bet-at-home sees no summer bounce as DACH taxes drain recovery

bet-at-home AG has maintained its full-year 2020 revenue and earnings outlook despite all corporate metrics trading below 2019 comparatives, as the DACH markets bookmaker returns to full operating capacity. 

Publishing its latest Q1-Q3 2020 trading statement, bet-at-home has recorded group revenues of €93 million, tracking 13% below 2019’s €107 million.  

Despite its revenue downturn, which the operator attributed to COVID-19 impacts, bet-at-home underlined that its group performance had benefited from the return of European football and pro tennis competitions as group wagering totalled €2.1 billion.

The Frankfurt Börse betting group was unable to capitalise on a summer of heightened sports activity as DACH market betting and gaming levies totalled €16 million, up from €15.4 million in 2019.

In its cost breakdown, bet-at-home revealed that it had contributed €3.4 million in German digital VAT charges during 2020 trading, despite its business absorbing COVID-19 impacts.

As a result, bet-at-home Q1-Q3 net revenues declined to €73.5 million, down 16% on 2019’s €88 million.  

Countering numerous Covid downturns, bet-at-home also reduced its year-to-date marketing spend to €21 million (YTD 2019: €30m) as Q1-Q3 EBITDA totalled €23 million, a 14% drop on the €27 million reported in 2019.

Despite recording performance declines across all core metrics, bet-at-home signed off on the Q1-Q3 trading statement emphasising that the firm’s corporate outlook remained unchanged.   

“For the financial year 2020, the Management Board continues to anticipate gross betting and gaming revenue of between EUR 120 million and EUR 132 million and an EBITDA of between EUR 23 million and EUR 27 million,” a statement read.

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