bet-at-home (XETRA: ACXX)

Currency in EUR

Last close As at 04/02/2023


0.08 (1.01%)

Market capitalisation


Founded in 1999, bet-at-home (BAH) is an online sports betting and gaming company, licensed in Malta and headquartered in Düsseldorf, Germany. Since 2009 BAH has been part of BetClic Everest, a privately owned gaming company, which currently holds 53.9% of BAH’s shares.

According to H2 Gambling Capital, the European online sports betting and gaming market is expected to grow 7.4% CAGR between 2019 and 2024. BAH operates mainly in ‘grey’ markets (no formal regulation but not illegal), which are characterised by strong cash flow, but also carry commensurately higher regulatory risks. Its main market, Germany, was fully regulated in FY21.

Latest Insights

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bet-at-home — FY22 GGR guidance raised


bet-at-home — A year of consolidation


bet-at-home — FY21 guidance reiterated



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Marco Falchetto


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 37.2 73.0 (49.5)
Relative 24.5 47.9 (49.2)
52 week high/low €16.8/€4.2


bet-at-home’s (BAH’s) Q322 profitability was helped by cost-saving initiatives, particularly lower personnel expenditure, which offset lower quarter-on-quarter betting volumes. After the Q322 update, management raised FY22 gross gaming revenue guidance due to positive trading around the FIFA World Cup. Management has maintained FY22 EBITDA guidance, which includes ongoing uncertainty from the effect of risk provisions associated with former business activities, and the effect of increased marketing spend for the tournament.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 54.6 13.2 11.0 128.50 6.1 1.8
2021A 59.3 14.0 11.4 152.45 5.1 4.0
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A



ConsumerWatch – January 2023


ConsumerWatch – October 2022


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