Bet-at-home profits almost double despite Swiss uncertainty
Frankfurt-listed firm sees shares rise 3% following positive H1 trading report
Bet-at-home has announced a 95% increase in H1 profits to €21.3m, with the operator attributing the increase to a drop in marketing spend.
H1 marketing expenses were down around €4.5m to €16.7m, in part thanks to the absence of any major sporting events in the period.
Despite this, group gross revenues climbed 6.7% to €71.1m, driven in part by improved margin as turnover climbed 5.6% to €1.59bn.
The firm suggested it would pick its ad spend up in H2, noting: “Bet-at-home will continue to increase brand awareness through international advertising campaigns in the form of TV spots, print and online media as well as sponsoring co-operations and extensive bonus promotions.”
The group also forecasted FY19 EBITDA between €29m and €33m, with GGR between €130 and €143m.
The projected revenue figure marks a decline on FY18, with bet-at-home highlighting “legal uncertainties” in Switzerland, where the country’s recent Money Gaming Act called for payment blocking on international operators.
The firm said it had 5.1m million registered customers and 290 employees as of the end of June.
Bet-at-home’s share price was up almost 3% in early trading on the Xetra exchange in Frankfurt.
