Bet-at-home posts Q3 loss
Betclic Everest subsidiary's Q3 figures show slight rise in gross gaming revenue, but high costs lead to a significant drop in group EBITDA and overall loss.
Bet-at-home, the German-facing subsidiary of Betclic Everest Group, has posted a loss of 130,000 in the third quarter, with high marketing costs leading to a drop in EBITDA to just under 1m, down from 7.01m for the same period in 2010.
The introduction of betting and gaming tax in Austria in January this year prompted a decline in net gaming revenues, down 1.3% to 16.43m compared to 16.65m in Q3 2010. Despite a lack of major sporting events in the year, advertising expense in Q3 almost doubled, rising to 10.55m, as the company embarked on a drive to acquire new players. This has been successful in increasing the operator’s player base, with approximately 2.6 million registered customers on the site.
This offset a 7.7% year-on-year increase in gross gaming revenue, rising to 18.07m in Q3, contributing to a 10.6% year-on-year increase in accumulated gross gaming revenues in the first three quarters of 2011.