Bet-at-home has revealed its gross betting and gaming revenue was €56.8m ($67.5m) in the first half of 2021.
The total represents a 9% drop from the previous year, where revenue was €62.3m.
The company says that the main reason for the drop in revenue is due to “the regulatory development in the core market of Germany.”
In February 2021, the group implemented conditions set out in the nationwide sports betting licence, which bet-at-home obtained in November 2020.
As part of the conditions, it launched its own German platform for German customers. However, legal requirements such as a lengthy registration process and a limited betting offer “had a negative impact on customer activity in the first half of 2021.”
As a result of the setback, the company feels that the summer’s Euro 2020 tournament “fell short of expectations.”
However, there is now a long-term legal certainty in Germany, which was gained due to the licensing.
EBITDA in the first half was €5.4m, whereas the year before it was €15.8m. This decline was due to “higher marketing expenses.”
Group equity as of 30 June 2021 stands at €34.3m, with the consolidated equity ratio being 44.3%.
Bet-at-home said in a statement: “Based on the aforementioned factors influencing the revenue and earnings development of the bet-at-home.com AG Group, the management board currently expects gross betting and gaming revenue of between €100 million and €110 million in the financial year 2021”
For the financial year in 2021, the management board expects EBITDA of between €8m and €10m.