Bet-at-home reports 5.5% drop in Q1 revenue

By Gambling Insider

German brand Bet-at-home has published its financial report for the first quarter of 2021, with the German market soon set to launch new sports betting licences.

A new state treaty on gaming will come into force by 1 July in Germany, providing a national licensing system for online slots for the first time in the country.

Bet-at-home says that due to a “transitional regulation” the company has made a 5.5% year-on year loss in gross betting and gaming revenue, to €30.5m ($36.5m).

The new regulation set out different requirements which altered German licensing, and made some exempt from enforcement measures and sanctions.

Bet-at-home says the implementation of these new rules has led to a loss in the online casino segment within the company; however, the “increased legal certainty” and ability to plan for the future is a positive.

EBITDA for the quarter was down to €6.9m from last year's €9.0m, while consolidated profit also dropped from €5.8m to €4.3m.

In a statement, the company has said: “In addition to the award of national sports betting licences in the core market of Germany, the new Interstate Gambling Treaty which enters into force in mid-2021 will also mark a significant step toward liberalisation in the online gaming segment.”

The operators projects its gross betting and gaming revenue for 2021 will amount to €106m to €118m, with the board expecting EBITDA to be between €18m and €22m.

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