Bet-at-home faced difficulties in 2022, resulting in a 9.7% decrease in revenue compared to the previous year. This decline was primarily caused by the operator’s exit from the GB market. The GB Gambling Commission suspended Bet-at-home’s license on July 7 due to concerns regarding potential violations of the Gambling Act 2005, including anti money-laundering and social responsibility failings. As a result, Bet-at-home permanently withdrew from the GB market on July 12.
Additionally, Bet-at-home announced the outsourcing of certain services to EveryMatrix, leading to the termination of up to 45 jobs, which is expected to impact the company’s earnings for 2022. Furthermore, the operator warned of increased liquidity risk due to its exit from Austria.
When reviewing the full-year results, Bet-at-home’s revenue was mainly derived from its online sports betting segment, generating €49.0m. Revenue from online games, such as casino games and virtual sports products, showed significant growth, reaching €4.5m, a 60.7% increase year-on-year. After considering betting fees, gaming levies, value-added tax, and other income, the net betting and gaming revenue for the year amounted to €42.0m, marking an 11.6% decline.
On the expense side, other operating expenses notably increased by 128% due to higher legal and consulting fees, costs related to the liquidation of Bet-at-home Entertainment Group, and transaction costs. However, advertising expenses only grew by 14.8%, while personnel expenses decreased by 27.4%. Consequently, Bet-at-home’s EBITDA decreased by 83.9%, resulting in a loss of €105,000. Financial results showed a loss of €690,000 before a positive contribution from taxes on income and earnings of €1.2m, leading to earnings from continuing operations of €551,000, a 94.8% drop compared to the previous year.
Looking ahead to 2023, Bet-at-home plans to focus on increased outsourcing, revenue growth, and the adjustment of key processes. Despite winding down online casino operations in Austria, the operator aims to expand in its core markets of Germany and Austria during the year. Financially, Bet-at-home anticipates gross betting and gaming revenue between €50m and €60m, with projected EBITDA ranging from a loss of €3m to a positive contribution of €1m.
