Online betting firm Bet At Home has released its first quarter 2012 financial results, highlighting an increase in revenue but revealing a decrease in company revenues,
Key financial indicators for the first quarter ending March 31st were:
Group result before taxes of €2.10 million (Q1/2011: €3.90 million)
Turnover increased significantly by 23.5% to €527.68 million (Q1/2011: €427.19 million)
Group EBITDA of €1.94 million (Q1/2011: €3.84 million)
An increase in gross gaming revenue (Hold) of 15.4% to €21.11 million (Q1/2011: €18.29 million)
Net gaming revenue (Hold minus Betting / Gaming Tax) rose by 15.9% to €18.85 million (Q1/2011: €16.26 million)
Betting taxes amounted to €2.27 million (Q1/2011: €2.02 million)
The company's decrease in revenue was attributed to its increase in advertising expenses, which were €11.09 million. While this decreased income for the quarter, it also has led to a 39.3% increase in the company's customer base.
Currently Bet At Home has 2.8 million registered customers.