Online gaming operator Bet-at-home has reported a €10.6m (£9.0m/ $10.8m) profit in Q2, mostly due to winding-up of its Austrian division, as revenue for the remaining, German-focused, segment declined.
The last 12 months have seen bet-at-home buffeted by regulators in the UK and Austria. Just last month, the GB Gambling Commission suspended its UK licence leading to the company’s permanent exit from the British market.
In October 2021, Bet-at-home was on the losing end 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 outcome also led the company’s withdrawal from the market and winding up of its Maltese business that was set up to target Austria.
This Maltese business faced liabilities of €27.4m, of which which €24.1m were the result of reimbursement of gaming customers. Its assets were €12.8m.
As a result, the deconsolidation has led to a €13.1m one-time windfall.
The business’s consolidated net income stands at €10.6m for the first half leading to June 30, compared to €1.1m for the same period the previous year. The profit was largely because of the effects of the deconsolidation.
In total, 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, though, as EBIDTA for the first half of 2022 is €1.1m compared to €6.1m for the previous year’s period.
Following the exit of the Austrian market, Bet-at-home announced plans to transition away from the business’s in-house gaming platform towards a managed services solution provided by EveryMatrix.
Bet-at-home have said that it expects the move to start having a positive financial impact in the 2023. The change led to the business laying off 45 of the company’s total 168 workforce.
