bet-at-home - German regulation less favourable
bet-at-home’s (BAH’s) Q320 results showed a strong increase in EBITDA of 27% whereas revenue continued to be affected by prior regulatory changes. After many years of uncertainty (and confusion), new regulations in Germany effective from July 2021 and transition regulations effective from the middle of October 2020 will broadly halve expectations for EBITDA next year. Despite the favourable award of a nationwide online sports betting licence to BAH, new restrictions to protect players, for example on betting limits and customer acquisition, will affect sports and gaming. In addition, restrictions on the types of bets than can be offered (eg in-game betting), the types of casino games that can be offered (blackjack and roulette are banned) and increased competition will affect the sports and gaming segments to different extents. The lower profit base and cash flow will also reduce dividend distributions.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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