Bet-at-home confirms 65 redundancies in Austria
European operator continues to firefight and implement cost saving measures as German and Austrian operations suffer
Bet-at-home has sanctioned the redundancies of 65 employees at its Austrian subsidiary as part of its cost reduction programme.
The Frankfurt-listed operator confirmed that 65 employees would be made redundant as the firm continues to make cuts while revenue continues to fall.
In a statement, bet-at-home said: “The restructuring plan provides for measures consisting of an efficiency enhancement and cost reduction programme and includes a one-time reduction of 65 employees.”
In October, bet-at-home confirmed it had suspended its online casino operations in Austria due to an ongoing legal battle over its right to serve customers in the Alpine country.
Bet-at-home took the decision to temporarily suspend its operations as it awaits “final legal clarification” over offering its services.
The legal matter relates to customers claiming for reimbursement for gambling losses in online casino as they believe the company was not operating legally in the country, relating to Austria’s monopolistic online casino system.
Bet-at-home noted that the ongoing legal case in Austria would include expenses of €24.6m, while the firm also reduced its expected revenue and EBITDA figures for 2021.
The group had previously anticipated revenue of between €100m and €110m and EBITDA of between €8m and €10m.
Since then, revenue expectations have fallen to €93m and €98m while a negative EBITDA of between €-14m and €-10m is also expected.
Bet-at-home has also been hit by regulatory headwinds in Germany which saw it post an 8.8% downturn in H1 2021 revenue from H1 2020, falling to €56.8m.
“With almost 200 highly qualified and dedicated employees, bet-at-home is very well positioned for positive economic development,” the company statement added.