Bet At Home
Revenue for the nine months to 30 September came to €93.0m (£84.0m/$110.6m), down 12.9% year-on-year. Based on the first half revenue of €62.3m, this suggested the operator generated €30.7m in the three months to 30 September.
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This came on total stakes of €636.1m for the third quarter alone, and €2.10bn for the nine-month period (a 13.9% decline).
Looking at performance by vertical, Bet-at-home said that it benefitted by a number of major sporting events taking place in the third quarter, in what had traditionally been a quieter period for the business.
However the sporting cancellations in the first half saw both stakes and revenue for betting fall year-on-year, with customers wagering €303.9m and winning €269.5m, for gross revenue of €34.4m, a 21.1% drop.
While online gaming was not impacted by the novel coronavirus (Covid-19) pandemic, it reported a drop in revenue as a result of tighter regulatory controls, which forced the operator to withdraw from the Swiss market in 2019.
This contributed to amounts wagered on casino, live dealer games, and virtual sports falling 12.4% to €1.79bn, which after customer winnings left gross revenue of €58.6m.
Betting and gaming levies for the period came to €16.1m, and after €3.4m in value added tax (VAT), net revenue for the nine months came to €73.5m, down 16.4%.
Bet-at-home recorded €1.1m in additional income, while personnel expenses for the period rose to €14.6m. While marketing costs were down 27.1% at €21.4m, and other operating expenses fell to €15.6m, the decline in revenue resulted in earnings before interest, tax, depreciation and amortisation (EBITDA) fell 14.6% to €23.0m.
After €1.5m in amortisation and depreciation charges, earnings before interest and tax were down 15.6% at €21.6m. While €72,000 in financial outgoings saw pre-tax profit fall to €21.5m, a 64.2% drop in income taxes, to €7.1m, resulted in net profit for the nine months to 30 September increase sharply, to €14.4m.
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Looking ahead, the operator said that while it remains on track to generate between €120m and €132m for the 2020 calendar year, and EBITDA of between €23m and €27m.
However, this is likely to decline in 2021, it warned, as a result of regulatory conditions imposed for Germany’s online sports betting and casino markets.
It received a sports betting licence from the Regional Council of Darmstadt last week, and can take advantage of a transition period in which the business can offer heavily restricted forms of slots and poker.
This will require operators to limit customer spending to €1,000 per month, with limited scope to offer a small number of sportsbook customers higher limits of €10,000 or €30,000.
Bet-at-home noted that it has removed table games and implemented the €1,000 limit for the casino products by the 15 October deadline, as it aims to secure a licence once the Glücksspielneuregulierungstaatsvertrag (GlüNeuRStV) comes into force from July 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 expects a decline in gross betting and gaming revenue of around €20m in the financial year 2021, compared to the financial year 2020.”
“From today’s perspective, this results in a decrease in EBITDA of around €13m in the financial year 2021.”
| Type | Joint Stock Corporation |
|---|---|
| Industry | Online Gaming and Online Sportsbook |
| Founded | 1999 in Wels (Austria), AG (2004) |
| Founder | Jochen Dickinger and Franz Ömer |
| Headquarters | Düsseldorf (Germany) |
| Products | Sportsbook, Casino, Live-Casino, Games, Virtual, Poker[1] |
| Revenue | €143,3 million (as of December 2019)[2] |
| 288 (as of June 2020) | |
| Website | www.bet-at-home.com |
bet-at-home.com AG is a European online gambling and sports betting company that was founded in 1999.
Their product range includes sportsbook, casino, live-casino, vegas,[3] virtual[4] and poker.
Corporate history[edit]
bet-at-home.com was founded in December 1999, in WelsUpper Austria, by Jochen Dickinger and Franz Ömer. In March 2000 www.bet-at-home.com went online. Initially the business focused its activities solely on online sports betting. Two months after the website was launched, the Livescore service, www.livescore.cc, was launched and this led to the relaunch of the bet-at-home.com website in 2002. With the start of the new online casino in November 2005, the website was again redesigned. In the following year (2006), bet-at-home.com launched its poker platform. In 2008, the product range broadened with the Relaunch of a new online casino. A short while later, in June 2009, bet-at-home.com launched their new product line Games. Since September of the same year, live betting has been offered on various sporting events. Founded in 1999 as a limited company, in May 2004 the capital investments increased and bet-at-home.com transformed into a joint stock corporation. In December of the same year, the corporation was listed on the stock exchange.[5]
Further capital increases in subsequent years followed. Between 2006 and 2009 the corporation held a 60-percent share of Racebets GmbH. bet-at-home.com AG is a part of the 'BetClic Everest SAS Group', which is one of the leading French companies in the industry of online gaming and sports betting and that acquired the majority vote in April 2009.[6]bet-at-home.com AG’s shares are listed on the Stock Exchange in Frankfurt, Xetra.[7][8] In 2012 there was a change from the Open Market to the Entry Standard of the Frankfurt Stock Exchange.[9][10]
On 31 October 2012 co-founder Jochen Dickinger gave up his position as CEO and was succeeded by Michael Quatember.[11] In August 2013 the new website went online; the second relaunch in the company’s history on the offers at www.bet-at-home.com.[12] In December 2013 a mobile version of the site was launched.[13] In 2015 the company extended its product range by Virtual.[4] The company was approved for the Regulated Market on the Frankfurt Stock Exchange in August 2016. Admission to the 'Prime Standard' segment was granted.[14] On 3 February 2017, the shares were admitted to the SDAX.[15]
In February 2017, casino games were added to the poker software. In November 2017, the product group 'Games' was replaced by 'Vegas' and the casino app was introduced.[16] In June 2018, the Sports app was introduced.[17]
Corporate structure[edit]
bet-at-home.com AG is based in Düsseldorf and acts as the holding and is responsible for the listing of bet-at-home.com’sshares. The company holds 100% of bet-at-home.com Entertainment GmbH. The company’s Linz office is primarily responsible for the ongoing technology transfer within the company and the internally developed software. The activities in Malta are operated under bet-at-home.com Holding Ltd and its 100% owned subsidiaries hold the Maltese gaming licenses for casino, poker and sports betting, that have been issued by the Malta Gaming Authority (MGA).[18][19][20]
Product history[edit]
Sportsbook[edit]
Sportsbook is bet-at-home’s core business. In 2000, the company launched its first sportsbook offer on www.bet-at-home.com. In the fiscal year 2019 (as of December 2019), the betting offer included more than 473,000 events for more than 80 different sports and 110,000 live events. bet-at-home was an early mover in their launch of e-Sports as a new sports betting category.
In 2019, the gross profit of bet-at-home.com’s sportsbook amounted to €59 million.[citation needed]
Casino[edit]
bet-at-home.com via one of its subsidiaries has a Maltese gaming license, that acquires them the right to operate an online casino. After the launch of their sportsbook product range, the second main product, the bet-at-home.com casino was launched in 2005.
Poker[edit]
Online poker is a multiplayer game where poker players play live against each other at virtual poker tables. Due to one of its subsidiaries bet-at-home.com AG is also a part of an online poker network.
Virtual[edit]
In April 2015, virtual bets were added to the offer. This product is about the virtual simulation of different sports. Currently (as of December 2019), it is possible to place bets on football, tennis, dog racing, basketball and horse racing.[21]
In 2019, the gross profit of bet-at-home.com’s online gaming (casino, poker, games, virtual) amounted to €84.3 million.[22][23]
Www.bet-at-home.com
Notes[edit]
- ^'Products - bet-at-home.com', retrieved 2013-03-30.
- ^ bet-at-home.com AG: group company figures for 2019 (01.01.2019 until 31.12.2019)! 2020, page 1. [1]
- ^'Vegas' (in German). Retrieved 22 March 2018.
- ^ ab'Virtual Football League', retrieved 2015-04-01.
- ^'bet-at-home.com plant Börsengang in Wien', retrieved 2019-04-05.
- ^'Key developments in the history of bet-at-home.com', retrieved 2015-03-30.
- ^bet-at-home.com. bet-at-home.com AG: Further focus on Frankfurt – Pullback from Vienna Stock Exchange. 2014, page 1. [2]
- ^'bet-at-home zieht sich von Wiener Börse zurück', retrieved 2014-06-11.
- ^'bet-at-home.com AG shares', retrieved 2017-07-31.
- ^'Wechsel in den Entry Standard der Börse Frankfurt' retrieved 2012-12-11.
- ^bet-at-home.com. bet-at-home.com AG: Change on the Board of Directors at bet-at-home.com. 2012, page 1.[3]
- ^'Relaunch 2013', retrieved 2013-08-12.
- ^'bet-at-home.com Mobile: Ab sofort auf Smartphone und Tablet', retrieved 2015-09-15.
- ^bet-at-home.com. bet-at-home.com AG: bet-at-home.com AG received admission to the Regulated Market of the Frankfurt Stock Exchange (‘Prime Standard’). 2016, page 1. [4]
- ^bet-at-home.com. bet-at-home.com AG: bet-at-home.com AG to be includedin SDAX index of Deutsche Börse. 2017, page 1. [5]
- ^'bet-at-home Casino App' (in German). Retrieved 22 March 2018.
- ^ bet-at-home.com. Weltmeisterliches Wettangebot. 2018, page 1.
- ^'The Gaming Regulator rebranded as Malta Gaming Authority'Archived 14 April 2015 at the Wayback Machine, retrieved 2014-01-14.
- ^Holger, Steffen. Performaxx Research GmbH. Research-Studie bet-at-home.com AG. 2011, page 1-13. [6]
- ^Leonhard, Bayer. P Hauck & Aufhäuser Institutional Research AG. 2014, page 1.
- ^'Bet-at-home launches Betradar’s Virtual Football', retrieved 2016-03-01.
- ^bet-at-home.com. Company presentation. 2020, page 3
- ^'Products - bet-at-home.com', retrieved 2012-04-04.