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  • FY 2023: Bet-at-home faces 13.6% revenue decline and 62% EBITDA drop
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Bet-at-home has reported a 13.6% year-on-year revenue decline to €46.2m for the full-year 2023.

The reported figure fell within the forecast range adjusted by the group in autumn 2023.

However, EBITDA for the year dropped by 62% year-on-year to €807,000. 

The company attributed the revenue decline to several factors, including the existance of cross-product and cross-provider monthly betting limits in Germany effective from mid-2022, regulatory obligations to report increased deposit limits starting from Q2 2023, as well as losses from migration of customers from the in-house “.com” and “.de” platforms to the new system of EveryMatrix.

Gross revenue from online sports betting in 2023 declined 13.9% year-on-year to €42.3m, while gross revenue from online gaming decreased by 13.3% to €3.9m. 

This segment includes mainly revenue from slots for the German market.

2024 outlook

Looking ahead to the financial year 2024, bet-at-home plans to continue its strategic transformation. 

The company said it will focus on technology, with an emphasis on in-house development aimed at creating and introducing an innovative customer loyalty programme based on real-time data processing and machine learning.

Collaborating closely with EveryMatrix, Bet-at-home will also work on improving and adapting its online casino and sports betting products, as well as the customer platform, to meet the needs and legal requirements of the German-speaking markets.

Bet-at-home aims to further expand its market position in the sports betting segment in 2024, particularly targeting its core markets of Germany and Austria. 

The company plans targeted marketing measures, with a focus on the first half of 2024, coinciding with the start of the European Football Championship 2024, held in Germany.

The management board expects the upcoming European Football Championship to provide positive momentum for business development. 

Bet-at-home has projected gross betting and gaming revenue for the 2024 financial year to range between €45m and €53m.

EBITDA before special items – which was introduced as an alternative performance measure in 2023 and amounted to €2.4m in 2023 – is expected to come in between -€1m and €2.5m in 2024.

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