Bet-at-home 2018 revenues dip on Swiss uncertainty
Operator attributes 2% drop to legal uncertainty in Switzerland following the new Money Gaming Act coming into force in January
Bet-at-home 2018 revenues dipped 2% to €115m on the previous year following legal uncertainty in Switzerland after the country’s Money Gaming Act was passed by parliament in January.
Parent company AG Group said profits were also hurt on by a 12% increase in betting fees and 20% rise in VAT.
“The decline in gross betting and gaming revenue compared to the financial year 2018 is attributable to legal uncertainties in Switzerland,” a company statement said.
However, EBITDA for the year was up 2% to €36.2m as marketing spend was cut by 9% to €38.3m.
The company reported a record betting and gaming volume for the year of €3.1bn.
“From the current perspective, and assuming an unchanging regulatory and tax law environment, the Management Board expects a gross betting and gaming revenue between €130m and €143m in the fiscal year 2019,” the statement said.
“Furthermore, the Management Board expects EBITDA to amount between €29m and €33m in the fiscal year 2019.”
As of 31 December 2018, bet-at-home had more than five million registered customers.