bet-at-home.com AG / Key word(s): Results Forecast
On November 2, 2020 a group company of the bet-at-home.com AG Group was granted a nationwide concession for online sports betting in Germany, which means that betting stakes in the core market of Germany will be limited to EUR 1,000 per month and customer in future (subject to certain criteria, up to EUR 10,000 or EUR 30,000 per month). According to current planning calculations, the imposed betting limits, individual restrictions in the sports betting offer as well as further concession regulations in the area of customer acquisition in the following year, revenue losses in the sports betting segment compared to the current financial year are to be expected.
On October 30, 2020, the Prime Ministers of the German federal states signed the State Treaty on Gambling 2021, which, among other things, provides for an unlimited number of licenses for slot machine games and poker on the internet from July 1, 2021 in addition to the sports betting concession. For the period of the transition phase, a transition regulation came into force in October 2020, in which the offering of online casino products is tolerated, provided that the license provisions for online casinos that have already been imposed since mid-October 2020, such as the ban on table games (including blackjack and roulette) and a monthly deposit limit of EUR 1,000 per customer. bet-at-home implemented this in October with the aim of obtaining a nationwide German license for virtual slot machine games as well as any country-specific concessions for other online casino products, such as table games, from 2021.
Due to the requirements of the German sports betting license, the conditions in the transition phase until further licenses or concessions for casino products are granted and due to ongoing legal restrictions in individual other markets, significant cuts in sales and earnings development have to be expected in the financial year 2021.
This significantly increased legal certainty for business operations in Germany, however, means that, from the current perspective, the management board for the bet-at-home.com AG Group expects a decline in gross betting and gaming revenue of around EUR 20 million in the financial year 2021, compared to the financial year 2020. From today's perspective, this results in a decrease in EBITDA of around EUR 13 million in the financial year 2021.
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.
The bet-at-home.com AG Group is active in the domain of online gaming and online sports betting. With 5.3 million registered customers, the company (which is listed on the Frankfurt stock exchange) represents, together with its subsidiaries, one of Europe's most successful online betting and online gaming providers. The varied options offered on www.bet-at-home.com include sports betting, poker, casino, games and virtual sports. bet-at-home has companies in Germany, Austria, Malta and Gibraltar. The successful development of the company can be attributed to its 288 employees as at 30 June 2020. The Group holds various licenses via its Maltese companies for online sports betting and gaming. The licenses allow the company to organize and market online sports betting and online casinos. Since 2009, bet-at-home.com AG has been a part of the Betclic Everest SAS Group, which is a leading French Group in the domain of online gaming and sports betting.
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