Bet-at-home AG has officially reported a decline in revenue and a swing to a consolidated loss for Q1 of 2026.
The financial results, covering the period ending March 31, highlight the significant impact of recent regulatory changes in its core market of Austria, alongside a general downturn in online sports wagering activity across the region.
Tax Headwinds in Austria
The company identified a sharp increase in the Austrian betting tax rate, which jumped from 2% to 5% of stakes effective April 1, 2025, as the primary catalyst for the negative shift. While these costs have been passed on to customers since June 2025, the resulting friction contributed to a 16.1% year-on-year decline in overall gross betting and gaming revenue, falling to €11.3m from the €13.5m reported in Q1 2025.
The sportsbook segment bore the brunt of this pressure. Betting GGR dropped from €12m to €9.6m, with total stakes plummeting from €89.8m to €67.9m.
Consequently, payouts for winning sports bets also saw a reduction, falling to €58.2m. In contrast, the online gaming sector, which includes slot operations in Germany, showed resilience. Online gaming GGR rose 13.1% to reach €1.7m, driven by an increase in total stakes to €14.5m.
Profitability and Future Guidance
The contraction in the revenue base led to an EBITDA loss of €320,000, a dramatic shift from the €1.2m profit achieved a year earlier. After accounting for depreciation, financial items, and taxes, the group posted a consolidated loss of €461,000. Management partially mitigated these losses through aggressive cost-cutting measures, including a 7.4% reduction in advertising spend and a 20.9% drop in other operating expenses.
Looking ahead to the remainder of fiscal year 2026 and past Q1, bet-at-home expects gross betting and gaming turnover to remain stable within the €46m-€54m range. The group intends to focus its marketing and promotional efforts heavily on the upcoming FIFA World Cup in June and July, targeting its primary audiences in Germany and Austria to regain momentum.
