Static bet-at-home performance outdone by tax settlement charges 

The governance of Frankfurt Börse-listed bet-at-home AG has reported a ‘static corporate performance’ in its full-year 2019 results.

Updating investors, bet-at-home recorded an all-time high in corporate turnover as wagering broke the €3.2 billion mark. 

However, despite its improved wagering metrics, bet-at-home could only replicate exact like-for-like FY2018 revenue results of €143 million. 

The operator delivered lacklustre corporate revenues despite the company matching its 2018 marketing outlay at circa €40 million, increasing its profile across European ice hockey, volleyball, and basketball leagues.

Replicating 2018 trends, bet-at-home was able to sustain its FY2019 tax duties at €21 million, as it recorded a 2019 EBITDA result of €35 million (FY2018: €36m).

Nevertheless, bet-at-home’s 2019 accounts absorbed a €14 million ‘tax back settlement charge with Austrian and Maltese authorities, which was related to unaccounted subsidiary wagering charges.

Hefty 2019 tax settlements saw bet-at-home declare underlying full-year 2019 profits of €18 million, a 45% decline on fiscal 2018’s €32.6 million.  

Of further concern for investors, bet-at-home’s 2020 outlook detailed that the operator will face a year of regulatory disturbances across Swiss, German and Polish markets.  

Core market disruptions will see bet-at-home reduce 2020 revenue projections, with figures expected to be between €120-132m mark. Meanwhile, EBITDA guidance is expected to improve to €23-27 million, dependent on key market regulatory outcomes.

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