German online betting operator Bet-at-home is sticking with its 2020 financial forecasts despite the significant drop in its first quarter figures.

Figures released Monday show the Düsseldorf-based Bet-at-home generated gross betting and gaming revenue of €32.2m in the three months ending March 31, a 13.4% decline from the same period last year, while net revenue slid 18% to €25.5m.

The company, which is part of the Betclic Everest Group, blamed the declines on the halt of most major European live sports events in mid-March due to the COVID-19 pandemic, which led to customer turnover declining 18% to €677.8m.

The company’s exit from Switzerland’s new regulated online market and ongoing struggles in Poland-facing operations also contributed to the revenue decline, but the “short-term expansion” of eSports betting and “more exotic” traditional sports leagues helped cushion the blow. The online casino vertical “remained nearly unaffected” by the pandemic and its share of overall revenue hit 57.6% in Q1.