bet-at-home - FY21 more challenging than initially expected

bet-at-home (BAH) is a long-established sports betting brand, successfully cross-selling into gaming. 2021 was expected to be challenging, as the new online gaming regulations in Germany took effect, but management’s guidance for FY21 has reduced on two occasions. These reflect transitional changes in Germany that were more negative than initially expected, the June 2021 withdrawal of BAH’s offer in Poland ahead of applying for a sports betting licence, and the suspension of online casino operations in Austria in response to growing litigation losses for reimbursement of player losses. The potential award of new licences in the Netherlands and Poland could lead to an improved outlook from FY22.