bet-at-home posts revenue decline but says business is picking back up
bet-at-home.com AG operations saw a drop in revenue during the third quarter, caused by the pandemic.
The company said continuation of the national soccer leagues in July 2020 and the delayed hosting of the Champions League or Europa League in August 2020, the summer months, which are usually weak in terms of turnover, were positively influenced.
In addition, international tennis tournaments were held again in the course of the summer months, which means that the second most important source of revenue in the sports betting segment after football was able to be included in the betting program again. The online gaming segment for casino, live casino, virtual sports and poker was not negatively affected by the pandemic.
Overall, the gross betting and gaming revenue in the first three quarters of 2020 was EUR 93.0 million (Q1-Q3 2019: EUR 106.8 million) and thus below the previous year’s figure due to the negative effects of the pandemic and legal restrictions in individual markets. The betting and gaming volume within the bet-at-home.com AG Group totaled EUR 2.1 billion in this period (Q1-Q3 2019: EUR 2.4 billion).
Betting fees and gaming levies in the first three quarters of 2020 were EUR 16.1 million due to significantly higher revenue growth for products and countries with higher taxation than in the same period of the previous year (Q1-Q3 2019: EUR 15.4 million). In the same period, VAT on electronic services had a negative impact on earnings of EUR 3.4 million (Q1-Q3 2019: EUR 3.5 million).
Accordingly, the net betting and gaming revenue amounted to EUR 73.5 million in the first three quarters of 2020 (Q1-Q3 2019: EUR 87.9 million).
From the current perspective, the Management Board still expects a gross betting and gaming revenue between EUR 120 million and EUR 132 million in the financial year 2020. Furthermore, the Management Board still expects EBITDA to amount between EUR 23 million and EUR 27 million for the financial year 2020.