The internet gaming firm Bet-at-home announced a profit of €10.6 million (£9 million/$10.8 million) in the second quarter. This gain was primarily driven by the closure of its Austrian branch, while income from its key German operations decreased.
Bet-at-home has faced difficulties in the past year due to pressure from regulatory bodies in the UK and Austria. Just last month, the UK Gambling Commission revoked its license in the UK, forcing the company to withdraw completely from the UK market.
In October 2021, bet-at-home lost a significant legal case in Austria. Players from several Central European nations sought reimbursements from unlicensed operators. This outcome also prompted the company to leave the market and dissolve its Maltese operations, which were established to target Austria.
The Maltese entity faced €27.4 million in obligations, of which €24.1 million stemmed from game customer reimbursements. Its assets totaled €12.8 million.
Consequently, the divestiture resulted in a one-time exceptional gain of €13.1 million.
The company’s combined net earnings for the first half of the year ending June 30 were €10.6 million, compared to €1.1 million in the same period last year. The profit was primarily attributed to the impact of the divestiture.
Overall, gross gaming revenue for the first half of the year was €26.
Earnings for the initial six months of this year reached €7 million, a notable decrease from the €32.8 million recorded during the same period in the previous year.
However, other ventures continued to generate profits, with an EBITDA of €1.1 million in the first half of 2022, a decline from the €6.1 million achieved in the corresponding period of the preceding year.
Following its withdrawal from the Austrian market, Bet-at-home declared its intention to transition from its in-house gaming platform to a managed service solution provided by EveryMatrix.
The company anticipates this shift to have a favorable financial impact commencing in 2023. This alteration resulted in the company reducing its workforce by 45 employees, representing a quarter of the company’s total staff of 168 employees.
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