Bet-at-home Reports Second-Quarter Profit

The online betting firm, bet-at-home, reported a second-quarter profit of €10.6 million (£9 million/$10.8 million), primarily due to the winding down of its Austrian operations. The remaining German-focused enterprise experienced a reduction in income.

Over the past 12 months, bet-at-home has encountered difficulties with regulatory bodies in both the UK and Austria. Just last month, the UK Gambling Commission revoked the company’s license in the UK, resulting in its complete withdrawal from the market.

In October 2021, Bet-at-home suffered a significant legal setback in Austria, where gamblers from several Central European nations sought reimbursement from the unlicensed operator. This outcome also led to the company’s departure from the market and the closure of its Malta-based operations, which were established to target Austria.

The Maltese entity faced €27.4 million in debts, of which €24.1 million stemmed from game customer reimbursements. Its assets totaled €12.8 million.

Consequently, the exit merger yielded a one-time gain of €13.1 million.

For the first six months of the year ending June 30, the company’s consolidated net profit was €10.6 million, compared to €1.1 million in the same period the previous year. The profit was primarily attributed to the effects of the exit merger.

Overall, total gambling revenue for the first half of the year reached €26.

In the initial six months of this year, earnings reached 7 million euros, a significant decrease from the 32.8 million euros recorded during the equivalent period in the previous year.

However, other operational divisions maintained profitability, generating an EBITDA of 1.1 million euros in the first half of 2022, a decline from the 6.1 million euros achieved in the corresponding timeframe of the prior year.

Following its withdrawal from the Austrian marketplace, Bet-at-home declared its intention to shift from its internal gaming platform to a managed service solution furnished by EveryMatrix.

Bet-at-home anticipates this transition to yield positive financial repercussions commencing in 2023. This adaptation resulted in the company shedding 45 positions, constituting 27% of the company’s total workforce of 168 employees.

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