Bet-At-Home H1 2020 revenue drops 12%
Germany-focused operator reveals 8% drop in betting and gaming volume during pandemic period
Bet-At-Home’s gross betting and gaming revenue fell by 12% annually in H1 2020 to €62.3m (£56m) due to a combination of legal restrictions and the coronavirus pandemic.
The Frankfurt-headquartered sports betting operator revealed betting and gaming volume had dropped by 8% year-on-year during the first six months of 2020, falling to a total of €1,461.3m (£1.3bn).
Bet-At-Home cited a noticeable impact on company operations from mid-March, when the first sports events were cancelled or postponed, but said demand had been unaffected with customers switching to esports and so-called “marginal” sports betting events.
The operator also confirmed a positive H1 impact on sports betting operations following the resumption of professional leagues in May.
Company EBITDA during H1 2020 amounted to €15.8m (£14.2m) following a decrease of 25%, reporting cash and short-term time deposits of €60.7m (£54.6m) during the period.
Bet-At-Home expects to hit its financial year 2020 targets which include gross betting and gaming revenue of between €120m-€132m (£108m) and EBITDA of between €23m-€27m (£20.7m).
During H1 2020, the operator paid €10.9m in taxes, up slightly when compared to its taxation contribution during the same period of 2019. It also paid increased VAT on its electronic services of €2.4m in H1 2020.
After taxes and VAT, Bet-At-Home’s net betting and gaming revenue hit €49.1m (£44.2m), down 16% against H1 2019 revenue of €58.7m.
Company marketing expenses decreased by 18% to €13.6m (£12.2m) in H1 2020, due to the postponement of Euro 2020 to 2021.
Bet-At-Home’s registered customer numbers rose during the period to reach 5.3 million.