bet-at-home sees drop in Q1 revenue
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 difficult opening quarter, with revenues sliding under the weight of Austria’s increased tax rate. Gross betting and gaming revenue (GGR) fell 16.1 per cent year-on-year to €11.34m. This was largely due to weaker sportsbook performance, where GGR dropped from €12.01m a year prior to €9.63m.
The Q1 update marks the first set of results since Banijay Group exited the business. The French group finalised the sale of its 53.9 per cent controlling stake on January 2 as it redirected its focus towards its newly created Banijay Gaming division, formed through the merger of Betclic and Tipico Sportwetten.
Management attributed much of bet-at-home’s downturn to Austria’s betting tax hike, 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 commented.
The company already had the pressure of Germany’s 5.3 per cent stake tax along with the tough restrictions imposed by the 2021 Interstate Treaty on Gambling, including its €1,000 monthly deposit cap and €1 per spin slot limits.
Q1 sports betting volume was down €67.86m, down from €89.78m in Q1 2025, and total betting and gaming volume was down from €103.2m to €82.3m. The positive factor was online gaming, where GGR rose 13.1 per cent to €1.71m.
EBITDA before special items came in at a €149,000 loss while consolidated profit fell from €887,000 to a €461,000 loss. Nevertheless, the operator reaffirmed its 2026 guidance, projecting GGR of between €46m–€54m, compared to €48m in full-year 2025, and EBITDA before special items of up to €4m. Sulzbacher emphasised the World Cup’s potential to drive registrations and activity. “We expect this major event to be an additional positive driver for further business development,” he said.
