bet-at-home is a long-established sports betting brand, successfully cross-selling into gaming. As expected, Q118 revenues declined by 10.8% to €33.2m, mainly due to IP blocking in Poland. The company has reiterated FY18 guidance of €150m revenues and €36–40m EBITDA. Risks to future forecasts include uncertainty regarding e-gaming regulation in core markets. The company now has c 4.9 million customers and is well positioned to benefit from the 2018 FIFA World Cup. Largely due to regulatory concerns, the stock is down 22% ytd, trading at 13.3x 2018e EV/EBITDA. This is still a premium to peers, but the company’s high cash flow and ability to pay special dividends is very attractive.

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