Bet-at-Home reports impressive Q3 and 2010 YTD results

Mangas Gaming's Dusseldorf-based online gambling operation Bet-At-Home has published numbers that will make investors happy, recording significant improvements in all key performance areas.

Third quarter financial results show that gross profit is up 57.1% to €16.78 million. whilst net profit before tax rose to €7.16 million (Q3,2009: -€3.14 million).

Betting and gaming turnover in the third quarter rose by 57.9% to €356.02 million (Q3,2009: €225.45 million).

Net gaming profit for Q3,2010 rose 57.5% to €16.65 million (Q3,2009: €10.57 million).

Remarkably, in view of the very positive results, the company's advertising expenditure for Q3 was reduced to €5.74 million (Q3,2009: €11.96 million). However, in the first three quarters of the year, Bet-At-Home invested €28.66 million in marketing, ramping up from the €22.07 million in 2009.

For the year to September 30,2010, the company reports:

  • Gross profit increased by 74.3% to €48.14 million (2009: €27.62 million)
  • Net profit before tax of €6.58 million (2009: - €320,000)
  • Available assets of €23.07 million (December 2009: €20.68 million)
  • Betting and gaming turnover for the first 9 months of 2010 were 71.3% higher than the equivalent period in 2009 at €1043.48 million.
  • Net gaming profit for Q1 to Q3 YTD 2010 amounts was €47.78 million (2009: €27.15 million).
  • The company claims it now has over 2.1 million players on its books.
  • YTD EBITDA was €6.61 million (YTD 2009: -€2.19 million).

Malta-licensed and listed on the Frankfurt and Vienna stock exchanges, Bet-At-Home AG is part of the French internet gambling group Mangas Gaming, and is a sister to BetClic and Expekt.

Source: InfoPowa News