Publishing its Q1 trading update (period ending 31 March), Frankfurt Xetra-listed online bookmaker bet-at-home AG, details an earnings effective trading period despite a decrease recorded in corporate wagers and revenues.
Updating the market, bet-at-home reports an 11% decline in gross betting and gaming revenues to €33 million (Q1 2017: €37 million).
The bookmaker notes a period decline in wagers to the €733 million mark (Q1 2017: €840 million), as bet-at-home continues to be impacted by Polish market restrictions on foreign operators.
Adjusting to tougher regulatory conditions, bet-at-home governance continues to make progress on its cost reductions program.
The Frankfurt enterprise reports that it was able to halve marketing costs to €7.7 million during the period (Q1 2017: €14.9 million). As well as reducing its operating expenses to €4.9 million (Q1 2017: €5.6 million).
The effective reductions would see bet-at-home governance declare a period corporate EBITDA of EUR 9.3 million (Q1 2017: EUR 5.0 million).
Closing its Q1 2018 update, bet-at-home governance informs its stakeholders that it is confident of the firm’s outlook, targeting full-year 2018 revenues of €150 million combined with group EBITDA of in between €36-40 million range.
Entering a crucial summer trading period, bet-at-home.com will expand its marketing initiatives for the FIFA World Cup Russia 2018 during June and July.