Bet-at-home posts over 50% revenue drop for Q1
Bet-at-home has published its first quarter financial results, noting an over 50% drop in revenue year-on-year.
For Q1 2022, Bet-at-home recorded €14m ($15m) in gross betting and gaming revenue, down from last year’s €30m by 54%.
Online gaming took the biggest hit. For Q1 of last year, this generated €13m in gross revenue, but as of the most recent reporting period, produced only €1.3m for an almost 90% drop. Betting and gaming volume decreased by a similarly large margin, falling by 75% from €515m to €126m.
Bet-at-home further recorded an EBITDA loss of €1.4m for Q1 2022, down from last year’s positive EBITDA of nearly €7m.
Likewise, the company’s consolidated profit for the first quarter of 2021 amounted to €4.4m, but as of 31 March 2022, this had plummeted to a loss of €2.7m.
These negative results can predominantly be attributed to regulatory challenges in Germany and the Netherlands.
Like many operators, Bet-at-home was forced to stop accepting Dutch players before the Netherlands’ newly regulated market launch last October.
However, Bet-at-home said it had submitted an application for a licence at the end of March 2022.
“Despite all the challenges of the past financial year, I am optimistic about the future and am convinced that Bet-at-home is on the right track with the measures and initiatives it has taken,” said Marco Falchetto, Bet-at-home CEO.
“Since my appointment to the Management Board at the end of February 2022, I have been convinced on a daily basis by the broad expertise in the individual specialist areas and am therefore confident that I will be able to leverage high potential at product level in the future.”
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