Bet-at-home profits soar 55%
Frankfurt-listed operator posts 17.9m profit for nine months ended 30 September following a 31% rise in GGR
Betclic Everest Group subsidiary bet-at-home has reported a 55% year-on-year increase in earnings before tax (EBT) for the first three quarters of 2014 following a successful World Cup.
The Frankfurt-listed operator recorded EBT of 17.2m in the nine months ended 30 September 2014, up from the 11.6m posted during the same period last year, which the operator said had already exceeded full-year guidance.
Gross betting and gaming revenue soared 31% year-on-year to 80.7m, up from 61.8m last year, assisted by a major advertising push during this summer’s World Cup which saw marketing spend increase 38% to 34.2m.
And Klaus Fahrnberger, bet-at-home investor relations manager, said the firm had attempted to maintain the momentum generated during the World Cup into the start of the new football season.
“We also tried to fade the World Cup enthusiasm to the beginning of the European football season in August, with several campaigns concerning the German Bundesliga, Champions League Qualifiers and European Qualifiers,” Fahrnberger said.
Bet-at-home was last month awarded a licence from the Great Britain Gambling Commission, one month after being named on a list of 20 operators set to receive a German sports betting licence
Bet-at-home’s share price at the time of writing was 51.91, up 2.91 since the start of trading this morning.