Bet-at-home.com AG Reports Downturn in Q1 2024 Despite Technological Innovations and Strategic Marketing

Bet-at-home.com AG announced its financial results for the first quarter of 2024, facing revenue declines amidst regulatory challenges and strategic innovations. Gross betting and gaming revenue for Q1 reduced by 11.7% to EUR 11,737 thousand, influenced largely by betting limits introduced across Germany. This downturn is part of the broader challenges faced in the company's core market.

Despite the revenue drop, the company reports a simultaneous increase in investment in technology and customer-oriented innovations. In partnership with EveryMatrix, it focused on creating a sophisticated customer loyalty program leveraging real-time data and machine learning, aiming to enhance its online casino and sports betting platforms for the German-speaking market.

Additionally, with the upcoming European Football Championship 2024 in Germany, significant advertising investments have been made, totaling EUR 4,532 thousand for this quarter, which is a notable increase from last year. The marketing push aims to capitalize on the tournament's visibility in Bet-at-home.com’s primary market.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) before special items were marked at EUR 208 thousand, demonstrating a decrease from the EUR 2,458 thousand reported in Q1 of 2023. This financial metric continues to be a focus as part of the company's performance evaluation.