Bet-at-home has warned that intensifying regulatory pressure in its core markets is impacting growth, as the Düsseldorf-based operator reported essentially flat revenue for the first half of 2025.
The online betting group posted gross betting and gaming revenue of €25.3m ($27.5m) for the six months to 30 June 2025. This was almost unchanged from the prior year. Net gaming revenue of €19.7m was down slightly, by 2.5%, as higher levies took effect.
Profitability improved despite stagnant sales. EBITDA before special items rose to €3m, compared with €1.2m last year, while net profit almost tripled to €1.8m.
Management credited lower marketing costs, which fell as there wasn’t a major summer football tournament. Indeed, advertising expenses – including marketing and bonuses – were down 20.5% to €8.2m.
Bet-at-home’s European market concerns
The headline numbers mask a more complex story about the operator’s two core markets.
In Austria, a steep increase in the betting levy from 2% to 5% of stakes took effect on 1 April, triggering an immediate decline in activity.
Management responded by beginning to pass on the costs to customers in June, but this move risks eroding competitiveness since several rivals have absorbed the increase themselves.
The longer-term picture in Austria is also uncertain. Austria’s new coalition agreement includes language about a “further development of the gambling monopoly”, which could open the door to the eventual liberalisation of the online sector. For now, the state monopoly remains in place, with licensed foreign operators continuing to serve Austrian customers in a grey-market environment, but the trajectory of reform could materially alter market conditions over the coming years.
Regulatory challenges in Germany
Germany remains Bet-at-home’s largest market, but the regulatory environment there continues to generate friction. A recent report by the German Sports Betting Association (DSWV) concluded that the regulated market is facing a “serious structural problem,” with as much as a quarter of gambling activity still channelled through unlicensed operators.
The DSWV pointed to restrictive measures such as the €1,000 monthly deposit cap, limits on bet types and onerous checks on player affordability as key drivers of consumer flight to the black market.
Bet-at-home has repeatedly stressed that while regulation is necessary, overly tight rules undermine licensed operators and threaten the policy objective of keeping play within the legal framework.
The company did secure licence renewals in Germany through to 2027 and was permitted to add certain international friendlies to its sportsbook this year, but management said the broader constraints remain a drag on revenue potential.
Managing legacy risks
Beyond its core markets, Bet-at-home continues to manage legacy risks, including the liquidation of its former Maltese subsidiary. While the company expects some recovery from that process, ongoing disputes over the enforceability of customer claims and European scrutiny of Malta’s legal framework have added uncertainty. Legal challenges also persist in Germany and Austria, where customers are seeking reimbursement of historical gambling losses, although management considers the current financial exposure to be contained.
Looking ahead, the group maintained full-year guidance for gross betting and gaming revenue in the range of €46m to €54m, with EBITDA numbers before special items coming in between break-even and €4m.
The wide range reflects the unpredictability of regulatory and tax developments across its footprint. Management continues to emphasise efficiency, technology investment and brand visibility as levers for navigating the challenging landscape, but acknowledged that external pressures will remain the decisive factor in performance.
Regulatory challenges in Germany are continuing to affect operators such as Bet-at-home.