Internet casino and sportsbetting site Bet-At-Home has released its latest trading update for the first nine months of 2013, noting strong growth in pre-tax revenues.
Key financial indicators for the nine month period ending September 30th, 2013 were:
Pre-tax revenues up by €13.7 million to €11.6 million (9M/2012: -2.1 million)
Gross gaming revenue of €61.8 million (9M/2012: €62.2 million), down only 0.7% despite the lack of a significant sporting event
Net gaming revenue of €53.7 million (9M/2012 €55.1 million), impacted by the introduction of German sportsbetting taxes
EBITDA increased to €11.1 million (9M/2012: Euro -2.4 million)
EBIT increased to €10.7 million (9M/2012: Euro -2.8 million).
Gaming volume amounted to €1,342.9 million (9M/2012: €1,549.3), down 13.3%
Efficiency improvements in marketing and operating expenses:
Marketing expense amounted to €24.8 million (9M/2012: €39.9 million), equating to a 37.8% reduction
Operating expenses of €9.6 million (9M/2012: €9.6 million, down by 14.9%
Cash, cash equivalents and securities of €25.7 million
Substantial expansion in customer base which stands at almost 3.5 million registered customers.
A company statement regarding the results read: "The steady development in gross revenue, the efficiency increases in marketing and the reduction in other expense show clear and positive results on the development of results of the bet-at-home.com AG Group during the reporting period."