Bet-at-home posts over 50 revenue drop for Q1

Bet-at-home has published its first quarter financial results, noting an over 50% drop in revenue year-on-year

Bet-at-home has published its 1st quarter financial results, noting an o'er 50% fall inwards revenue year-on-year.

For Q1 2022, Bet-at-home recorded €14m ($15m) inward receipts betting and gaming revenue, shoot down from shoemaker's last year’s €30m by 54%.

Online gaming took the biggest hit. For Q1 of cobbler's last year, this generated €13m in revenue revenue, but as of the most recent reporting period, produced only when €1.3m for an almost 90% drop. Betting and gaming volume decreased by a likewise large margin, falling by 75% from €515m to €126m.

Bet-at-home further recorded an Earnings Before Interest Taxes Depreciation and Amortization deprivation of €1.4m for Q1 2022, knock down from last year’s positively charged EBIDTA of nearly €7m.

Likewise, the company’s consolidated gain for the 1st quarter of 2021 amounted to €4.4m, but as of 31 March 2022, this had plummeted to a red of €2.7m.

These negative results put up predominantly be attributed to regulatory challenges inward Deutschland and the Netherlands.

Like many operators, Bet-at-home was forced to halt accepting Dutch players before the Netherlands’ fresh regulated market launch endure October.

However, Bet-at-home said it had submitted an diligence for a licence at the final stage of Mar 2022.

“Despite all the challenges of the past times financial year, I am optimistic most the time to come and am convinced that Bet-at-home is on the right hand running with the measures and initiatives it has taken,” said Marco Falchetto, Bet-at-home CEO.

“Since my designation to the Management Board at the ending of Feb 2022, i have been convinced on a day-after-day base by the unsubtle expertise inward the individual medical specialist areas and am so surefooted that I testament be able-bodied to leveraging high possible at production tear down inwards the future.”

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