bet at home.com (ACX) AI Stock Analysis

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bet at home.com

(XETRA:ACX)

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Rating:33Underperform

Price Target:EUR 2.50▼(-3.85% Downside)

Action:downgraded

Date:10/14/26

bet-at-home.com scores poorly overall, driven primarily by deteriorating financial performance: persistent revenue contraction, near-zero operating profit and negative operating cash flow that fails to support reported earnings. The minimal debt load and clean balance sheet provide resilience against near-term distress, but the steady erosion of assets and equity points to a shrinking enterprise facing heavy European regulatory headwinds. Technicals reinforce the caution, with the shares trading below their key moving averages and a negative MACD. Valuation offers no relief, as the 22.8x P/E is difficult to justify on weak earnings quality with no dividend support.

Positive Factors

Conservative balance sheetLow leverage and a sizable equity base provide financial cushioning during earnings swings. This conservative funding structure can preserve flexibility for operations and investment, while reducing the balance-sheet pressure that would otherwise amplify volatility in a cyclical or uneven earnings environment.

Negative Factors

Sharp revenue contractionThe steep 2025 revenue decline indicates that demand and operating performance remain unstable rather than consistently compounding. Persistent top-line pressure would reduce the scale available to absorb fixed costs, weaken marketing efficiency, and make a durable earnings recovery more difficult.

bet at home.com (ACX) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 18.18M
Dividend Yield: ―
Average Volume (3M): 4,183
Price to Earnings (P/E): 20.9
Beta (1Y): 0.38
Revenue Growth: -12.06%
EPS Growth: 47.14%
Country: Germany
Employees: 98
Sector: General
Sector Strength: 55
Industry: Gambling, Resorts & Casinos

bet at home.com Business Overview & Revenue Model

Company Description

Operating across Europe, bet-at-home.com AG, along with its various subsidiaries, delivers a comprehensive suite of online gambling and sports betting services. The company's diverse offerings span traditional and in-play sports wagering, a robust on...

How the Company Makes Money

bet-at-home.com AG generates revenue primarily from online sports betting and online gaming (including casino-style products). In sports betting, the company earns money from the net gaming revenue (also referred to as gross win), which is the differ...

bet at home.com Financial Statement Overview

Summary

Financials are weak across the board. The income statement (score 18) shows revenue shrinking from €44.9M in 2020 to an estimated €36.9M in 2025, with a projected -28.6% decline in 2025, multiple loss-making years, and EBIT barely above breakeven at €21K. Cash flow (score 15) is the biggest concern: operating and free cash flow turned negative at -€1.4M in 2025 while reported net income was €2.3M, indicating earnings are not cash-backed. The balance sheet (score 52) is the one bright spot, with almost no leverage (debt-to-equity 0.04x) and €25.3M of equity, but total assets have halved from €95.1M to €48.9M since 2020, showing a steadily contracting business under European regulatory pressure.

Income Statement

18Very Negative

Balance Sheet

52Neutral

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	45.45M	36.86M	41.59M	36.09M	42.04M	47.56M
Gross Profit	26.19M	0	41.59M	17.38M	26.70M	33.99M
EBITDA	1.69M	841.00K	-1.84M	855.00K	4.21M	13.86M
Net Income	922.00K	2.27M	-4.45M	-1.50M	11.91M	-16.31M
Balance Sheet
Total Assets	0	48.89M	52.68M	56.78M	62.66M	75.78M
Cash, Cash Equivalents and Short-Term Investments	36.29M	27.89M	33.67M	34.65M	35.33M	41.99M
Total Debt	0	1.06M	1.41M	1.73M	1.88M	1.69M
Total Liabilities	-25.26M	23.63M	29.69M	29.34M	33.71M	58.74M
Stockholders Equity	25.26M	25.26M	22.99M	27.44M	28.95M	17.04M
Cash Flow
Free Cash Flow	0	-1.44M	792.00K	133.00K	-5.96M	8.60M
Operating Cash Flow	0	-1.44M	792.00K	104.00K	-5.02M	10.49M
Investing Cash Flow	0	-94.00K	18.00K	-343.00K	-874.00K	-1.90M
Financing Cash Flow	0	-327.00K	-329.00K	-498.00K	-770.00K	-18.42M

bet at home.com Technical Analysis

Technical Analysis SentimentNegative

Last Price2.60

Price Trends

50DMA2.94Negative

100DMA3.12Negative

200DMA2.89Negative

Market Momentum

MACD-0.11Negative

RSI41.11Neutral

STOCH60.71Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:ACX, the sentiment is Negative. The current price of 2.60 is below the 20-day moving average (MA) of 2.67, below the 50-day MA of 2.94, and below the 200-day MA of 2.89, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 41.11 is Neutral, neither overbought nor oversold. The STOCH value of 60.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:ACX.

bet at home.com Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:ACX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:TIMA	70Outperform	EUR 941.56M	21.48	17.33%	3.45%	10.76%	-16.80%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:ACX	33Underperform	EUR 18.18M	20.92	3.68%	―	-12.06%	47.14%

* General Sector Average

Performance Comparison

DE:ACX and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	DE:ACX	bet at home.com	2.60	0.17	7.00%
	DE:TIMA	ZEAL Network	40.60	-7.57	-15.72%

bet at home.com Corporate Events

Business Operations and StrategyFinancial Disclosures

Bet-at-home Revises 2026 Forecast Amid Higher Optimization Costs

Negative

Nov 3, 2026

Bet-at-home.com AG operates in the online sports-betting and gaming industry, providing betting and gaming services to customers.The company revised its 2026 forecast, narrowing projected gross betting and gaming revenue to EUR 46 million-EUR 49 mill...

Financial Disclosures

Bet-at-home.com Sets Date for Half-Year 2026 Financial Report

Neutral

Sep 15, 2026

Bet-at-home.com AG, an online sports betting and gaming provider headquartered in Düsseldorf, operates its wagering and entertainment services through web-based platforms. Its shares trade on the regulated market in Frankfurt and multiple German regi...

Business Operations and StrategyProduct-Related Announcements

Bet-at-home.com Launches New “Casinoro” Brand to Expand European Online Casino Reach

Positive

Sep 9, 2026

Bet-at-home.com AG is expanding its online casino activities beyond Germany by launching a new brand, “Casinoro,” operated by its Maltese subsidiary bet-at-home.com Europe Ltd. The Casinoro platform will run on a separate website under a Maltese lice...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 14, 2026

bet at home.com AI Stock Analysis