Bet-at-home revenues rise 15% after Euro 2016 boost
Revenues for nine-months ended 30 September climb to 100.4m but a 17.3% increase in marketing expenses dents profits
Bet-at-home has reported a 14.7% year-on-year increase in revenues for the first nine months of 2016, following a significant marketing push and strong Euro 2016 performance.
Gross gaming revenue for the nine-months ended 30 September hit 100.4m, up from 87.5m during the same period last year, with advertising expenses rising 27.3% to 34.2m.
The increase in marketing costs, which included new TV adverts and sponsorship deals, led to 3.6% year-on-year fall in EBITDA to 21.3m, while betting fees and gaming levies also increased 13.1%.
Marketing expenditure included 13.9m on advertising, 9m on bonuses and vouchers, 6.8m on sponsorships and 4.5m on other advertising costs.
“In the first three quarters of 2016, bet-at-home AG Group once again showed its strength by generating new record gaming volumes as well as betting and gaming income,” CEOs Franz Ãmer and Michael Quatember said.
“In addition, numerous marketing campaigns focused on the European football championship in France and ongoing sponsoring activities consistently increased the group’s popularity.”
Bet-at-home reported it had 4.5 million registered customers at the end of Q3 2016, up from approximately 4.2 million last year.
The operator’s share price was down 3.6% to 76.03 at the time of writing.