Online wagering platform, Bet-at-home, experienced a substantial revenue reduction exceeding 50% in the initial quarter of 2022. This decline is primarily attributed to legal obstacles encountered in the German and Dutch markets.
The firm declared a 54% decrease in gross gaming revenue compared to the previous year, plummeting to €14 million (approximately $15 million) from €30 million.
This sharp downturn is largely connected to the company’s withdrawal from the Netherlands in October 2021, following the implementation of updated gambling laws. Although Bet-at-home has sought a license to function within the newly regulated market pending authorization, the effect on earnings was considerable. Revenue from internet betting alone shrunk from €13 million to a paltry €1.3 million. Likewise, wagering volumes experienced a steep decline, falling by 75% to €126 million.
Notwithstanding these challenges, CEO Marco Falchetto conveyed a positive outlook for the times ahead. He maintains that the steps taken by the organization will position it for renewed expansion.
From the end of February in 2022, I’ve held a position on the leadership team. The knowledge and drive I’ve personally observed, spanning numerous disciplines, fills me with immense hope. I firmly believe we’re on the verge of genuinely revolutionary product innovations.