revenue falls 5.5%

Finance News

Frankfurt-listed operator has posted gross betting and gaming revenue in Q1 2021 of €30.5 million, down 5.5% year-on- year in the first quarter.

The EBITDA in the first quarter of 2021 is EUR 6.9 million. From the current perspective, the Management Board still expects a gross betting and gaming revenue between EUR 106 million and EUR 118 million in the financial year 2021.

In addition to the award of national sports betting licenses since the fourth quarter of 2020, a significant step toward liberalization is also foreseeable in the product segment of online gaming in the core market of Germany with the new State Gambling Treaty, which comes into force in mid-2021.

Accordingly, a national licensing system is also envisaged for online slots in addition to the sports betting product for the first time from July 1, 2021. In addition, it will be possible to open up the market for classic online casino games such as roulette and blackjack at the level of the federal states from this date.

Since the fourth quarter of 2020, a transitional regulation has come into force, according to which those gaming providers will remain exempt from enforcement measures and sanctions that comply with the licensing regulations for online casinos imposed in the future as of this date.

Although the implementation of these requirements lead to significant revenue losses in the online casino segment within the AG Group, the significantly increased legal certainty and the ability to plan the future development of bet-at-home as an established provider with considerable brand awareness in the core market of Germany outweigh this.