Bet-at-home reports stable H1 2025 revenue at €25.3m

European online operator bet-at-home.com has published its interim financial report for the first half of 2025, covering the six-month period that ended on 30 June 2025. The results show a relatively stable performance despite a slight year-on-year revenue decline, with earnings before special items rising significantly due to disciplined cost management.

Revenue performance shows marginal decline

According to the report, gross betting and gaming revenue for H1 2025 reached €25.3 million, compared with €25.4 million in the same period in 2024. This represents a very marginal decrease of 0.39%, suggesting that the operator managed to maintain revenue stability in a challenging market environment.

The company attributed this minor reduction to the absence of a major international sporting event during the reporting period. Sporting tournaments, such as the UEFA European Championship or the FIFA World Cup, typically drive substantial customer engagement and betting turnover. Without such an event in H1 2025, seasonal peaks were not present, leading to a flatter revenue curve.

Despite this, the operator noted that its online casino business experienced growth compared to the previous year. The casino vertical has increasingly become a stabilizing factor for operators in the regulated European market, helping to offset fluctuations in sports betting activity.

Net gaming revenue reflects regulatory deductions

After deducting betting fees, gambling levies, and VAT, net gaming revenue stood at €19.7 million. This marked a 2.5% decline compared with the first half of 2024.

The report highlighted that betting and gambling levies amounted to €5.5 million during the period. This figure reflects the ongoing impact of regulatory frameworks across European jurisdictions where bet-at-home holds licenses. Such levies, alongside VAT obligations, continue to represent a significant cost burden for operators, affecting net revenue more than gross revenue.

Earnings improve on lower marketing costs

While revenue declined slightly, profitability improved considerably. EBITDA before special items rose to €3 million in H1 2025, compared with €1.2 million in H1 2024. This represents a year-on-year increase of 150%.

The primary driver behind this earnings growth was a significant reduction in marketing expenditure. The company emphasized that no European Championship was held in 2025, and therefore, large-scale marketing campaigns linked to such events were not necessary. As a result, operating expenses were reduced, leading to higher earnings despite stable revenue levels.

Earnings before taxes also increased, reaching €2 million in the first half of 2025. This figure is almost double the amount recorded in the same period of the previous year, further illustrating the company’s ability to improve profitability through cost discipline.

Cash position and liquidity

As of 30 June 2025, bet-at-home reported cash and cash equivalents of €29.3 million, down from €34.9 million at the end of 2024. The decline in liquidity reflects negative net cash flows of €0.5 million during the first half of the year.

According to the financial report, this decrease in cash holdings was largely attributable to operating activities rather than financing or investment flows. While the decline is notable, the company continues to hold a strong cash position, ensuring operational flexibility and the ability to meet its short- and medium-term obligations.

Licensing and market presence

Bet-at-home holds licenses for online sports betting and gaming across multiple European jurisdictions. The operator continues to emphasize compliance with regulatory frameworks, acknowledging that stricter gambling laws and higher levies present challenges but are also part of maintaining access to regulated markets.

The company has stated that its operations are aligned with responsible gambling standards and that it continues to adapt to evolving regulatory environments, which vary significantly between European countries.

Outlook for the 2025 financial year

The company has maintained its financial guidance for 2025, despite the relatively flat revenue performance in the first half of the year. Management expects:

• Gross betting and gaming revenue between €46 million and €54 million for the full year
• EBITDA before special items between €0 and €4 million

This outlook reflects management’s view that revenue growth will remain moderate but that the company can continue to achieve stable profitability through cost efficiency.

Historical context: comparison with 2022 results

For context, bet-at-home’s current stability contrasts with earlier years, when results were more volatile. In May 2022, the company reported a sharp decline in revenue for Q1 2022, with gross betting and gaming revenue falling by more than 50% year-on-year to €14 million, down from €30 million in Q1 2021.

During that period, consolidated profit shifted from a €4.4 million profit in Q1 2021 to a loss of €2.7 million by the end of March 2022. These results reflected structural challenges and market adjustments at the time.

In comparison, the H1 2025 results illustrate a more stable business model, even if large-scale growth has not materialized. The company has since focused on maintaining efficiency, compliance, and steady revenue flows rather than pursuing aggressive expansion.

Industry context: European online gambling trends

The broader European online gambling industry has faced increased regulation in recent years. Countries such as Germany, the Netherlands, and Spain have introduced stricter controls, higher levies, and more robust responsible gambling requirements.

For operators like bet-at-home, these developments mean balancing growth with compliance obligations. The industry trend has shown that while revenues may face pressure due to restrictions and taxes, operators that adjust cost structures and diversify product offerings can maintain financial stability.

Furthermore, the increasing importance of online casinos as a complementary product to sports betting has become a defining feature of the industry. This trend has been reflected in bet-at-home’s own reporting, where casino activity helped to offset weaker sports betting revenues.

Conclusion

Bet-at-home’s interim financial results for the first half of 2025 demonstrate resilience and disciplined cost management. Despite a marginal revenue decline of just 0.39%, the company improved its earnings through lower marketing expenditure, achieving stronger profitability than in the previous year.

While regulatory pressures and the absence of major sporting events limited revenue potential, the company’s robust cash position and maintained financial guidance reflect confidence in navigating the remainder of the year.

Looking ahead, the operator’s strategy appears focused on preserving financial stability, ensuring compliance across multiple jurisdictions, and balancing revenue streams between sports betting and online casino offerings. For investors and industry observers, bet-at-home’s H1 2025 results provide an example of how cost discipline and market diversification can safeguard profitability in a highly regulated and competitive sector.

FAQs

What was bet-at-home’s gross betting and gaming revenue in H1 2025?
It was €25.3 million, slightly down from €25.4 million in the first half of 2024.

Why did bet-at-home’s revenue decline in H1 2025?
The decline was primarily due to the absence of a major sporting event, which usually boosts betting activity.

How did online casino performance impact results?
Online casino activity increased compared to the previous year, helping to balance the weaker sports betting revenues.

What was bet-at-home’s EBITDA before special items?
EBITDA before special items rose to €3 million, up from €1.2 million in the prior-year period.

Why did EBITDA improve despite stable revenue?
The company reduced marketing expenditure significantly, as there was no major sporting event like the European Championship.

What was bet-at-home’s net gaming revenue after deductions?
After betting fees, levies, and VAT, net gaming revenue was €19.7 million.

What is the outlook for bet-at-home in 2025?
Management expects gross betting and gaming revenue between €46 million and €54 million, with EBITDA between €0 and €4 million.

How strong is bet-at-home’s cash position?
Cash and cash equivalents were €29.3 million at the end of June 2025, down from €34.9 million at year-end 2024.

Where is bet-at-home licensed to operate?
The company holds licenses for online sports betting and gaming across multiple European jurisdictions.

How do the 2025 results compare with past performance?
Unlike the sharp decline in 2022, the 2025 results show stability, improved earnings, and better cost management.