Bet-at-Home.com AG reported a 16.1% decline in gross gambling revenue (GGR) for the first quarter of 2026, falling to €11.34 million, as its decision to pass on Austria's increased gambling tax to customers triggered a sharp contraction in sports betting activity. The operator's strategy, implemented in June 2025, added a 5% levy to client bets after Austria raised the gaming duty from 2% to 5% effective April 1, 2025. In contrast, several licensed rivals chose to absorb the tax increase, maintaining competitive pricing and capturing market share.
First Full Quarter Under Tax Pass-Through Reveals Competitive Disadvantage
Sports betting handle dropped by approximately €22 million year-on-year during Q1 2026, marking the first complete quarter where the tax pass-through applied across Bet-at-Home's entire Austrian customer base. The company's half-year 2025 management report had already flagged the risk that the move could erode competitiveness if rivals did not follow suit. The Q1 results confirm those fears: the group posted a consolidated loss of €461,000, compared to a profit of €887,000 in Q1 2025, and EBITDA turned negative for the first time since Banijay Group N.V. divested its 53.9% controlling stake on January 2, 2026.
Banijay, the French entertainment and gaming conglomerate listed on Euronext Amsterdam, sold its stake to focus on integrating Banijay Gaming — a newly formed betting and gaming unit created after the merger of Betclic and Tipico Sportwetten. Bet-at-Home's Q1 2026 earnings are its first standalone report since the ownership change.
Management Maintains Full-Year Outlook Amid Multiple Headwinds
CEO Stefan Zulbacher reiterated the full-year 2026 GGR forecast of €46 million to €54 million, with EBITDA before special items of up to €4 million, citing the upcoming FIFA World Cup in June and July as a positive catalyst. Marketing spend in Q1 was trimmed 7.4% year-on-year to €4.49 million, reserved for customer acquisition campaigns targeting the tournament. However, the outlook faces significant risks: Germany's Interstate Treaty on gambling imposes strict limits on online sports betting and virtual slot machines, while Austria's government is actively discussing a further hike to 10% — which would place the country among the highest gambling tax jurisdictions in Europe.
EU Top Court Rules Against Lottoland in German Player Refund Case
In a separate development, the European Court of Justice (ECJ) ruled against gambling service Lottoland, allowing a German player to recover betting losses from a Malta-licensed operator. The court found that online gambling contracts prohibited under German law are void, potentially opening the door for more consumer restitution claims against cross-border operators.