Bet-at-home financial recovery continues but firm remains cautious

German online sportsbook bet-at-home has reported resilient financial results against headwinds in its home market and challenging conditions in overseas sectors.

The company revealed revenue of €52.3m in 2024, up 11.6% from €46.2m the year prior, while EBITDA was up x% from €2.4m to €4.8m. Revenue fell in line with its forecast for 2024, while EBITDA exceeded expectations.

In both cases, however, the figures will likely be a cause of celebration for bet-at-home, which has faced challenging times of late. The results are a noticeable improvement on figures seen in previous quarters, for example.

In Q1 2024, for example, the company saw an 11.7% decline in gross betting and gaming revenues to €11.7m (Q12023: €13.2m). The full year financials published this week suggest that the firm enjoyed a good bounceback throughout the remainder of 2024.

Germany has proven a challenging market for many in recent years following the re-regulation of the market under new legislation in 2021 – the Fourth Interstate Gambling Treaty (GlüNeuRStv),

The market adjustments of this new regime, particularly around taxation but also due to restrictions on casino products and advertising and cross-product betting limits, put a lot of pressure on various operators, no less bet-at-home.

Tough adjustments were also faced in other markets. In 2022, the UK Gambling Commission (UKGC) suspended bet-at-home’s licence over social responsibility and anti-money laundering licence condition breaches.

Bet-at-home later withdrew from the market entirely, giving up its UKGC licence just days after the British regulator suspended it. This cut off the company from one of Europe’s largest and most valuable markets – though also one of its most saturated and competitive, which may have proved positive for the company in the long-run.

Though the company is now seemingly adjusting to the conditions of the German market and its slimmer international presence, bet-at-home remains cautious. The company projects 2025 revenue of €46m-€54m, though it expects EBITDA to be either flat or a maximum of €4m.

These projections, which could mark a decline against 2024 figures, have been attributed to the expected impact of an increase in betting licence fees from 2% to 5% in Austria as well as the absence of any major international sporting events in 2025, compared to the Euros in 2024.