The leading online gambling and sports betting operator, Bet-at-home, released its financial results for the first quarter of 2022. The announcement came Monday and revealed that the company's gross betting and gaming revenue in Q1, 2022 hit €14 million. This result marked a significant decrease of nearly 54% when compared to the €30.5 million in gross betting and gaming revenue from the same period in 2021.
Similarly, net betting and gaming revenue during the first quarter of this year decreased. In Q1, 2022, Bet-at-home's net betting and gaming revenue hit €10.9 million. When compared to the €23.6 million in net betting and gaming revenue, a decrease of 53.8% is observed.
A further breakdown of the €14 million in revenue shows that the company's online sports betting operations hit €12.7 million in gross gaming revenue for the first quarter of this year. Not unexpectedly, this marked another decrease when compared to the €17.2 million in gross gaming revenue for online sports betting for Q1, 2021.
On the other hand, Bet-at-home's online gaming gross gaming revenue in Q1, 2022 hit €1.4 million. This result marked a staggering decrease, considering that for Q1, 2021, the company's online gross gaming revenue was €13.3 million.
Without any doubt, the regulatory changes in the markets in Europe impacted Bet-at-home's operations. Due to changes in the gaming laws in the Netherlands, the company had to discontinue its operations and apply for an online gaming and online sports betting license.
In a press release on Monday, Bet-at-home's CEO, Marco Falchetto, acknowledged that the company has seen a successful start to the year. He added: "Gross betting and gaming revenue in the first three months of the current financial year amounts to €14.0 million and is thus within expectations for the full year 2022."
Regardless of the year-over-year decrease in GGR, Falchetto outlined that Bet-at-home is positioned well within core markets. He predicted further growth of the company's operations in Germany. According to Falchetto, that growth would be the result of authorities taking "rigorous action against unlicensed providers in the foreseeable future."
Falchetto pointed out that Bet-at-home expects to see further growth considering its application for licenses it expects to receive in the Netherlands. Additionally, he revealed that the company's cash and cash equivalents for Q1, 2022 hit €42.1 million, which was similar to the year-end 2021 results of €42.0 million.
Although Bet-at-home has been through challenges in the past year, Falchetto remained optimistic about the future. "Despite all the challenges of the past financial year, I am optimistic about the future and am convinced that bet-at-home is on the right track with the measures and initiatives it has taken," added the company's CEO. Last but not least, Falchetto thanked the company's employees for their help and the shareholders for their trust.
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