iGaming operator bet-at-home.com AG has reported a 15.2% year-on-year increase in gross betting and gaming revenue for the first quarter of 2025, reaching €13.5 million. The company attributed this performance to improved results across both its online sports betting and online gaming segments, supported by customer retention initiatives and targeted marketing campaigns.
Net betting and gaming revenue for the period totalled €10.8 million, up from €9.1 million in Q1 2024. This rise was achieved despite a slight increase in betting fees and gambling levies, which amounted to €2.6 million. Personnel costs remained stable at €2.0 million, while advertising expenditure increased by 7% to €4.8 million due to intensified bonus campaigns.
Other operating expenses rose by 18.9% to €3.1 million, largely driven by outsourcing costs to EveryMatrix and monthly fees tied to net gaming revenue. EBITDA before special items improved significantly to €1.6 million from €208,000 in the prior year, while consolidated profit for the quarter reached €887,000, more than doubling year-on-year.
Total equity rose to €23.9 million as of 31 March 2025, compared to €23.0 million at the end of 2024, with an equity ratio of 45.0%. The group reported cash and cash equivalents of €28.7 million at the end of the quarter. Additionally, €5.2 million in pledged funds remain classified under other assets, reflecting a bank guarantee requirement under the GlüStV 2021 regulatory framework.
The figures underline continued financial resilience and operational efficiency amid an evolving regulatory landscape in the German iGaming market.
“The bet-at-home.com AG Group has started the year with a good set of financial results. The gross betting and gaming revenues grew in the first quarter 2025 by 15.2% year-on-year to EUR 13,522 thousand. This growth is attributable to the positive development of the both online sports betting and online gaming business areas.
“Personnel expenses remained relatively stable year-on-year and amounted to EUR 2,049 thousand. Marketing investments in the strengthening of the “bet-at-home” brand, acquisition of new customers and reactivation of existing customers increased by 7.0% compared to the same period of last year to 4,848 thousand. Other operating expenses of EUR 3,089 thousand were 18.9% above the last year’s level. This increase is attributable to the outsourcing to EveryMatrix and the payment of the monthly fee based on the NGR (net betting and gaming revenues).
“EBITDA before special items was significantly higher than in the first quarter 2024 and stood at EUR 1,600 thousand.
“Cash and cash equivalents within the bet-at-home.com AG Group amounted to EUR 28,662 thousand as of 31 March 2025.
“In the current financial year 2025, the Group’s focus remains on increasing customer satisfaction, optimizing efficient and scalable internal processes, continuously strengthening the “bet-at-home” brand in the core markets of Germany and Austria, and proactively addressing legal and regulatory changes. The dominance of sports betting in the product portfolio is expected to lead this year to increased seasonal fluctuations, as no major, revenue-relevant, off-season sporting event will take place.
“Further regulatory adjustments are to be expected in Germany, in particular expansions of the range of betting options eligible for approval and additional requirements for the system for increasing customer deposit limits. In Austria, the National Council approved on March 7, 2025 an increase in the betting tax from 2% to 5%, effective April 1, 2025. This short-term and significant adjustment to the betting fee will result in a significant burden on net betting and gaming revenues year-on-year.
“The bet-at-home.com AG Group will consistently pursue its strategic direction in order to position itself as a leading provider in its core markets in the long term and at the same time adapt flexibly to regulatory changes,” commented Marco Falchetto CEO.
