German-based online betting operator Bet-at-Home reported a 16.1% year-over-year decline in Gross Gaming Revenue (GGR) for the first quarter of 2026, falling to €11.34 million, as its decision to pass a 3-percentage-point Austrian gambling tax increase to customers backfired. The company had opted in June 2025 to shift the higher tax burden—from 2% to 5% effective April 1, 2025—onto players, while several rivals holding Austrian licenses chose to absorb the cost, maintaining competitive odds and promotions.
Key Figures: Revenue and EBITDA Turn Negative
Sportsbook stakes plummeted by 24.4% year-over-year, resulting in a €22 million reduction in betting volume. The EBITDA margin flipped to negative, and the company recorded a consolidated net loss of €461,000, compared to a profit of €887,000 in Q1 2025. This marked the first full quarter after Banijay Group N.V.—the French entertainment and gaming conglomerate listed on Euronext Amsterdam—sold its 53.9% controlling stake in Bet-at-Home on January 2, 2026, to focus on integrating its new Banijay Gaming unit formed after the merger of Betclic and Tipico Sportwetten.
Tax Pass-Through Strategy Proves Costly
Bet-at-Home’s management had already flagged the competitive risk in its H1 2025 report, warning that passing on the tax could erode market share. That warning materialized in Q1 2026, the first full quarter where the pass-through was fully applied across the Austrian market. Competitors such as Tipico and Betclic maintained stable pricing, capturing volume from Bet-at-Home. Industry publication iGamingBusiness had reported in September 2025 that several Austrian-licensed operators chose to absorb the tax increase to retain customers.
Outlook and Regulatory Headwinds
CEO Stefan Zulzbacher reaffirmed the full-year 2026 guidance of GGR between €46 million and €54 million, with EBITDA before special items reaching up to €4 million, citing the FIFA World Cup in June and July as a positive catalyst. The company spent €4.49 million on marketing in Q1, down 7.4% year-over-year, but plans to redeploy funds for targeted World Cup campaigns.
However, Bet-at-Home faces significant regulatory challenges: Germany's Interstate Treaty on gambling imposes strict limits on sports betting, and Austria is actively discussing a further tax increase to 10%, which would make it one of the highest-taxed gambling jurisdictions in Europe. Such a move would severely impact profitability across the industry.
In a separate legal development, the European Court of Justice (CJEU) ruled against Lottoland, allowing German players to reclaim online gambling losses from Malta-licensed operators under certain conditions. While not directly related to Bet-at-Home, the ruling underscores the evolving legal landscape for European online betting firms.