Bet-at-home.com AG reported a 16.1% year-on-year decline in gross betting and gaming revenue (GGR) to €11.34 million for Q1 2026, confirming the severe impact of its decision to pass Austria's 5% betting tax increase through to customers. The move caused sportsbook stakes to drop by €22 million, while most competitors chose to absorb the same tax hike, maintaining their pricing structures.
Tax Pass-Through Strategy Drives Customer Exodus
The German-headquartered operator implemented the pass-through in June 2025 following Austria's three-percentage-point betting tax increase effective April 1, 2025. This resulted in a 24.4% contraction in stakes during Q1 2026, the first full quarter applying the pass-through across the Austrian market. Rivals, including several Austria-licensed operators, avoided the same competitive disadvantage by absorbing the tax internally. Bet-at-home's H1 2025 commentary had already warned the strategy risked eroding competitiveness, and the Q1 figures now confirm that fear.
First Post-Banijay Quarter Posts Loss
Q1 2026 marks the first earnings period since Banijay Group N.V. (the French entertainment and gaming conglomerate listed on Euronext Amsterdam) sold its 53.9% controlling stake on January 2, 2026, to focus on integrating Banijay Gaming — the new sports betting and gaming unit formed by merging Betclic and Tipico Sportwetten. Bet-at-home reported a consolidated loss of €461,000, reversing an €887,000 profit in Q1 2025.
CEO Maintains Full-Year Guidance, Eyes World Cup Boost
CEO Stefan Sulzbacher reaffirmed the full-year 2026 GGR guidance of €46 million to €54 million with EBITDA before special items of up to €4 million. He specifically highlighted the FIFA World Cup in June and July as a key positive driver. The Q1 marketing budget was reduced by 7.4% to €4.49 million, with funds reserved for World Cup-focused customer acquisition activities.
Regulatory Headwinds Mount
Bet-at-home also faces restrictions from Germany's Interstate Treaty on Gambling and active discussions in Austria about raising the betting tax further to 10%, which would place Austria among the highest-taxed European jurisdictions. Analysts caution that unless the operator regains market share during the World Cup, its full-year financial targets remain at significant risk due to the pricing disadvantage vs. rivals that absorbed the tax.