DGAP-Adhoc: 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

2021. október 18., hétfő, 22:37





DGAP-Ad-hoc: bet-at-home.com AG / Key word(s): Profit Warning


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


18-Oct-2021 / 22:37 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




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.



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.




Contact:

Klaus Fahrnberger

Head of Investor Relations

+49 211 545 598 77

ir@bet-at-home.com

www.bet-at-home.ag











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Language: English
Company: bet-at-home.com AG

Tersteegenstrasse 30

40474 Düsseldorf

Germany
Phone: +49 211 17934 770
Fax: +49 211 17934 757
E-mail: ir@bet-at-home.com
Internet: www.bet-at-home.ag
ISIN: DE000A0DNAY5
WKN: A0DNAY
Listed: Regulated Market in Frankfurt; Regulated Unofficial Market in Berlin, Hamburg, Stuttgart, Tradegate Exchange
EQS News ID: 1241633





 
End of Announcement DGAP News Service




1241633  18-Oct-2021 CET/CEST







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