bet-at-home Swings to Net Loss in First Half of 2026 Despite Positive World Cup Impact
bet-at-home swung to a €2.2m net loss in H1 2026 from a €1.8m profit. GGR fell 4% to €24.3m while marketing costs rose 26.3% to €10.3m on 2026 World Cup activity. The operator plans Finland entry in 2027, maintains full-year guidance, and requires no external capital.
SCCG Take — Event-driven marketing spend requires sustained customer retention to generate lasting value. bet-at-home’s liquidity and new licences position it to pursue liberalising markets despite the H1 loss.
bet-at-home swung from a €1.8m profit in H1 2025 to a €2.2m net loss in H1 2026. Gross betting and gaming revenue fell 4% to €24.3m. Reported EBITDA shifted to –€1.85m from +€2.34m.
Marketing and advertising expenses rose 26.3% to €10.3m due to activity around the 2026 World Cup. The tournament started in the reporting period and produced a positive effect on results. Management described the event as both a revenue and a significant marketing driver whose net benefit depends on retaining new customers after the tournament ends.
“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,” the management board said, according to SBC News. Major sporting events lift gross betting and gaming revenue yet also raise costs.
Performance by Jurisdiction
GGR in Germany stayed broadly flat. Austria sports betting GGR dropped 18.4% to €6.04m after the stake tax rose from 2% to 5%. Eastern Europe GGR held at €1.87m. Western Europe GGR increased 13.9% to €3.78m after sportsbook expansion. Company-wide sportsbook revenue totalled €20.68m, down from €22.25m.
Online casino GGR grew 26.8% to €3.63m, led by German operations. New registrations reached 40,716, below the prior year’s 41,519.
Strategic Positioning for 2027 and Beyond
bet-at-home will enter Finland in July 2027 when the monopoly ends and is preparing sports betting and online casino licence applications. It will file for an expanded casino licence in Ireland in Q4 this year. The firm launched the Casinoro brand under its Maltese entity to serve permitted European markets outside Germany and Austria.
Available liquid funds plus expected operating cash flows are sufficient for 2026 operations without external financing. Full-year GGR guidance is €46m-€54m. EBITDA before special items is projected between breakeven and €4m. Shares have risen 44% this year and stand at €3.17.
Reporting: SBC News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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