Bet-At-Home Swings To Net Loss In H1 2026 As Marketing Costs Rise
German-listed operator bet-at-home.com AG swung to a net loss of €2.21 million in the first half of 2026, compared to net income of €1.8 million in the same period a year earlier, according to the company's half-year results for the period ended June 30, 2026.
Sales for the half fell to €24.31 million, down from €25.34 million a year ago, a decline of around 4%.
Basic loss per share from continuing operations was €0.31, compared to basic earnings per share of €0.26 in H1 2025.
World Cup Marketing Push Weighs On Margins
The swing to a loss came despite a positive contribution from 2026 FIFA World Cup betting activity, with the company's marketing costs rising by roughly 26% to €10.3 million as it leaned into World Cup-linked promotion.
The increased spend outweighed the revenue benefit of World Cup wagering volumes, pushing the half-year result into negative territory.
Bet-at-home, majority owned by Betclic Everest Group, operates primarily in German-speaking markets and has been expanding its online casino offering alongside its core sportsbook business, having recently confirmed plans to launch a new casino brand, "Casinoro."
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Guidance Maintained, Finland Entry Planned
Despite the first-half loss, the company said it is maintaining its full-year guidance for 2026.
Bet-at-home has also flagged plans to enter the Finnish market in 2027, as part of a broader push to diversify beyond its existing DACH-region footprint amid rising competition and regulatory costs across its core markets.
Ownership Changes And Board Turnover
The results follow a period of ownership upheaval at the Dusseldorf-headquartered operator.
In late 2025, undisclosed buyers agreed to acquire a 53.90% stake in bet-at-home.com AG from Betclic Everest Group, a deal that completed in early January 2026 alongside a round of supervisory board resignations.
Stefan Sulzbacher was appointed chairman of the management board in April 2026 as part of the broader leadership reset.
The company's stock, listed on the Frankfurt Stock Exchange under the ticker ACX, has continued to trade in the Prime Standard segment throughout the ownership transition.
Bet-at-home last reported a full-year net loss for 2025, and its half-year 2026 results suggest the operator is still working to return to sustained profitability even as it diversifies into casino and new geographic markets.
