Full year results 2020

Bet-at-home GGR down 11.4% in 2020

| By Conor Mulheir
Betclic Everest subsidiary Bet-at-home AG has released its financial results for 2020, showing an 11.4% year-on-year reduction in gross gaming revenue (GGR) to €126.9m (£108.7m/$150.9m.

The operator said the reduction in revenue was due to the impact of the novel coronavirus (Covid-19) pandemic and the resulting cancellation and postponement of many sports leagues and events from March.

The gradual resumption of sports, particularly in the national European football leagues and international competitions, had a positive impact on the summer months, it said, which are usually weaker in terms of revenue.

This uptick, however, was not enough to fully compensate for the revenue lost in spring.

The operator said the online gaming segment including casino and live casino was not negatively impacted by the pandemic, but the process of online gaming legalisation in the its core market of Germany did lead to restrictions in online which negatively affected casino revenue in the jurisdiction.

EBITDA for 2020 was €30.9m, 12.2% behind 2019, however initial EBITDA guidance published by the company suggesting figures between €23m and €27m was significantly exceeded.

This guidance was raised in January to €30.9m, following what the operator described as a “supremely positive” fourth quarter.

Marketing expenses 2020 were also lower than in 2019, at €30.9m compared to €39.8m. This was mainly due to the postponement of the European Football Championship to 2021, and the cancellation and postponement of other sporting events for which marketing activities had been planned.

Looking ahead, Bet-at-home said its management board expects GGR of between €106m and €118m in the financial year 2021.

The expected decline compared to 2020 is largely attributable to the implementation of legal requirements in connection with the operator’s German sports betting licence, which was approved in November 2020.

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