Bet-at-home profits up 93% on reduced marketing costs
Analysts voice concern over regulatory outlook thanks to high exposure to German market
Bet-at-home has reported a 17.5% jump in H1 revenues to €76.8m, as the Germany-facing operator hailed its “sustainable” customer retention and acquisition strategies.
The Frankfurt-listed firm also enjoyed a 93% jump in EBITDA to €17.4m, 71% of which was generated in Q2, as the firm cut back its marketing spend around a quiet sporting schedule.
Bet-at-home said the growth, against a difficult comparison in Euro2016, demonstrated “the sustainable success” of its customer acquisition and retention measures.
As of 30 June 2017, the bet-at-home.com AG Group had more than 4.7 million registered customers, up from 4.5 million a year ago.
For FY17, the board guided GGR of €144m and EBITDA between €34m and €38m.
Analysts at Regulus Partners said the H1 figures proved attractive double-digit growth is available in a wide range of markets, but voiced concern over the firm’s regulatory position.
“The future of bet-at-home is likely to be shaped more than anything by the extent to which Germany manages to get its current punitive online gambling plans into enforceable law any time soon – given the implied exposure to Germany in the figures, this is a very big corporate gamble,” the analysts said.