bet-at-home - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

Founded in 1999, bet-at-home (BAH) is an online sports betting and gaming company, licensed in Malta and headquartered in Düsseldorf, Germany. Since 2009 BAH has been part of BetClic Everest, a privately owned gaming company, which currently holds 53.9% of BAH’s shares.

Latest Insights

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Consumer |
Update

12.12.22

bet-at-home — FY22 GGR guidance raised

Consumer |
Update

15.11.22

bet-at-home — Navigating challenges in 2022

Consumer |
Outlook

16.05.22

bet-at-home — A year of consolidation

Consumer |
Update

06.12.21

bet-at-home — FY21 guidance reiterated

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Associate Analyst, Consumer and Media

Key Management

Marco Falchetto

CEO

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(4.2)	(17.8)	(52.1)
Relative	(2.4)	(23.2)	(57.4)
52 week high/low	€4.9/€2.3

Financials

bet-at-home (BAH) is an online sports betting and gaming company, licensed in Malta and headquartered in Düsseldorf, Germany. Founded in 1999, the company has expanded across both regions and product verticals to serve over 5.6m registered users, making it one of the largest online gambling providers in Europe. BAH holds online sports betting and online gaming licences in a number of European countries, with its markets being Germany (44% of H123 betting and gaming volume), Austria and the rest of Western Europe (45%) and Eastern Europe (10%).

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2020A	54.6	13.2	11.0	128.50	1.9	0.6
2021A	59.3	14.0	11.4	152.45	1.6	1.3
2022E	N/A	N/A	N/A	N/A	N/A	N/A
2023E	N/A	N/A	N/A	N/A	N/A	N/A

Research

Update

Consumer

06.05.21

bet-at-home — Trading well against expectations

Outlook

Consumer

15.03.21

bet-at-home — Becoming less grey

Consumer

Update

bet-at-home — Near-term transition and legal challenges

edison tv

Consumer

10.03.21

bet-at-home – executive interview

edison tv

Consumer

20.11.20

bet-at-home – executive interview

Update

Consumer

12.11.20

bet-at-home — German regulation less favourable

QuickView

Consumer

15.10.20

bet-at-home — Improving momentum into the end of the year

Update

Consumer

04.08.20

bet-at-home — Improving momentum

edison tv

Consumer

07.05.20

bet-at-home – executive interview

Update

Consumer

05.05.20

bet-at-home — Anticipating improving performance through FY20

Outlook

Consumer

11.03.20

bet-at-home — A cautious tone ahead of German regulation

Update

Consumer

23.01.20

bet-at-home — German regulation looks positive (at last)

edison tv

Consumer

09.12.19

Executive interview – bet-at-home at EKF 2019

Update

Consumer

04.11.19

bet-at-home — On target to reach top end of guidance

Update

Consumer

10.09.19

bet-at-home — A closer look at German regulation

Update

Consumer

30.07.19

bet-at-home — Solid H119 underpins FY19 guidance

Update

Consumer

29.04.19

bet-at-home — A strong start to the year

Initiation

Consumer

07.03.19

bet-at-home — Consistent cash generation

edison tv

Consumer

10.12.18

Executive interview – Bet-at-home

QuickView

Consumer

19.11.18

bet-at-home — Guidance maintained with strong Q318

Update

Consumer

10.09.18

bet-at-home — Looking for a stronger performance in H218

QuickView

Consumer

03.05.18

bet-at-home — NO SUBTITLE

QuickView

Consumer

11.09.17

bet-at-home — Full year on track, despite Polish concerns

QuickView

Consumer

13.03.17

bet-at-home — Marketing investment pays off

edison tv

Consumer

03.11.16

Executive Interview – bet-at-home.com (Deutsch)

edison tv

Consumer

03.11.16

Executive Interview – bet-at-home.com (English)

QuickView

Consumer

28.09.16

bet-at-home — Update 28 September 2016

Further insights

insight

Consumer

21.11.23

bet-at-home: EKF 2023 QuickView

Analyst of the week

Russell Pointon

Russell Pointon

Director, Consumer

rpointon@edisongroup.com 020 3077 5700

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