bet-at-home - A closer look at German regulation
Online gaming legislation varies widely across Europe and bet-at-home (BAH) focuses predominantly on grey (or ambiguous) markets. At H119, the company’s core markets were Germany (35% of gross win), Austria (c 30%) and Eastern Europe, and this report provides further detail on recent regulatory changes (particularly in Germany). BAH is a strong brand with 5m customers, a capital light model and high cash generation. The stock trades at 9.9x EV/EBITDA and 13.0x P/E for FY20e with an attractive 9.6% prospective dividend yield.Bet-at-home.com AG is a holding company and as such does not have business operations beyond managing its own holdings. All operational activities are carried out exclusively by its subsidiaries.
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