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.