bet-at-home.com to wind up Maltese Austria-facing business
Online operator bet-at-home.com AG has confirmed that it will wind up its Malta-based operation, after announcing in October that its online casino offering in Austria had been discontinued as a precautionary measure following rulings by Austrian courts.
Although the operator said it believes national Austrian gambling regulations are contrary to European law, it said it is not foreseeable that it will offer online casino in the jurisdiction in the near future.
In view of its withdrawal from the market, bet-at-home’s management and supervisory boards have analysed the situation, and concluded that it is not possible for the Malta-based bet-at-home.com Entertainment Ltd to continue operating.
It said that in the absence of a positive going concern forecast, the business is expected to be wound up as it is no longer in a position to service its liabilities from existing or independently generated funds.
As a consequence, the operator said it expects the Maltese business will be deconsolidated from the bet-at-home.com AG Group financials.
Player balances of customers are in no way affected by the winding up of the business, it said, and it does not expect the decision to have any material impact on the Group’s ongoing business activities.
The operator concluded that the winding up will have no consequences in its key markets of Germany, Austria, the UK and Ireland, while further work is underway to gain access to new markets and ensure future growth for the business.