Bet-at-home revenue for the first half of the financial year 2020 was €62.3m, a drop of 12% year-on-year.
The operator attributed this decline to “legal restrictions in individual markets.” Bet-at-home has operations in Germany, Austria, Malta and Gibraltar.
Group EBITDA was €15.8m for the same period, representing a decrease of 26% in comparison with 2019, while earning before taxes were €14.9m, down 27%.
Bet-at-home increased its marketing expenses to €13.6m, a rise of 19%, and as of 30 June 2020 had accumulated 5.3 million registered customers, up 200,000 from 2019.
Group equity was €51.6m on 30 June, a rise of 24%, contributing to a consolidated equity ratio of 50.6%.
Based on its H1 results, Bet-at-home’s Board expects its gross revenue to be between €120m to €132m for the full financial year 2020. This would represent a maximum drop of 16% from revenue generated in 2019.
The Board expects EBITDA to amount to between €23m to €27m, which would represent a maximum drop of 35%.
Although Bet-at-home said the effects of the COVID-19 pandemic were noticeable from mid-March, the impact was lessened by demand for alternative sports, with customers switching to esports and marginal sports.
The operator said the “usually low-revenue summer months” have been positively influenced by the resumption of sports, such as the European football leagues in May.