headwinds, bet-at-home wagering volumes decreased by 18 percent to €677 million (Q12019 – €827 million) in Q1 2020.
By 2020, bet-at-home had warned Swiss and Polish ‘regulatory disturbances’ to investors who saw group Q1 revenues dropping by 13 percent to €32 million (Q12019 – €37.2 million).
Given lower revenues, the period costs related to betting taxes and gaming fees were retained at €5.6 million as a bet-at-home net revenue of €25.5 million (Q12019 – €31 million) reported for the era.
Closing Q1 2020 accounts, bet-at-home reported €9 million in corporate EBITDA, representing a 30 percent decrease on the €12.7 million corresponding 2019.
Bet-at-home has announced that it will update its business plan by entering the summer months without a European sports schedule, as it seeks to reduce costs and restrict media exposure.
Bet-at-home clarified in depth that it will retain its 2020 forecast amid numerous headwinds, with the company planning to produce sales in the range of EUR 120-132 million.
In addition, the board of bet-at-home anticipates that company EBITDA for financial year 2020 will amount to €23-27 million.