Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
/
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
bet-at-home.com AG is a Germany-based joint stock corporation specializing in online sports betting and gaming services. Founded in 1999 in Wels, Austria, by Franz Ömer and Jochen Dickinger, it initially focused on sports betting before expanding into casino, poker, games, virtual sports, and live betting offerings. The company, headquartered in Düsseldorf, operates through subsidiaries in Austria, Malta, and Gibraltar, holding licenses for online sports betting and gaming across Germany and other European Union countries. As a subsidiary of the French Betclic Everest Group SAS since 2009, which holds a 53.9% stake, bet-at-home.com AG is listed on the Frankfurt Stock Exchange's Prime Standard segment. It serves over 5.8 million registered customers primarily in German-speaking regions, providing web-based platforms and mobile apps for pre-match and live betting. The group has evolved through product launches like poker in 2006, mobile platforms in 2013, and esports in 2018, while outsourcing operations to EveryMatrix in 2023 to enhance efficiency. With around 101 employees, it plays a key role in the European online gambling sector, emphasizing regulated markets and diverse entertainment options.
The business is unprofitable at the operating level (-9.91% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 15.3%, still solid. Margins contracted 3.6pp, which offsets some of the top-line progress.
ROIC dropped from -6.03% to -12.15%, capital efficiency is deteriorating. Operating margin contracted 3.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
€42M
▲ +15.3% YoY
Net Income (TTM)
-€4M
▼ -195.8% YoY
Op. Margin
-9.91%
▼ -3.6pp YoY
ROIC
-12.15%
▼ -6.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€792K
▲ +661.5% YoY
Op. Cash Flow (TTM)
€8M
▲ +7461.5% YoY
Net Debt
-€32M
Net Cash Position
Cash & Equiv.
€34M
3Y CAGR: -4.4%
3Y CAGR: -57.7%
Continue Research