SPORTS BETTING
Austria – bet-at-home cuts 65 jobs in Austria
By Lewis - 13 December 2021
bet-at-home is cutting 65 jobs at its subsidiary in Austria as part of a restructuring plan to increase efficiency and reduce costs. The aim is to adjust the cost structure of the group to better reflect lower anticipated sales revenues in the future and meet the financial burden of ongoing litigation in the Austrian courts.
The German company, which operates with a Maltese licence, has been struggling with a combination of declining results and legal challenges in the Austrian market. The group has scaled back its forecasts and announced a negative annual result for the year as successful player lawsuits increase the financial debt burden on the business.
In the first half of the year, EBITDA fell by around two thirds to €5.4m, impacted by marketing costs associated with the European Football Championship and declining results in the online gaming segment in Germany. bet-at-home temporarily suspended business in October following a ruling by the Supreme Court in Vienna, which challenged the operator’s view that it was a legitimate online casino provider in the Austrian market.
