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bet-at-home H1 2026 Financial Analysis: Losses Emerge, but Leadership Sees Silver Lining in World Cup Activity

By jili tutorial · September 23, 2026

bet-at-home H1 2026 Financial Analysis: Losses Emerge, but Leadership Sees Silver Lining in World Cup Activity

Overview: A Mixed Picture for the DACH Bookmaker

The embattled DACH (Germany, Austria, Switzerland) online gambling operator bet-at-home has reported a swing from profit to loss in the first half of 2026. After posting a net profit of €1.8 million in H1 2025, the Frankfurt-listed firm recorded a net loss of €2.2 million for the same period in 2026. While headline figures show declining revenues and profitability, the company’s management highlights several positive factors—chief among them the impact of the 2026 FIFA World Cup and strategic expansion plans in new markets.

This report breaks down the key financial metrics, market-by-market performance, customer acquisition trends, and future outlook for bet-at-home, offering a comprehensive look at the challenges and opportunities facing the operator.

Financial Performance: Revenue and Profit Decline

Gross Gaming Revenue (GGR) and EBITDA

MetricH1 2025H1 2026Change
Net profit / loss€1.8m profit€2.2m loss–€4.0m swing
Gross betting & gaming revenue (GGR)€25.3m (estimated)€24.3m–4% YoY
Reported EBITDA+€2.34m–€1.85m–€4.19m

The drop in EBITDA from a positive €2.34 million to a negative €1.85 million reflects both lower revenue and sharply higher costs. Marketing and advertising expenses rose by 26.3% year-on-year to €10.3 million, driven primarily by the company’s heavy promotional activity around the 2026 World Cup.

Context: The DACH region has seen increasing regulatory pressure and tax changes in recent years, squeezing margins for operators like bet-at-home. Austria’s betting tax increase (from 2% to 5% of stakes) has been a particular headwind, directly impacting sportsbook profitability in that country.

What the Management Board Says

“From the management board’s perspective, an additional positive influencing factor is the 2026 FIFA World Cup, which started in the reporting period. The forecast remains unchanged, supported by increased customer activity at the start of the FIFA World Cup, despite a decline in new registrations compared with the corresponding period in 2025.”

Leadership acknowledges that major tournaments come with elevated costs:

“At the same time, the management board takes into account that major sporting events typically generate not only positive momentum for gross betting and gaming revenue, but are also associated with increased marketing expenses.”

The board frames the World Cup as a dual-purpose event:

“From the management board’s perspective, the 2026 FIFA World Cup is therefore not only a revenue event, but also a significant marketing event, the economic benefit of which depends largely on the extent to which newly acquired customers can be retained sustainably beyond the tournament.”

This highlights a critical challenge: converting short-term promotional traffic into long-term, loyal users.

Market-by-Market Breakdown: Germany Stable, Austria Hurting

Germany (Key Market)

Austria

Eastern Europe (Primarily Slovenia)

Western Europe (Primarily Switzerland)

Overall Sportsbook Revenue: Total gross betting revenue from sportsbook fell from €22.25 million in H1 2025 to €20.68 million in H1 2026—a decline of 7.1%.

Customer Acquisition and Digital Marketing: World Cup Not Enough

New customer registrations in H1 2026 reached 40,716, slightly below the H1 2025 figure of 41,519. Despite the World Cup generating increased customer activity, it did not offset the year-on-year decline in acquisitions.

To address this, bet-at-home launched a new targeted digital marketing campaign in late April 2026, aiming to accelerate registration growth in the second half of the year. The effectiveness of this campaign will be critical to reversing the downward trend.

Example: A targeted digital marketing strategy might include personalized offers based on user behavior, geo-targeted ads for specific regions (e.g., Switzerland or Slovenia), and retargeting lapsed customers—all designed to improve conversion rates without the massive spend of broad World Cup campaigns.

Online Casino: A Rare Bright Spot

While sports betting revenue declined, online casino GGR jumped 26.8% to €3.63 million. This growth was powered by the company’s German operations, where casino offerings have gained traction.

Why this matters: Online casino typically offers higher margins than sports betting, and with lower tax exposure in some jurisdictions, it can act as a profit stabilizer. bet-at-home’s ability to grow this segment offsets some of the sportsbook pain.

Future Expansion Plans: New Markets on the Horizon

Finland: Entering a New Regulated Market

bet-at-home announced its intention to launch in Finland when the existing monopoly system ends in July 2027. The company is preparing license applications for both sports betting and online casino ahead of market entry.

Context: Finland is transitioning from a state monopoly (Veikkaus) to a multi-license regime, creating opportunities for international operators. bet-at-home’s early preparation signals confidence in its compliance and operational capabilities.

Ireland: Applying for a New Casino License

The company is preparing an application for a newly expanded casino licensing regime in Ireland, expected in Q4 2026. Ireland’s gambling regulation is being overhauled, with a new independent regulator (Gambling Regulatory Authority of Ireland) set to launch. bet-at-home aims to be among the first to secure a license.

Casinoro Brand Launch

Under its Maltese operating entity bet-at-home.com Europe Ltd, the company recently launched the Casinoro brand. This new online casino brand is targeted at permitted European jurisdictions outside Germany and Austria, allowing bet-at-home to diversify its regional exposure.

Financial Sustainability: No External Capital Needed

The company confirmed it will not require external capital raises:

“The management board expects that the available liquid funds, together with the anticipated cash inflows from operating activities, will be sufficient to continue business operations in the 2026 financial year without additional external financing measures.”

This provides reassurance to investors that despite the losses, the firm has adequate liquidity.

Management Outlook and Share Performance

Full-Year 2026 Guidance

Given H1 GGR of €24.3 million, the midpoint of the guidance (€50 million) implies a stronger H2, likely boosted by the World Cup’s peak period and new marketing initiatives.

Share Price Recovery

Despite the financial losses, bet-at-home’s shares have risen 44% year-to-date, trading at €3.17 as of the report. This suggests that investors are focusing on the long-term potential—new market entries, casino growth, and the World Cup boost—rather than the short-term red ink.

Note: The share price had suffered a major decline over the last decade, and the current rally, while modest in absolute terms, represents a significant recovery from lows.

Conclusion: Positives Beneath the Surface

bet-at-home’s H1 2026 results are undeniably weak—a net loss, declining revenue, and falling EBITDA. However, management’s optimistic reading of the situation is not unfounded. The World Cup, while expensive, has generated customer engagement that may pay off if retention improves. The online casino segment is growing strongly, and the pipeline of new regulated markets (Finland, Ireland) offers expansion opportunities. Moreover, the company’s liquidity position remains solid without external financing.

The key challenge for H2 2026 and beyond will be converting World Cup promotional customers into lasting, profitable users—and mitigating the ongoing impact of Austrian betting taxes. With a clear strategic focus on digital marketing and market diversification, bet-at-home is positioning itself for a more stable future.