The bet-at-home.com AG Group announces its first quarter 2024 financial results. The Group’s strategic transformation will be consistently continued in the 2024 financial year.

In close cooperation with EveryMatrix, the online casino and sports betting product as well as the customer platform are being continuously improved and adapted to customer needs and legal requirements of the German-speaking market.

In the current financial year 2024, the BaH Group places its marketing focus on the first half of the year, notably on the beginning of the European Football Championship 2024, which will take place from mid- June to mid-July in the core market of Germany. As planned, marketing expenses in the first quarter 2024 were therefore above the previous year’s value.

Gross betting and gaming revenue in the first quarter 2024 amounted to €11.7 million, which is 12% lower than in the same period of last year (1Q 2023: EUR 13,292 thousand). This decline resulted mainly from regulatory developments in the core market of Germany, particularly from the introduction of cross-product and cross-provider monthly betting limits in Germany effective from mid-2022, as well as the regulatory obligation to report increased deposit limits starting from the second quarter 2023.

Personnel expenses reduced by 17.3% year-on-year to EUR 2,058 thousand.

Advertising expenses grew by EUR 1,797 thousand compared to the same period of last year to EUR 4,532 thousand (1Q 2023: EUR 2,735 thousand). This increase reflects investments in awareness of the “bet-at-home” brand in the key markets of Germany and Austria before the start of the European Football Championship 2024. Other operating expenses reduced by 25.4% to EUR 2,599 thousand.

EBITDA before special items* in the first quarter 2024 amounted to EUR 208 thousand and was below the level recorded in the same period of last year (1Q 2023: EUR 2,458 thousand).

As a result of extensive initiatives and supported by the European Football Championship 2024, the Management Board expects the Gross betting and gaming revenue to be in the range of EUR 45 million to EUR 53 million, and the EBITDA before special items* to be from EUR -1 million to EUR 2.5 million.