bet-at-home reports decline in Q1 revenue

(AsiaGameHub) –   Austria’s rise in gambling tax weighed on the operator’s first quarterly results since Banijay sold its controlling stake.

Germany.- The Germany and Austria-facing gambling operator bet-at-home has reported results from a challenging first quarter, with revenues declining under the impact of Austria’s higher tax rate. Gross betting and gaming revenue (GGR) decreased by 16.1 per cent year-on-year to €11.34m. This was mainly driven by weaker sportsbook performance, where GGR fell from €12.01m a year ago to €9.63m.

The Q1 update marks the first set of results since Banijay Group exited the business. The French group completed the sale of its 53.9 per cent controlling stake on January 2 as it shifted focus toward its newly established Banijay Gaming division, created through the merger of Betclic and Tipico Sportwetten.

Management attributed much of bet-at-home’s downturn to Austria’s betting tax increase, which rose from 2 to 5 per cent on stakes in April 2025. “The immediate pass-through of the increased costs to customers from June 2025 led to a decline in revenues as well as overall customer activity,” CEO Stefan Sulzbacher stated.

The company already faced pressure from Germany’s 5.3 per cent stake tax along with strict regulations introduced by the 2021 Interstate Treaty on Gambling, including its €1,000 monthly deposit limit and €1 per spin slot limits.

Q1 sports betting volume declined by €67.86m, falling from €89.78m in Q1 2025, while total betting and gaming volume dropped from €103.2m to €82.3m. On a positive note, online gaming saw a 13.1 per cent increase in GGR, reaching €1.71m.

EBITDA before special items ended at a loss of €149,000, while consolidated profit fell from €887,000 to a €461,000 loss. Despite this, the operator maintained its 2026 guidance, forecasting GGR between €46m–€54m, compared to €48m in full-year 2025, and EBITDA before special items of up to €4m. Sulzbacher highlighted the World Cup’s potential to boost registrations and engagement. “We expect this major event to serve as an additional positive driver for further business development,” he said.