The operator said that, based on its preliminary figures for 2020, it could be confident that it had “clearly exceeded” its earnings before interest, tax depreciation and amortisation (EBITDA) target, which was set between €23m and €27m.
Instead, Bet-at-Home now expects EBITDA of €30.9m, which it said was mostly due to its performance in the fourth quarter of the year.
This increased earning is largely due to reduced expenses, as revenue remained within the range of expectations. The operator brought in revenue of €126.9m, following expectations of between €120m and €132m.
In the first half of 2020, Bet-at-Home brought in €62.3m in revenue, down 12.4% year-on-year, as a combination of withdrawals from newly-regulated markets and the novel coronavirus (Covid-19) limited earnings. It followed this with revenue of €30.7m in the next three months, bringing its gross betting and gaming revenue for the first nine months of the year to €93.0m.
In November 2020, Bet-at-Home received a licence to operate under Germany’s Third State Treaty on Gambling, alongside 15 other operators such as Bet365, Gauselmann Group’s Cashpoint Malta subsidiary, Tipico and four GVC Holdings brands.