In the second quarter, revenue declined for the remaining Bet-at-home business

In the second quarter, revenue declined for the remaining Bet-at-home business

Bet-at-home has been buffeted by regulators in the UK and Austria in the last 12 months. The company’s licence in the UK was suspended last month, leading to their permanent exit from the British market.

Bet-at- home was on the losing side of a large legal case in Austria in which a number of players in the Central European country had sought reimbursement from unlicensed operators. The company ended up withdrawing from the market and winding up of its Maltese business because of the outcome.

The Maltese business faced liabilities of 27.4m, of which 24.1m were the result of reimbursement of gaming customers. Its assets were over 12 million dollars.

The deconsolidation resulted in a one-time windfall of 13.1 million.

The business has a consolidated net income of 10.6m for the first half of the year, compared to 1.1m for the same period in the previous year. The deconsolidation had a significant effect on the profit.

The H1 gross gaming revenue stood at 26.7m, compared to 32.8m for the same period last year.

The remaining business continued to report positive earnings, as EBIDTA for the first half of the year was 1.1m, compared to 6.1m for the previous year.

Bet-at-home plans to transition away from their in-house gaming platform towards a managed services solution provided by EveryMatrix.

Bet-at- home said that it expects the move to have a positive financial impact in the years to come. 45 of the company’s total 168 workforce were laid off because of the change.

Summary:

Bet-at-home’s consolidated net income for the first half of the year was 10 million, compared to 1.1 million for the same period the previous year. For the first half of the year, gross gaming revenue stood at 26.7 million compared to 32.8 million for the same period last year. The profit for the first half of the year was 1.1 million, compared to 6.1 million for the previous year’s period.