bet-at-home - Improving momentum into the end of the year
bet-at-home (BAH) is a long-established sports betting brand, successfully cross-selling into gaming. Despite the impact of COVID on sports betting and regulatory (Poland and Switzerland), the revenue (GGR) decline in Q220 of 11.2% was better than expected, with improved momentum from Q120 (13.4%). The resumption of sports events in the summer provides encouragement for the remainder of FY20. Regulatory risks remain high given impending changes in BAH’s most important market, Germany. The net cash balance of €54.1m at end June 2020, equivalent to c 21% of the market cap, ensures that the prospective dividend yield of 6.6% is attractive.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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