Bet-at-home.com Group Navigates Through 2023 with Strategic Realignments and Financial Growth

Despite facing challenges, the group’s focus on outsourcing key operations and optimizing customer management has borne fruit, showcasing resilience and adaptability in a dynamic market.

Strategic Outsourcing and Operational Focus

In a significant move, BaH Group outsourced its Malta-licensed offerings to EveryMatrix Holding plc and its Germany-licensed offerings to www.bet-at-home.de, streamlining operations and reducing internal complexity. This strategic shift towards concentrating on core customer and revenue components has led to decreased IT costs and enhanced financial performance, setting the groundwork for a leaner, more cost-efficient organizational structure.

Revenue and Earnings Overview

The group’s gross betting and gaming revenue for 2023 stood at EUR 46,176 thousand, aligning with the adjusted forecast range. The revenue dip from the previous year was attributed to regulatory changes in Germany, increased deposit limit reporting obligations, and customer migration losses to EveryMatrix’s new system. Despite these hurdles, online sports betting and gaming segments demonstrated resilience, albeit with a slight decrease in revenue.

Advertising expenses saw an uptick due to intensified marketing efforts, while personnel expenses decreased owing to headcount reductions in 2022. The group’s EBITDA for 2023 was EUR 807 thousand, showcasing financial discipline amidst strategic transformations.

Legal Landscape and Risk Management

The BaH Group has successfully navigated the legal challenges in Austria and Germany, with a focus on proactive risk management and litigation strategies. While legal uncertainties persist in Germany, the group remains committed to minimizing potential risks and safeguarding its operational integrity.

As of December 31, 2023, the group’s consolidated equity stood at EUR 27,444 thousand, with a slight decline attributed to the consolidated net income for the year. The equity ratio showed a positive uptrend, indicating a solid financial foundation.

Looking Ahead: Innovations and Market Expansion

Under the leadership of Uri Poliavich, CEO and founder, the BaH Group is poised for further growth in 2024, with a focus on developing innovative customer loyalty programs and enhancing its online casino and sports betting products. The group aims to strengthen its market position in core markets like Germany and Austria, especially in anticipation of the European Football Championship 2024.

Our Comment on the Article

The BaH Group’s strategic realignments and operational efficiencies in 2023 underscore its commitment to adapting to market changes and regulatory challenges. By focusing on core competencies and embracing technological innovations, the group is well-positioned to capitalize on future growth opportunities. The upcoming European Football Championship presents a significant opportunity for the BaH Group to further solidify its market presence and drive business development. As the iGaming industry continues to evolve, the BaH Group’s proactive and strategic approach will be crucial in navigating the complexities of the market and achieving sustained growth.