bet-at-home to Close Business in Malta Following Austria Exit
The Maltese bet-at-home.com Entertainment Ltd., in which the Company indirectly holds all shares, had offered the online casino in Austria, which was its main business activity. The bet-at-home.com AG Group still considers the national Austrian gambling regulations to be contrary to European law.
In this respect, reference is made in particular to the ad hoc announcement dated 18 October 2021. However, it is still not foreseeable that the online casino will be offered again in Austria in the near future. In view of this, the company’s Management Board and Supervisory Board have conclusively (together with its advisors) analyzed the situation and determined that it is not possible for Maltese bet-at-home.com Entertainment Ltd. to continue as a going concern.
In the absence of a positive-going concern forecast, winding-up by the court proceedings are therefore to be carried out in respect of this Maltese entity, particularly as the latter is no longer in a position to service its liabilities from existing or independently generated funds. As a consequence of this procedure, Management Board is expecting that this will ultimately result in deconsolidation of this Maltese entity from the bet-at-home.com AG Group financials.
Player balances of customers are in no way affected by the winding up of bet-at-home.com Entertainment Ltd. bet-at-home.com AG does not expect the winding-up of bet-at-home.com Entertainment Ltd. to have any material impact on the Group’s ongoing business activities, as the discontinuation of the online casino in Austria had already eliminated the main operating business of Maltese bet-at-home.com Entertainment Ltd.
The winding-up of Maltese bet-at-home.com Entertainment Ltd., therefore, has no consequences for existing activities, particularly in the key markets of Germany, Austria, the UK and Ireland. In addition, work is underway to open up new markets to ensure future growth.