Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

BET-AT-HOME.COM AG

(ACX)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Bet-at-home.com AG: Company decides to temporarily discontinue offering online casino in Austria and to recognize further provisions due to player lawsuits for repayment of gaming losses (release 20:37 UTC)

10/18/2021 | 11:42pm EST

AD-HOC INFORMATION

PUBLICATION OF INSIDER INFORMATION PURSUANT TO ARTICLE 17 OF REGULATION (EU) NO. 596/2014

bet-at-home.com AG: Company decides to temporarily discontinue offering online casino in Austria and to recognize further provisions due to player lawsuits for repayment of gaming losses

Düsseldorf, 18 October 2021. bet-at-home.com AG (hereinafter also referred to as the "Company") had already announced on an ongoing basis that a Maltese Group company in Austria was facing legal claims from customers for reimbursement of gambling losses in the online casino. The bet-at-home.com AG Group still considers the online casino (de facto) monopoly of the national Austrian gambling regulation to be contrary to European law and accordingly considers itself to be a lawful online casino provider in Austria. Not least due to the necessity derived from the current European Court of Justice case law of a recurring review also by the Austrian courts, which in the opinion of the bet-at-home.com AG Group is currently not taking place to the required extent, the bet-at-home.com AG Group has so far assumed a positive development of case law, in particular at the higher courts in the appeal instances, until the end of the first half of 2022.

However, due to a recent decision by the Austrian Supreme Court, it is now unclear whether the bet-at-home.com AG Group will be able to enforce its legal opinion in Austrian courts in the foreseeable future.

The Management Board therefore decided today in a joint meeting with the Supervisory Board and with its approval to temporarily discontinue the online casino offering in Austria in a timely manner. This is because, although the bet-at-home.com AG Group also assumes that its actions are lawful under European law and that the lawsuits are also inadmissible under civil law, the continuation of the online casino offering in Austria before final legal clarification over a period of time that is currently no longer foreseeable would lead to a steadily increasing risk potential that appears indefensible overall. The decision on any resumption of the online casino offering in Austria will be made in the future depending on the development of the legal framework. The Maltese Group company will continue to use all available legal means to take action against the lawsuits filed in Austria.

Classification: Public

The Management Board also decided to recognize further provisions for the customer lawsuits for reimbursement of player losses that have been pending in Austria to date.

As a result, the Company provisionally expects gross betting and gaming revenues of between EUR 93 million and EUR 98 million for the bet-at-home.com AG Group in fiscal year 2021 and negative EBITDA of between EUR -14 million and EUR -10 million, which includes expenses of EUR 24.6 million in connection with the Austrian customer lawsuits.

Depending on the decision of the Austrian tax authorities, the Company assumes that gaming levies amounting to 40% of the relevant amounts will have to be refunded to the bet-at-hom.com AG Group on player losses to be reimbursed. However, due to legal uncertainties, these amounts are not used to reduce the aforementioned expenses and are not capitalized.

For a more detailed economic and company law examination of the situation of the Maltese Group company concerned, the publication of the consolidated quarterly statement for the third quarter of 2021, which was scheduled for November 08, 2021, will be postponed to a later date to be named at short notice.

About bet-at-home:

The bet-at-home.com AG Group is active in the domain of online sports betting and online gaming. With

5.5 million registered customers, the company (which is listed on the Frankfurt stock exchange) represents, together with its subsidiaries, one of the most successful gaming providers within the European Union. bet-at-home.com has companies in Germany, Austria, Malta and Gibraltar. The successful development of the company can be attributed to its 277 employees as at 30 June 2021. The Group holds various licenses via its Maltese companies for online sports betting and online gaming. The licenses allow the company to organize and market online sports betting and online casinos. Since 2009, bet-at-home.com AG has been a part of the Betclic Everest SAS Group, which is a leading French Group in the domain of online sports betting and online gaming. bet-at-home is certified according to ISO/IEC 27001:2013 for all Group companies in Germany, Austria and Malta.

Classification: Public

Contact

Klaus Fahrnberger

Head of Investor Relations +49 211 545 598 77 ir@bet-at-home.comwww.bet-at-home.ag

Classification: Public

Disclaimer

bet-at-home.com AG published this content on 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2021 03:41:02 UTC.


© Publicnow 2021
All news about BET-AT-HOME.COM AG
11/26BET-AT-HOME.COM AG : Preliminary announcement of the publication of quarterly reports and ..
EQ
10/18BET-AT-HOME.COM AG : Company decides to temporarily discontinue offering online casino in ..
PU
09/06Bet-At-Home.Com Ag Reports Earnings Results for the Half Year Ended June 30, 2021
CI
08/02BET-AT-HOME.COM AG : Group figures for the first half of 2021
PU
08/02BET-AT-HOME.COM AG : Group figures for the first half of 2021
EQ
07/19BET-AT-HOME.COM AG : adjustment of revenue and earnings guidance for fiscal year 2021 (rel..
PU
07/19Bet-at-home.com AG Adjusts Earnings Guidance for the Fiscal Year 2021
CI
05/19BET-AT-HOME.COM AG : Ex-dividend day for final dividend
FA
05/18BET-AT-HOME.COM AG : Virtual Annual General Meeting resolves dividend of EUR 2.50 per shar..
PU
05/18BET-AT-HOME.COM AG : Virtual Annual General Meeting resolves dividend of EUR 2.50 per shar..
EQ
More news
Analyst Recommendations on BET-AT-HOME.COM AG
More recommendations
Financials
Sales 2021 73,9 M 83,6 M 83,6 M
Net income 2021 -15,6 M -17,6 M -17,6 M
Net cash 2021 54,4 M 61,6 M 61,6 M
P/E ratio 2021 -6,24x
Yield 2021 -
Capitalization 97,0 M 110 M 110 M
EV / Sales 2021 0,58x
EV / Sales 2022 0,85x
Nbr of Employees 277
Free-Float 99,0%
Chart BET-AT-HOME.COM AG
Duration : Period :
bet-at-home.com AG Technical Analysis Chart | ACX | DE000A0DNAY5 | MarketScreener
Technical analysis trends BET-AT-HOME.COM AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 13,82 €
Average target price 32,67 €
Spread / Average Target 136%
EPS Revisions
Managers and Directors
Franz Ömer Co-Chief Executive Officer
Michael Quatember Co-Chief Executive Officer
Martin Arendts Chairman-Supervisory Board
Véronique Giraudon Vice Chairman-Supervisory Board
François Riahi Director
Sector and Competitors
1st jan.Capi. (M$)
BET-AT-HOME.COM AG-56.61%110
GALAXY ENTERTAINMENT GROUP LIMITED-23.40%25 763
FLUTTER ENTERTAINMENT PLC-28.01%23 817
EVOLUTION AB15.00%22 675
ARISTOCRAT LEISURE LIMITED44.52%21 360
SANDS CHINA LTD.-42.09%20 464