Online gaming operator Bet-at-home reported a profit of €10.6m (£9m / $10.8m) in the second quarter. This was primarily due to the liquidation of the Austrian division as the remaining Germany-focused segments experienced lower revenues.
Over the past 12 months, UK and Austrian regulators have taken a toll on home betting. Just last month, the GB Gambling Commission suspended its UK license, permanently withdrawing the company from the UK market.
In October 2021, Bet-at-home lost a major lawsuit in Austria, with many players in the Central European country seeking refunds from unlicensed operators. This result also led to the company exiting the market and ending its Malta operation, which was set to target Austria.
The Maltese business faces €27.4 million in debt, of which €24.1 million was the result of reimbursements to gaming customers. His assets were 12.8 million euros.
As a result, the deconsolidation resulted in a temporary windfall of €13.1 million.
Consolidated net income for the business was €10.6 million in the first half to 30 June, compared to €1.1 million in the same period last year. Profits are greatly affected by deconsolidation.
Overall, total game revenue for the first half was €26.7 million compared to €32.8 million in the same period last year.
However, the rest of the business continues to report positive earnings, with EBIDTA of €1.1 million in the first half of 2022 compared to €6.1 million in the same period last year.
After exiting the Austrian market, Bet-at-home announced plans to move from an in-house gaming platform to a managed services solution provided by EveryMatrix.
Bet-at-home says it expects the move to start having a positive financial impact in 2023. The change resulted in the dismissal of 45 of the company’s total of 168 employees.
