bet-at-home.com AG

ACX.DE

Gambling, Resorts & Casinos · Consumer Cyclical

Price

€3.30

-0.02 (-0.60%)

Market Cap

€23.2M

Exchange

Deutsche Börse

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Strong

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Winston Score History

The full picture

bet-at-home.com AG is a European online gambling company based in Düsseldorf, Germany. It offers sports betting, casino games, poker, and virtual sports to individual customers through its website and mobile apps. The company primarily targets recreational gamblers across German-speaking countries and other parts of Europe.

The company makes money by keeping a portion of the bets placed on its platform, plus revenue from casino game margins and fees. It operates mainly in Germany, Austria, and Switzerland, though tightening gambling regulations — especially Germany's new licensing rules introduced in recent years — have significantly pressured its customer base and revenues. bet-at-home.com is a relatively small operator with a market cap near zero, meaning it competes against much larger platforms like bet365 and Flutter Entertainment with limited scale advantages. The biggest risk the company faces is continued regulatory tightening in its core European markets, which could further shrink the pool of customers it is legally allowed to serve.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 7.0M (2021) → 7.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

57.8%

Premium pricing power — 57.8% gross margin

Profit after running costs

Operating Margin

17.9%

Healthy — 17.9% operating margin

Return on the money invested

ROCE

46.3%

Exceptional — 46.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

-15.2%

Shrinking sales (-15.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

26.5x

Growth-priced — P/E 26.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+18.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.5 → 7.7)

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Dividends

Not applicable for this business.

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