Bet-at-home.com AG Fiscal Year 2023 Financial Results and Market Outlook

bet-at-home.com AG, a betting company, reported its fiscal year 2023 financial results which aligned with preliminary estimates. The results highlighted a total revenue of €46.2 million, a 14% year-over-year decrease. The revenue was primarily driven by Betting Gross Gaming Revenue (GGR) of €42.3 million and Gaming GGR of €3.8 million, both experiencing a similar annual decline.

The company recorded an EBITDA of €0.8 million, a significant decrease from €2.1 million in FY22. This was primarily attributed to reductions in personnel expenses, which decreased by 36%, and other operating expenses, which fell by 22% year-over-year. Adjusting for non-operating costs related to customer claims and entertainment liquidation, the EBITDA before special items stood at €2.4 million.

Despite the challenges faced in FY23, bet-at-home.com AG is optimistic about FY24, anticipating benefits from efficiency measures and streamlined processes. The company expects to leverage increased marketing activities in the latter half of FY23 to boost performance during the upcoming UEFA EURO championship. This optimism is also backed by an industry average that predicts mid to high single-digit growth rates. The company has set its revenue guidance for FY24 between €45-53 million and EBITDA before special items ranging from -€1 million to €2.5 million.

However, uncertainties arise from legal issues in Germany, where a recent court decision may increase liabilities regarding unlicensed sports betting. This could potentially influence customer claims and impact the company's stock for the next six months.