Bet-at-home Announces Financial Results for H1 2023

Bet-at-home AG Group has released its financial results for the first six months of 2023, outlining major developments and revenue and earnings performance during the period.

Gross gaming revenue decrease

The company aims to have key corporate functions performed by an outsourcing partner by the end of the 2023 financial year. In February 2023, the Malta-licensed offering (domain .com) of bet-at-home.com Internet Ltd. was successfully launched on the well-known outsourced platform iGaming of the software provider EveryMatrix. The outsourcing of the German-licensed platform to www.bet-at-home.de is expected to be completed later in the year.

Gross betting and gaming revenue for H1 2023 amounted to EUR 24.2 million, a 9.3% decrease compared to the same period in 2022 (1H 2022: EUR 26.7 million). The decline was attributed to regulatory changes in the German market, including the implementation of cross-product and cross-provider monthly betting limits from July 1, 2022, and limitations on the licensed offering for online gaming.

Personnel expenses were reduced by 39.3% YoY to EUR 4.7 million, following restructuring programs from the previous year. Marketing expenses were EUR 5.5 million, 5.6% lower than H1 2022 (1H 2022: EUR 5.8 million), with a focus on advertising measures for the start of the football season 2023/2024 in H2 2023. Other operating expenses decreased by 13.9% YoY to EUR 6.2 million in H1 2023 compared to EUR 7.2 million in 1H 2022.

EBITDA in H1 2023 increased over threefold compared to the same period in 2022, reaching EUR 3.8 million (1H 2022: EUR 1.1 million). The Group’s consolidated equity as of June 30, 2023, totalled EUR 30.4 million (December 31, 2022: EUR 28.9 million), and cash and cash equivalents within the bet-at-home.com AG Group increased to EUR 37.8 million as of June 30, 2023 (December 31, 2022: EUR 35.3 million).

Outlook for 2023

The Management Board expects gross betting and gaming revenue for the bet-at-home.com AG Group to be between EUR 50 million and EUR 60 million for the full year 2023. The anticipated stronger performance of the online sports betting segment in H2 2023, driven by increased customer acquisition and marketing activity, is expected to contribute to this revenue range.

However, despite strong EBITDA performance in H1 2023, the company maintains its previously reported outlook for EBITDA, expecting it to be between EUR -3 million and EUR 1 million for the full year 2023. This is due to anticipated higher marketing costs related to the start of the football season in H2 2023, which will impact the EBITDA level accordingly.