EL7.AI
StocksMedium•4 November 2026•
4 min read

bet-at-home cuts 2026 EBITDA forecast to a loss of €1.6 million

Key Facts

1The company cut its 2026 EBITDA forecast before exceptional items to a range from a loss of €1.6 million to break-even, from a range of break-even to a profit of €4 million.
2The company expects gross betting and gaming revenue of between €46 million and €49 million, with a current estimate of €47 million, compared with a previous range of €46 million to €54 million.
3The company said about €800,000 in expenses not included in the original forecast had a material impact on EBITDA.
4The company set November 5, 2026, as the date for publication of its statement on the first three quarters of 2026.

On November 3, bet-at-home.com cut its forecast for earnings before interest, taxes, depreciation and amortization, before exceptional items, for 2026 to a range from a loss of €1.6 million to break-even, from a previous range of break-even to a profit of €4 million. The company announced the change in an official statement, based on updated planning assumptions. At the same time, it kept its gross betting and gaming revenue forecast in positive territory but narrowed the range. The revision puts an operating loss before exceptional items for the first time within the range of the company’s published annual forecast. The company attributed the earnings pressure to expenses not included in its original forecast, linked to measures to improve digital marketing and customer relationship management.

The company now expects gross betting and gaming revenue of between €46 million and €49 million in fiscal 2026, with a current estimate of €47 million. Its previous guidance put revenue at between €46 million and €54 million, lowering the top of the range while leaving the bottom unchanged. The figures set out two different forecast paths: the revenue estimate remains within the company’s previous range, while the forecast for earnings before exceptional items has fallen to a lower range. The company did not cite a new revenue figure outside this range or a corresponding estimate for a shorter period in the announcement.

The company said about €800,000 in expenses not included in the original forecast had a material impact on earnings before exceptional items. The expenses relate to measures to improve digital marketing and customer relationship management over the medium and long term. According to the company’s explanation, the earnings forecast cut therefore includes the cost of operational initiatives that had not been factored in when the previous guidance was prepared. The company did not link these expenses to a decline in gross revenue, whose forecast range remained €46 million to €49 million. Nor did it specify the separate cost of each initiative in the announcement.

First-quarter results showed gross betting and gaming revenue fell 16.1% year on year to €11.341 million, which the company attributed mainly to weak online sports betting performance. In the same period, EBITDA before exceptional items was a loss of €149,000, compared with a profit of €1.6 million in the first quarter of 2025. For 2025, the company reported gross revenue of €48.0 million, down 8.2% from the previous year. Online sports betting revenue fell 11.0% that year, while online gaming revenue rose 14.8%. These results provide context for the new annual figures, although they cover different periods and business components.

In earlier statements, the company said Austria’s betting tax increase from 2% to 5% took effect on April 1, 2025, and that it began passing the higher cost on to customers from June that year. It said passing on the tax reduced revenue and customer activity. In its 2025 annual report, the company linked part of the revenue decline to the absence of a major sporting event with an out-of-season revenue impact, alongside the higher Austrian tax. Previous guidance had cited the FIFA World Cup in June and July 2026 as an expected driver of customer activity and new customer acquisition. The report also cited ongoing regulatory and competitive risks, as well as previously identified adverse effects in the Austrian market.

The company said the management board appointed in April 2026 had begun measures in digital marketing and customer relationship management, and that it expected them to have a positive effect by the following fiscal year at the latest. Investors are awaiting the company’s next financial milestone. Its financial calendar sets November 5, 2026, as the date for publication of its statement on the first three quarters of the year. The statement is scheduled two days after the annual forecast cut was announced. The quarterly results may provide an update on the company’s performance in the first nine months of the year, ahead of the fiscal year-end.