Revenues lag in Bet-At-Home’s first quarter

Frankfurt-listed online gambling group Bet-At-Home AG has released its Q1-2018 numbers, reporting lagging gross revenue but positive EBITDA metrics.

Highlights of the report include:

* Gross betting and gaming revenue down 10.8 percent y-o-y at Euro 33.2 million. Result was impacted by a decline in Polish revenues;

* Group betting and gaming turnover totaled Euro 733.9 million in this period (Q1 2017: Euro 841.4 million);

* EBITDA up 88.3 percent at Euro 9.3 million;

* EBIT in the quarter reached Euro 9 million;

* Earnings before taxes amounted to Euro 9 million;

* Cash and cash equivalents and short-term time deposits of Euro 108 million;

* Betting fees and gaming levies in the quarter were lower at Euro 5.1 million (Q1 2017: Euro 5.4 million), reflecting the decline in gross betting and gaming revenue;

* The VAT regulations for providers of electronic services within the European Union led to a negative impact on earnings of Euro 1.9 million (Q1 2017: EUR 2.4 million);

* Accordingly, net betting and gaming revenue declined by 10.9 percent to Euro 26.2 million (Q1 2017: EUR 29.4 million);

* As at 31 March 2018, the bet-at-home.com AG Group had nearly 4.9 million registered customers (31.03.2017: 4.7 million);

* Marketing expenses of Euro 7.7 million in the quarter were lower (Q1 2017: Euro 14.9 million). Going forward the group is to focus its marketing activities on the Football World Cup in Russia in June and July;

* Other operating expenses at Euro 4.9 million were significantly below the previous year’s level (Q1 2017: Euro 5.6 million);

* Management expect FY performance to remain on track.

Management said in a statement Monday that assuming an unchanged regulatory and tax law environment, the it expects gross betting and gaming revenue to rise to Euro 150 million in the 2018 fiscal year, with EBITDA of between Euro 36 million and Euro 40 million in 2018.

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