The Austrian gaming firm, Bet-at-home, experienced a difficult beginning to 2022. Their most recent earnings statement shows a substantial revenue reduction compared to the corresponding period last year.
The corporation generated a mere €14 million in the initial quarter, a sharp 54% plunge from the €30 million acquired in the prior year. This decrease is primarily attributed to their internet gaming activities, which nosedived by nearly 90%. The sum of money gambled also took a steep decline, plummeting by a massive 75%.
This slump resulted in a €1.4 million pre-tax deficit, a stark difference from the €7 million gain they relished the year before. In total, Bet-at-home went from a comfortable €4.4 million profit in the first quarter of 2021 to a €2.7 million deficit in the identical period this year.
The business ascribes these financial setbacks to the constantly shifting regulatory environment, particularly in Germany and the Netherlands. Similar to many in the sector, Bet-at-home had to cease accepting Dutch participants when the Netherlands introduced its newly regulated market last October. However, they are anticipating a recovery, having submitted an application for a license in March 2022.
In spite of the obstacles, CEO Marco Falchetto maintains a hopeful outlook. He is confident that the measures they are implementing will guide Bet-at-home back to profitability.
From the time I became part of the leadership team in late February of 2022, I have been incredibly impressed by the vast knowledge base we possess across various fields. This truly makes me confident that we can accomplish remarkable feats with our offerings going forward.
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