Online gaming and sports betting company, bet-at-home AG, released its financial results covering the first half of 2022.
bet-at-home Revenue Halts at €26.7, Down 19% For H1
On Monday, the company said that its gross betting and gaming revenue for the six months ended June 30, 2022, hit €26.7 million ($26 million). When compared to the €32.8 million ($32 million) reported for the same period in 2021, a decrease of nearly 19% is observed. Not unexpectedly, bet-at-home’s net betting and gaming revenue decreased as well. For the six months until June 30, 2022, the company’s net betting and gaming revenue hit €20.8 million ($20.3 million). A year-over-year comparison to the €26.8 million ($26.1 million) reported in H1, 2021, shows that net betting and gaming revenue this year decreased by 22%. EBITDA for H1 this year decreased as well. While for the six months until June 30, 2021, EBITDA was €6 million ($5.9 million), this year it decreased to €1.1 million ($1.1 million).
“The decrease in cash flow from operating activities is mainly due to the result from discontinued operations, the implementation of LUGAS in Germany and the decrease in debts related to assets held for closure,“explains bet-at-home
The company also acknowledged that it has seen a decrease in cash flow from operating activities. According to bet-at-home, a prime reason for that decrease was discontinued operations in Germany. Additionally, the company’s cash flow from operating activities were also impacted negatively by LUGAS, the country’s new gambling evaluation system.
Implementing a restructuring plan, bet-at-home terminated 65 employees, decreasing its employee headcount to 170 as of June 30, 2022. What’s more, the company revealed that in the first half of 2022, it catered to more than 390,000 events within more than 70 different sports. Of the 390,000 events, 125,000 were live events.
Despite Difficulties, the Company Maintains a Positive Outlook
Focusing on business development, bet-at-home revealed that its online sports betting and gaming businesses remain “largely independent of overall economic developments in the respective markets.” According to the company, it has proven to be resilient to economic crises in the past. What’s more, bet-at-home acknowledged that in the first half of the year, it hasn’t seen a significant impact on its gaming operations despite the intense economic situation and inflation. Still, bet-at-home said that a global economic collapse may affect the online betting and gaming industry.
“The economic situation of the group in the continuing business division, which now mainly consists of the online sports betting segment, is positive overall due to the restructuring measures implemented and the future outsourcing of key corporate functions,“added bet-at-home
Despite the decline in revenue and the uncertain economic situation, bet-at-home remains positive about the future. According to the operator, the positive outlook for the future is primarily driven by the implemented restructuring measures, as well as outsourcing specific corporate functions.