Bet-at-home revenues climb 8%
Operator reiterates 2017 financial target of €144m in GGR as registered customer base grows to 4.8 million
Bet-at-home has reported an 8.3% increase in GGR to €108.7m for the first three quarters of 2017.
EBIT for the period amounted to €24.4m, up 19% year-on-year, as marketing costs declined.
Marketing costs were cut 4.3%, during the period, to €32.7m, although the firm still enjoyed a 6.7% increase in registered customers to 4.8 million.
Bet-at-home also reported some difficulties in Poland where it has been subject to blocking measures since July 2017. The firm said the measures were considered as a violation of European legislation and it was taking “extensive legal action”.
In an analyst note this morning, Regulus Partners said: “Bet-at-home is continuing to deliver profitable growth, albeit at reduced topline rates from H1 (+18%) and with relatively weak betting performance.
“From a positioning and cash flow perspective, bet-at-home is highly exposed to German regulatory developments.”
In its Q3 report, the firm reiterated its 2017 fiscal year expectations of reaching €144m in GGR. The board also expects to achieve an EBITDA level between €34m and €38m.