BetMakers Technology Group has completed a major transformation in FY25, delivering positive adjusted EBITDA and strong operating cash flow while expanding its global footprint with a strategic US acquisition.
- FY25 revenue grew to $85.1 million, up 5.6% in second half
- Adjusted EBITDA turned positive at $4.6 million, including $5.9 million in 2H
- Gross margin expanded to 64%, reaching 68.1% in second half
- Cash balance strengthened to $18.8 million with zero debt
- Strategic acquisition of Las Vegas Dissemination Company to enter US market
A Year of Transformation and Growth
BetMakers Technology Group (ASX, BET) has marked FY25 as a pivotal year, successfully completing a comprehensive transformation that has shifted the company from losses to profitability. The company reported revenue of $85.1 million, a 5.6% increase in the second half compared to the first, alongside a significant expansion in gross margins to 64%, peaking at 68.1% in the latter half of the year.
This financial turnaround was underpinned by the rollout of BetMakers’ Apollo technology platform, which has driven operational efficiencies and scale. The company’s adjusted EBITDA swung from a negative $7.2 million in FY24 to a positive $4.6 million in FY25, including a $5.9 million contribution in the second half alone. Operating cash flow also improved markedly, reaching $2.7 million, while the balance sheet was strengthened with $18.8 million in unrestricted cash and no debt.
Strategic Expansion and Technology Leadership
Central to BetMakers’ growth strategy is the expansion of its global technology footprint. The company advanced its Apollo platform and progressed the development of GTX, a next-generation digital tote platform designed to accelerate innovation cycles and reduce infrastructure costs for partners. These platforms incorporate artificial intelligence and machine learning tools aimed at enhancing pricing models, automating workflows, and improving content generation.
In a significant strategic move, BetMakers entered into a binding agreement to acquire the Las Vegas Dissemination Company (LVDC), providing a crucial foothold in the lucrative US market. This acquisition is expected to open substantial cross-selling and growth opportunities, complementing BetMakers’ existing international partnerships and reinforcing its position as a technology backbone for the global racing and wagering industry.
Outlook and Future Priorities
With the heavy lifting of transformation behind it, BetMakers is now focused on scaling its platform and accelerating growth. The company aims to sustain annual revenue growth above 10%, driven by deeper market penetration, new customer wins, and broader adoption of its Apollo and GTX platforms across existing and new jurisdictions.
Management also highlights margin expansion as a key priority, leveraging operating efficiencies and the modernized technology stack to deliver sustained profitability improvements. Early FY26 trading has reportedly exceeded expectations, providing further confidence in the company’s upgraded technology and expanded product suite.
Bottom Line?
BetMakers’ FY25 turnaround sets the stage for accelerated growth, but execution in the US market and technology adoption will be critical to sustaining momentum.
Questions in the middle?
- How will the Las Vegas Dissemination Company acquisition impact BetMakers’ US market penetration and revenue?
- What is the timeline and expected adoption rate for the GTX digital tote platform among global partners?
- Can BetMakers maintain margin expansion while scaling internationally amid competitive pressures?