Online gambling operator bet-at-home.com AG reported its financial results for the year ended December 31, 2015. Gross gaming revenue generated by the company amounted to €121.6 million, up 13.6% year-on-year.
The gambling company said that the largest share of its annual revenue was contributed by its operations during the fourth quarter of the year. Proceeds amounted to €34.1 million in the three months ended December 31, 2015. bet-at-home.com generated a total of €28.5 million in the first quarter of 2015, €28.3 million in the second, and €30.7 million in the third.
The operator pointed out that the increase in gross gaming revenue resulted in higher betting fees and gaming levies. Those amounted to €14.5 million in 2015 as compared to the amount of €12.3 million reported for the previous year. bet-at-home.com also added that the recently introduced VAT regulations for providers of all kinds of electronic services within the European Union’s borders impacted earnings in negative way for the very first time. The operator paid the amount of €6.8 million in the said EU VAT.
However, it said that despite the new tax burdens, net revenue actually increased as compared to the figure posted for 2014. It amounted to €100.3 million compared to €94.7 million in the previous year.
bet-at-home.com noted that the growth in gross gaming revenue and the improved expense-side efficiency resulted in an increase in earnings, despite the above-mentioned tax burdens. EBITDA was up €5 million to reach €31.7 million in 2015. Due to this, EBIT also increased €5 million and the amount of €30.8 million was eventually reported.
Accordingly, earnings before tax also grew significantly in 2015, totaling €32.9 million, up €5.5 million from what was posted in the previous year. The gambling operator said that the largest contribution to the overall operating income came from operations during the fourth quarter of the year. The amount of €9.9 million was generated during the three-month period between October and December, 2015. EBT of €9.8 million was posted for the first quarter. Second-quarter operating income of €6.7 million was reported. And third-quarter EBT amounted to €6.5 million.
Of bet-at-home.com’s financial performance in 2016, the company’s management team said that it expects revenue of no less than €134 million and EBITDA of €30 million, provided that both the fiscal and regulatory environments remain unchanged in the months to come.
