Report

bet-at-home - A year of consolidation

bet-at-home (BAH) is an established European online sports betting and casino gaming provider. It largely operates in regulated markets and seeks formal licences in markets where it already operates when possible. The formal regulation of a market is typically positive for the operators in the long term, but can lead to short-term disruption to the revenue growth and profitability of the operators. Management expects FY22 will be a year of consolidation as BAH restructures following the challenges presented in FY21 and the decision to withdraw from Austria. There is potential better news flow towards the end of the year if BAH is awarded new licences in Poland and the Netherlands, where it already has high brand awareness.
Underlying
Bet-at-home.com AG

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.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Kate Heseltine

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