Bet-at-Home Weighs Sale amid Operational Challenges

Bet-at-home AG, a veteran in the online gaming and sports betting industry, is reportedly exploring a potential sale, according to a recent NEXT.io report. Despite recent struggles, the company’s resilient financial performance could make the operator an attractive acquisition target. Bet-at-home maintains a presence in several European markets, further aiding its prospects.

Unfavorable Developments Hurt Expansion Opportunities

Founded in 1999 in Wels, Austria, bet-at-home at one point seemed like one of the most promising European operators, rapidly growing its presence and enhancing its iGaming and sports betting offerings to gain an edge over the competition. However, the Frankfurt-listed company has faced several legal and regulatory challenges that have significantly curtailed its operations.

In October 2021, bet-at-home ceased iGaming operations in its native Austria following a lawsuit by players seeking reimbursement for losses. Although bet-at-home had left the market, a 2024 Supreme Court ruling forced the operator to pay €2.8 million ($3.1 million) to one affected player. Despite withdrawing from online gambling, the operator maintains its sports betting operations in Austria.

2022 marked another challenging year for bet-at-home as it pulled out of the UK after the UKGC suspended its license due to alleged failings in social responsibility and anti-money laundering. The company chose not to pursue a regulatory review to reinstate its license, effectively ending its operations in one of Europe’s most prominent gambling markets.

Fundamentals Remain Robust

To compensate for these setbacks, bet-at-home has put a heavy emphasis on its German offerings. A partnership with Swintt, a leading gaming software provider, has expanded its portfolio, enabling the company to diversify its offerings and attract new customers. While bet-at-home remains most notable for its sports betting offerings, the iGaming vertical holds significant potential.

Bet-at-home reported €37.6 million ($39.43 million) in gross gaming revenue (GGR) for the first three quarters of 2024, an 8.9% increase year-on-year. The company’s revitalized iGaming portfolio resulted in a 56.4% revenue leap in this sector, while sports betting grew a more modest 5.1%. These figures highlight the company’s resilience and may position it as an attractive acquisition target.

While rumors of a sale circulate, various industry sources indicate that bet-at-home has yet to secure a suitor. The sale, if executed, could mark a new chapter for bet-at-home, providing fresh capital and strategic direction to reclaim its place in the European gaming market. Until then, the business remains a testament to the resilience required to survive in a challenging and highly regulated industry.