bet-at-home Reach Updated 2020 Corporate Estimates

In its full-year 2020 trading performance, DACH business betting company bet-at-home AG reports that it met its updated 2020 corporate estimates.

Bet-at-home posted an 11 percent year-on-year fall in group sales to €127 million (FY2019: €143 million), citing major covid interruptions on the H1 European sports calendar.

However, as a result of better trading over the summer, the Frankfurt-listed group revised its 2020 corporate outlook, raising its projected full-year EBITDA result to the + €30 million mark.

The bookmaker met its updated goal of €31 million in EBITDA for the full year, but its final performance will be 11 percent lower than FY2019 profits of €35 million.

Savings on marketing

Because of the suspension of the UEFA Euro Championships this summer, bet-at-home saved €10 million in marketing costs during the second quarter, resulting in a better-than-expected EBITDA score.

After achieving a promising 2020 result, the company has announced a €2.50 per share shareholder dividend, which will be approved at its AGM on May 18, 2021, with the company preparing to pay out €17.5 million to its shareholders.

To round off its trading statement, bet-at-home delivered its management forecast for 2021, predicting company sales of €106-118 million.

Meanwhile, bet-at-home management has lowered its company EBITDA estimates to the €18-20 million range, citing inbound German industry regulatory changes on sports betting and online casino.

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.