Bet-at-home reports 13% revenue decline for full-year 2023
Despite gross gaming revenue falling for the European operator, total still lands within October’s adjusted forecast following headwinds and adverse sports results
The post Bet-at-home reports 13% revenue decline for full-year 2023 first appeared on EGR Intel.
Bet-at-home has reported gross gaming revenue (GGR) for the full-year 2023 of €46.2m, representing a 13.7% year-on-year (YoY) decline from 2022’s €53.5m.
However, the figure still landed within the forecasted range which was adjusted by the company in October 2023.
According to the group, the major reasons for the revenue decline were adverse sporting results in Q4, as well as monthly betting limits that were introduced in Germany in the middle of 2022 that continued to have an impact on operations.
The operator also outsourced its tech to EveryMatrix in 2023 as a cost-cutting measure.
EBITDA for the group was €807,000, down from €2.1m in 2022, putting it in the upper range of the original announced forecast for 2023.
Bet-at-home also detailed EBITDA before special items for full-year 2023, which the firm described as an “alternative performance measure” to represent the group’s operating result.
That figure amounted to €2.4m, down from €4.4m in 2022.
In calculating that figure, bet-at-home noted €2.7m in expenses from legal cases and customer claims were added to EBITDA, with reversals of impairment losses totalling €1.1m were deducted from the metric. As for the full-year 2024, the company remains optimistic and has projected gross betting and gaming revenue of between €45m and €53m and EBITDA (before special items) to land between €1m and €2.5m.
The post Bet-at-home reports 13% revenue decline for full-year 2023 first appeared on EGR Intel.
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