Bet-at-home Posts Double-Digit Revenue Growth in Q1 2025 Despite Regulatory Headwinds

Revenue Growth Driven by Core Segments

In the first quarter of 2025, bet-at-home generated €13.5 million in gross betting and gaming revenue, a 15.2% increase compared to the same period in 2024. This growth stemmed from solid results in both online sports betting and online gaming, including slots.

Net betting and gaming revenue rose to €10.8 million, up from €9.1 million in Q1 2024. Marketing expenses increased by 7% to €4.8 million due to expanded bonus campaigns. Despite this, personnel costs remained steady, and the company achieved stronger returns on customer acquisition and brand investments.

Improved Earnings Before Special Items

EBITDA before special items reached €1.6 million, a strong improvement over the €208,000 reported a year earlier. After accounting for all operating costs and depreciation, EBITDA stood at €1.17 million, while EBIT came in at €945,000.

Outsourcing to EveryMatrix and related services raised other operating expenses by 18.9% to €3.1 million. Still, profitability improved. Net income nearly doubled to €887,000.

Guidance and Strategic Focus

For the full year, bet-at-home expects gross betting and gaming revenues to fall between €46 million and €54 million. EBITDA before special items is forecasted between €0 and €4 million, reflecting uncertainties tied to regulation, seasonality, and broader market conditions.

CEO Marco Falchetto reiterated the company’s focus on customer satisfaction, process optimisation, and brand strengthening in Germany and Austria. Falchetto noted in the report:

“The bet-at-home.com AG Group will consistently pursue its strategic direction in order to position itself as a leading provider in its core markets in the long term and at the same time adapt flexibly to regulatory changes.”

Strong Cash Position and Stable Capital Base

As of March 31, 2025, the group’s cash and cash equivalents totaled €28.7 million. The equity position also strengthened slightly to €23.9 million, supported by solid Q1 earnings. The equity ratio rose to 45%, up from 43.6% at the end of 2024.

While Q1 showed upward trends, the company flagged regulatory challenges ahead. In Austria, a sudden increase in the betting tax from 2% to 5%, effective April 1, 2025, is expected to place notable pressure on margins. In Germany, further adjustments to permitted betting types and deposit limit systems are anticipated, underscoring a complex and evolving compliance landscape.