Bet-at-home reports revenue for the full year in line with expectations

Finance News

The AG Group today announced its full-year 2023 IFRS financial results.

In February 2023, after months of preparation, the Malta-licensed offering of Internet Ltd was outsourced to the external service provider EveryMatrix Holding plc. The outsourcing of the Germany-licensed offering to was successfully completed in October 2023.

The BaH Group henceforth concentrates its internal development and operation solely on those customer- and revenue-relevant components that cannot be sourced externally, or can only be done so insufficiently. The increased operational focus is made on efficient and effective customer management and marketing.

The reduction in internal complexity and resource requirements associated with the increased outsourcing has resulted in lower IT costs and positively impacted the BaH Group’s financial performance. This strategic reorientation will continue to form the basis for a lean and cost-efficient organisational structure in the future.

Gross betting and gaming revenue in the financial year 2023 amounted to EUR 46,176 thousand and falls thus within the forecast range adjusted in October 2023 (previous year: EUR 53,532 thousand).

The major reasons for the revenue decline were the imposition of cross-product and cross-provider monthly betting limits in Germany effective from mid-2022, the regulatory obligation to report increased deposit limits starting from the second quarter of 2023, as well as losses from migration of customers from the own “.com” and “.de” platforms to the new system of EveryMatrix.

Gross revenue from online sports betting (less paid out winnings) in 2023 amounted to EUR 42,339 thousand, which is below the previous year’s level (previous year: EUR 49,068 thousand).

Gross revenue from online gaming (less paid out winnings) decreased by EUR 627 thousand compared to the previous year, to EUR3,837 thousand (previous year: EUR4,464 thousand). Online gaming segment includes mainly slots for the German market.

Taking into consideration betting taxes and gambling levies, as well as VAT on electronic supplied services, net gaming revenue in the financial year 2023 amounted to EUR 36,090 thousand (previous year: EUR 42,036 thousand).

As a result, EBITDA in 2023 amounted to EUR 807 thousand and was below the same period of previous year but in the upper range of the initially announced forecast for the financial year 2023 (previous year: EUR 2,105 thousand).

Due to a high level of awareness and acceptance of the “bet-at-home” brand in the core markets of Germany and Austria, the BaH Group aims to further expand its market position in the sports betting segment in the financial year 2024.

Targeted marketing measures are planned in this respect. Particular attention will be paid to the first half of 2024, especially to the start of the European Football Championship 2024, which will take place in the core market of Germany. The Management Board expects the upcoming European Football Championship to provide positive impetus for business development.