Stagnant revenues, Bet-at-home sounds the alarm
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29 Sep 2025 •
Reading time: 2 minutes German online betting group Bet-at-home is going through a period of turbulence. With revenues stagnating in the first half of 2025, the company is warning of the growing burden of regulation in Germany and Austria.
Stagnant revenues despite internal efforts
In the first half of 2025, German online betting operator Bet-at-home recorded gross gaming revenue of €25.3 million, virtually unchanged from the same period in 2024. However, net gaming revenue fell by 2.5% to £19.7 million due to new taxes and fees.
In terms of profitability, however, the group posted a surprise: EBITDA before exceptional items jumped to €3 million (compared to €1.2 million last year) and net profit almost tripled to €1.8 million. This performance is partly due to a 20.5% reduction in marketing costs (to £8.2 million), made possible in particular by the absence of a major summer football tournament.
Despite these encouraging results on the internal management side, the company is concerned about the growing impact of regulatory constraints, which it sees as a major obstacle to its future growth.
The Austrian challenge: tax or lose ground
The Austrian market has emerged as one of the main points of tension for Bet-at-home. Since 1 April 2025, the betting licence fee has risen from 2% to 5% of stakes — a dramatic increase. The group responded in June by attempting to pass this cost on to its customers, but according to management, this decision could harm its competitiveness against competitors who are absorbing the increase themselves.
At the same time, the Austrian political landscape is clouded by uncertainty: the new coalition agreement refers to an ‘evolution of the gambling monopoly’, indicating a possible future liberalisation of the online sector. Currently, foreign operators are operating on the fringes of a grey market, while the national monopoly remains in place.
Germany: between acquired licences and paralysing constraints
Germany, a key market for Bet-at-home, appears to be a living paradox. On the one hand, the group has had its licences renewed until 2027 and has been able to include certain international matches in its betting offer. On the other hand, the restrictions imposed by the law regulating gambling weigh heavily: a monthly deposit limit of €1,000, limits on the types of bets, and financial suitability checks are all obstacles to the business.
A recent report by the German Sports Betting Association (DSWV) warns of a serious structural problem: nearly a quarter of betting activity could still be falling into the hands of unlicensed operators, motivated by the attractiveness of the black market in the face of legal constraints.
Bet-at-home takes a nuanced position: while regulation is necessary, over-regulation risks punishing legal operators, which runs counter to the very political objective of keeping money within controlled channels.