bet-at-home recently published its final FY25 figures. The report broadly confirms the picture that had already emerged after Q3: a weaker betting segment under regulatory headwinds, but a dynamically growing gaming segment and an overall solid operational base. In detail:
Gross betting and gaming revenue (GGR) declined to € 48.0m (-8% yoy, vs eNuW: € 49.2m), landing at the lower end of the communicated guidance range of € 46-54m. The decline is entirely attributable to the betting segment, whose GGR fell -11% yoy to € 41.4m (vs eNuW: € 42.6m). This was driven by the absence of a revenue-relevant major sporting event outside the regular season and the increase in the Austrian sports betting tax from 2% to 5% effective since June 2025. On a positive note, higher margins in the betting segment of 13.8% (vs 13.0% in FY24 vs eNuW: 13.5%) partially compensated for lower volumes of € 300m (-16% yoy vs eNuW: € 316m). The gaming segment on the other hand continued its outperformance with +15% yoy growth, confirming the structural growth trend of recent quarters. Gaming margins also developed nicely with 11.6% vs 11.2% in FY24 (vs eNuW: 11.4%).
EBITDA before special items came in at € 2.6m (-46% yoy vs eNuW: € 2.0m), meeting the guidance of € 0-4m, indicating that the underlying operating business remains healthy. Thanks to a stable OPEX footprint, the bet-at-home achieved a solid EBITDA despite GGR decline. Reported EBITDA stand at € 3.1m (vs € -3.3m in FY24 vs eNuW: € 0.4m).
Going forward, we are cautiously optimistic on FY26. The FIFA World Cup 2026 in June and July is the dominant top-line event and should provide meaningful tailwinds to the betting segment after two event-light years. The gaming segment is expected to continue its organic growth trajectory. On the cost side, the Austrian tax increase remains a structural drag on per-bet profitability. But as OPEX should remain well under control and rather stable, we expect to see overall positive effects on the bottom line. In numbers we expect € 52m in revenues and € 3.6m in EBITDA.
Apart from that, Franz Ömer (founder and former CEO of bet-at-home) and Stefan Sulzbacher now own 29.7% bet-at-home (action in concert). In our view this is a positive for bet-at-home: 1) Franz Ömer has once formed bet-at-home into one on the leading betting companies in DACH and we are convinced that he can do it again; 2) Risks from customer claims are vanishing / under control, but valuation remains depressed. Such an event could trigger a rerating; 3) Without Betclic as main shareholder, we consider a regional expansion into attractive markets as likely.
We reiterate BUY with an unchanged price target of € 5.50 based on FCFY'26e.
ISIN: DE000A0DNAY5
