bet-at-home (ACX) H1 2024 earnings summary

Executive summary

• Operates as an online sports betting and gaming provider with over 5.7 million registered customers, focusing on Germany and Austria.

• Outsourced key functions to EveryMatrix, reducing internal complexity and costs, and invested in marketing and customer management.

• Achieved stable business development despite regulatory challenges and increased marketing during the European Football Championship.

Financial highlights

• Gross betting and gaming revenue for H1 2024: EUR 25.4 million (up from EUR 24.2 million year-over-year).

• Net gaming revenue: EUR 20.2 million (up from EUR 18.8 million year-over-year).

• EBITDA before special items: EUR 1.2 million (down from EUR 4.3 million year-over-year).

• Earnings before taxes: EUR 969 thousand (down from EUR 2.29 million year-over-year).

• Advertising expenses increased to EUR 10.3 million due to the European Football Championship.

• Cash and cash equivalents at period end: EUR 34.2 million.

Outlook and guidance

• 2024 guidance: gross betting and gaming revenue between EUR 45–53 million; EBITDA before special items between EUR -1 million and EUR 2.5 million.

• Continued focus on brand promotion, market expansion in Germany and Austria, and technological innovation.

• Regulatory changes in Germany and ongoing legal uncertainties may impact future performance.