Friday August 26,2011 : Bet-At-Home AG posts a 12.1 percent increase in gross profits
Online sportsbook operator Bet-At-Home.com AG – a subsidiary of the Betclic Everest group – has released its financial results for the first six months of 2011 showing an impressive 12.1 percent year-on-year increase in gross profits to Euro 35.16 million.
The company revealed that its pre-tax profit came in at Euro 3.97 million, a significant improvement over the deficit of Euro 580,000 it reported for the same period twelve months ago, while it currently holds cash and equivalents amounting to Euro 28.06 million.
The company reported that betting and gaming turnover increased during the second quarter of 2011 by 17.4 percent year-on-year to Euro 65.02 million and Euro 437.99 million respectively.
“From a cumulative point of view, the betting and gaming turnover for the first half-year of 2011 amounts to Euro 865.18 million; an increase of 25.9 percent in comparison to the respective period in the previous year,” a Bet-At-Home.com spokesman pointed out.
Gross profit amounted to Euro 16.87 million for the second quarter of 2011, down when compared with the second quarter of 2010 at Euro 17.56 million, where the football World Cup provided a major boost to betting activity.
“The cumulative gross profit for the first and second quarters of 2011 amounted to Euro 35.16 million, or an increase of 12.1 percent, the spokesman noted.
"This indicator is higher than in the comparable period of 2010, marking distinct growth.”
However, despite the growth, net gaming profit fell by four percent year-on-year to Euro 15.17 million, mainly due to the introduction of betting fees and gambling taxes in Austria and Spain.