Pferdewetten has reported revenue of €35m ($40.5m) for the first half of 2026, representing a 25.4% year-on-year increase as its horseracing and sports betting operations recorded higher wagering activity.
The German operator generated €3m in EBITDA, reversing a €196,000 loss in the corresponding period. Adjusted EBITDA, which excludes €827,000 in legal, advisory, severance and recruitment costs, reached €3.9m.
Net income was €728,000, compared with a €2.7m loss in H1 2025. The figures are unaudited.
Group GGR increased 41% to €51.4m as betting volume rose 26% to €220.5m. Horse betting GGR climbed 76% to €23.3m, supported by higher wagering activity and favourable betting results. The segment contributed €4.3m in EBITDA.
Retail sports betting remained the operator’s largest revenue segment, producing €25.9m after 21% growth. Its shop network expanded from 199 locations to 231, despite closures and separations involving underperforming outlets.
Retail EBITDA reached €523,000, reversing a €165,000 loss, but remained below management’s expectations because commissions and technology costs continued to weigh on margins.
Online sports betting revenue rose 51% to €2.1m. EBITDA for the segment improved from a €255,000 loss to €714,000 following product changes, stronger risk management and higher hold rates.
The results follow a restructuring initiated after retail expansion costs placed pressure on earnings and liquidity during 2024 and 2025. An independent restructuring assessment completed in December 2025 supported the operator’s continuation on the condition that planned measures are implemented.
Pferdewetten said its gross margin increased from 16.9% to 26.9%, partly following contract renegotiations with distribution and IT providers. However, cash and cash equivalents declined from €5.6m at the end of 2025 to €4.5m at 30 June.
The operator retained its 2026 guidance of €70m to €80m in revenue and €5m to €10m in EBITDA. Its report cautioned that continued restructuring and long-term refinancing remain necessary to stabilise liquidity.
The update comes after Pferdewetten disclosed that approximately €4.3m in one-off adjustments could reduce its 2025 EBITDA to a loss of between €3.5m and €3.8m. Its 2025 consolidated financial statements remained unpublished when the half-year report was prepared. BaFin is also reviewing two accounting positions in the operator’s 2024 financial statements.
Germany’s regulated gambling market generated €14.4bn in GGR during 2025, with sports betting accounting for €1.9bn. Online channels contributed €1.2bn of that amount.
The first match days of the 2026 Fifa World Cup had no material effect on Pferdewetten’s first-half result
