Bet-at-home Q1 GGR drops 16% after Austria tax pass-through

Bet-at-home.com AG reported Q1 2026 gross betting and gaming revenue of €11.34 million, a 16.1% decline from a year earlier after the operator passed Austria’s 5% betting tax to customers. Sportsbook volume fell by €22 million and stakes declined 24.4% in the quarter.

The group posted a consolidated loss of €461,000 for Q1 2026, reversing a €887,000 profit in the same period a year earlier. EBITDA moved into negative territory, the first quarterly EBITDA loss since Banijay Group N.V. sold its 53.9% stake in bet-at-home on January 2, 2026.

Austria increased its betting tax by three percentage points to 5% effective April 1, 2025. Bet-at-home applied the higher charge to its Austrian customers from June 2025, and Q1 2026 was the first full quarter in which the pass-through affected the company’s entire Austrian customer base. Several competitors licensed in Austria absorbed the higher tax instead of raising customer prices.

Management maintained full-year 2026 guidance of €46 million to €54 million in gross betting and gaming revenue, and EBITDA before special items of up to €4 million. Chief Executive Stefan Sulzbacher highlighted the FIFA World Cup in June and July as a planned revenue driver. The company reduced other marketing spending to prioritize World Cup activity; Q1 marketing expenditure was €4.49 million, down 7.4% year-over-year.

The company flagged regulatory and tax risks that could affect future results. Germany’s Interstate Treaty on Gambling continues to limit activities in its largest market, and Austrian policymakers are discussing a potential increase of the betting tax to 10%, which would be one of the highest rates in Europe.

Q1 2026 is the first earnings period since Banijay’s divestment. The sale followed Banijay’s decision to focus on integrating its gaming operations after a merger earlier in 2026.