Key Moments
- Bet-at-home reported gross betting and gaming revenue of €25.3m ($27.5m) for the first half of 2025, showing almost no change from the previous year.
- Profitability improved, with EBITDA before special items increasing to €3m and net profit nearly tripling to €1.8m, driven by reduced marketing expenses.
- The company maintained full-year guidance for gross betting and gaming revenue between €46m and €54m despite ongoing regulatory uncertainty.
First Half Results Highlight Revenue Stagnation but Higher Profit
Bet-at-home reported that intensifying regulatory challenges in its primary European markets continued to weigh on its growth for the first half of 2025. Revenue for the period ended 30 June 2025 remained essentially flat, with gross betting and gaming revenue of €25.3m ($27.5m). Net gaming revenue slipped by 2.5% to €19.7m, which the company attributed to increased levies.
Despite this stagnation, profitability showed marked improvement. EBITDA before special items rose to €3m from €1.2m a year earlier, and net profit almost tripled to €1.8m. Management cited lower marketing costs as a key contributor, noting a 20.5% drop in advertising expenses, which totaled €8.2m, in the absence of a major summer football event.
Austria and Germany: Regulatory Hurdles Continue
The results cast a spotlight on challenging conditions in both of Bet-at-home’s core markets. In Austria, a sharp hike in the betting levy from 2% to 5% of stakes as of 1 April had an immediate impact, leading to a decline in player activity. The operator began passing on these increased costs to customers in June, a move that could threaten its competitiveness given that several competitors have chosen to absorb the tax themselves.
The future regulatory landscape in Austria remains uncertain. The country’s new coalition agreement references a “further development of the gambling monopoly,” hinting at potential reform and possible liberalization of the online market, but for now the monopoly persists and foreign licensees operate in a grey-area environment.
Germany remains the company’s largest market, but here too the regulatory backdrop poses challenges. A recent German Sports Betting Association (DSWV) report characterized the market as facing a “serious structural problem,” with up to a quarter of activity taking place with unlicensed operators. The DSWV attributed this to strict limits such as a €1,000 monthly deposit cap, restrictions on bet types, and extensive player affordability checks. Bet-at-home has warned that excessive regulation can undermine licensed businesses and frustrate efforts to channel players into the legal market. While the company has secured German license renewals through 2027 and broadened its sportsbook with additional international friendlies, management maintains that regulatory constraints are restraining revenue growth.
Legacy Issues and Forward Guidance
Outside its core geographies, Bet-at-home continues to face legacy challenges. The company is in the process of liquidating a former Maltese subsidiary and expects limited recovery from this process, although legal disputes related to customer claims and scrutiny of Malta’s regulatory system have introduced uncertainty. Bet-at-home also faces ongoing legal challenges in both Germany and Austria, where customers are pursuing reimbursement for historic gambling losses, but management believes the associated financial risk is currently limited.
For the full year, Bet-at-home has reaffirmed guidance for gross betting and gaming revenue in the range of €46m to €54m and anticipates EBITDA before special items in a range from break-even to €4m. The company noted that this wide range reflects the unpredictability of regulatory and tax developments across its operations. Management continues to focus on cost efficiency, technology investment, and strengthening brand presence, but acknowledged that external regulatory pressure will remain a primary influence on future results.
| Financial Metric | H1 2025 | Change vs. Prior Year |
|---|---|---|
| Gross Betting & Gaming Revenue | €25.3m ($27.5m) | Flat |
| Net Gaming Revenue | €19.7m | -2.5% |
| EBITDA (before special items) | €3m | +€1.8m |
| Net Profit | €1.8m | Nearly tripled |
| Advertising Expenses | €8.2m | -20.5% |
| Full-Year Gross Betting & Gaming Revenue Guidance | €46m – €54m | Maintained |
| Full-Year EBITDA Guidance (before special items) | Break-even – €4m | Maintained |
- Author
Daniel Williams
