Job cuts at Bet-AT-Home in Austria

In the area of sports betting providers, there are new reports almost every day. It was now known that the provider registered in Malta has announced Bet-AT-Home changes in his subsidiary in Austria. Thus, the company reacted to the decision already decided in October that the provider withdraws from the Austrian market for online casinos. The reason for this is the unclear legal situation in the Alpine Republic for online gambling. The company’s share price fell even further and is only just under a tenth of the maximum amount of 2017.

Numerous layoffs

Accordingly, the group decided that 65 people have to clear their job at the Linz location. This means that around a quarter of the 250 people located there will lose their job at the beginning of the year. According to the management, it is essential to increase efficiency and reduce costs. According to the management, the layoffs should already be completed in April.

Franz Ömer, Managing Director of Bet-AT-Home, regretted the step after many years of growth, but made it clear that the closure of the online business in Austria had not allowed any other step. According to information from the Austrian Kronenzeitung, there should be no social plan for the dismissed. “Our employees are usually highly qualified. Due to the high demand on the labor market, we assume that the employees will quickly find a new employer, ”spokesman Claus Retschitzegger told the Kronenzeitung.

Withdrawal due to uncertain location

The reason why bet-at-home from the market for Online-Casinos has withdrawn, the uncertain legal situation is. The company stated that due to the framework conditions, it was not possible to continue the business. According to the provider’s board of directors, it represents an “unfalculable risk potential”. Only Casino Austria AG is currently permitted in Austria Online casino games to offer.

The provider makes no secret of the fact that it regarded this regulation as contrary to European law. However, the courts in Austria would not share the decision of the European Court of Justice. In addition, the Supreme Austrian Court of Justice ordered the company to make provisions of 24.6 million $ for possible repayments to players.

The share price goes into the basement

The decision on the stock market had a major impact for the company with 5.5 million registered companies, which is listed on the Frankfurt Stock Exchange. In April the value had a stand of 47 euros. By December 16, 2021, the value fell to 13.06 euros. However, the stock value in June 2017 was 149.50 euros. Investors should be little convinced of this development of an investment. Last year, the share achieved a return of minus 45.08 percent. Other stocks from the same sector had an increase of 9.17 percent in the same period. Experts are currently advising an investment in the provider.

Business figures for the second half of the year are not yet available. Expectations for the company were dampened in summer. The gross competition and gaminger income were 56.8 million $ in the first half of the year and thus 8.8 percent below the previous year’s brand of 62.3 million euros. Regulatory changes in the American core market were given as the reason. Due to further changes in Austria, a gross yield of less than 100 million $ is expected for the year as a whole.