Bet‑at‑Home .com AG – A Sudden Shift in Ownership Dynamics
On 20 February 2026, the German online‑gaming group bet‑at‑home .com AG announced that two individuals had crossed the 3 % voting‑right threshold, triggering mandatory disclosure under § 40 Abs. 1 WpHG and, consequently, an expectation of a substantive change in the shareholder base. The two new major stakeholders are Stefan Sulzbacher (via his consultancy Sulzbacher Unternehmensberatung GmbH) and Franz Ömer (directly). Their stakes, recorded as of 20 February 2026, are 23.85 % and 24.85 % respectively, translating into a combined 48.7 % of the voting rights and 7,018,000 shares.
The Numbers Behind the Announcement
| Item | Value |
|---|---|
| Close price (22 Feb 2026) | €2.07 |
| 52‑week high | €3.33 |
| 52‑week low | €1.97 |
| Market cap | €13.8 million |
| Price‑to‑Earnings ratio | –12.27 |
The company trades on Xetra and operates primarily in the sports‑betting and e‑gaming segments, offering a range of casino, poker, and virtual‑sports products across Europe.
Stakeholder Profiles
- Stefan Sulzbacher (born 10 October 1974) holds 23.85 % of the voting rights. Ninety‑nine percent of these rights derive from aufgeschobene, bedingte Kaufverträge (delayed conditional purchase agreements) under § 38 Abs. 1 Nr. 2 WpHG, administered through SUB GmbH.
- Franz Ömer (born 6 May 1976) controls 24.85 % of the voting rights, also held via the same legal structure and reported under the same section of the WpHG.
Both stakeholders are already in the 3 % voting‑right threshold, and together they control nearly half of all votes. This concentration of power is likely to reshape board dynamics and strategic decisions.
Regulatory Context
The disclosures were filed under the German Wertpapierhandelsgesetz (WpHG) and the European Market Abuse Regulation (MAR) Article 17, as required for any material change in ownership that could affect the market price. The filings confirm that acting in concert was the declared ground for the notice, indicating that the two shareholders may coordinate their influence over the company’s governance.
Implications for Investors
Given the negative price‑to‑earnings ratio and the relatively modest market cap, the market has already priced in some expectations of volatility. The influx of substantial, potentially coordinated ownership could:
- Accelerate strategic realignment – With 48.7 % voting power, the two shareholders could push for board changes or new business priorities without needing shareholder approval.
- Increase liquidity risk – As the company’s shares are already thinly traded, a concentrated block of shares could exacerbate price swings.
- Invite scrutiny from regulators – The simultaneous rise of two large holders in a regulated gambling firm may attract closer monitoring of compliance and fair‑gaming practices.
Investors should weigh the potential for decisive leadership against the risk of concentrated control that might sideline minority shareholders.
The information above is derived exclusively from the regulatory filings and fundamental data released on 20‑23 February 2026.
