BetMakers Technology Group reported a robust Q2 FY26 with positive adjusted EBITDA and significant contract wins poised to fuel growth in the second half of the year.
- Positive adjusted EBITDA of A$2.7 million, a $3.0 million turnaround year-on-year
- 14.1% revenue growth driven by technology-led model
- Renegotiated PENN content deal to add approximately A$1.2 million annually to EBITDA
- Major contracts signed with CrownBet and Stake, expected to launch in H2 FY26
- Progressing LVDC acquisition to expand US digital wagering footprint
Strong Financial Performance in Q2 FY26
BetMakers Technology Group has delivered a solid financial update for the second quarter of fiscal year 2026, reporting a positive adjusted EBITDA of A$2.7 million. This marks a significant $3.0 million improvement compared to the same period last year, reflecting the company’s successful pivot towards a technology-led business model. Revenue climbed 14.1% year-on-year to A$22.9 million, underpinned by strong gross margin expansion to 66.4%, up from 61.6% in Q2 FY25.
The company attributes this margin improvement to its high-margin digital offerings and operational efficiencies, which have driven four consecutive quarters of positive adjusted EBITDA. BetMakers is entering the seasonally stronger second half of the year with momentum, although the recent contract wins with CrownBet and Stake have yet to impact the current quarter’s results.
Strategic Contract Wins Set to Drive Growth
BetMakers has secured exclusive multi-year technology and services agreements with two major wagering operators, CrownBet and Stake.com. The CrownBet deal, a five-year exclusive partnership, will see BetMakers deliver a fully customised Apollo wagering platform, including trading, risk services, and content integration. CrownBet, backed by Crown Resorts, is targeting a launch in Q3 FY26, marking a significant commercial milestone for BetMakers’ Apollo platform.
Similarly, the three-year agreement with Stake.com includes access to BetMakers’ full pricing and trading capabilities, global racing content, and the innovative RaceOdds+ solution to support Stake’s global horse racing expansion. Stake’s platform activation is also expected in the second half of FY26, following a rigorous global tender process.
Content Deal Renegotiation and US Market Expansion
BetMakers has renegotiated its content distribution agreement with PENN Entertainment, which is expected to boost adjusted EBITDA by approximately A$1.2 million annually. The revised terms include a lower minimum annual fee and a revenue share arrangement, improving gross margins primarily through reduced content-related costs.
In parallel, BetMakers is advancing its US growth strategy with the pending acquisition of LVDC, a move that will expand its presence in the underpenetrated Nevada digital wagering market. The acquisition, expected to complete in Q3 FY26, will add an estimated A$4.5 million in annual revenue and offers opportunities for operational synergies as BetMakers integrates LVDC’s technology and customer base.
Positioning for Future Growth
BetMakers is capitalising on the significant digital wagering opportunity in the US, where Nevada’s racing market remains less than 5% digital compared to over 50% nationally. The company’s GTX Digital Platform and Racelab suite are poised to address this gap by delivering modern bet types, engaging data, and 24/7 global racing content. Integration discussions with major US operators such as Caesars, MGM, and Wynn are underway, positioning BetMakers to unlock new revenue streams in 2026 and beyond.
Overall, BetMakers’ Q2 FY26 results and strategic partnerships underscore its evolution into a comprehensive, vertically integrated racing technology provider with a growing footprint in key international markets.
Bottom Line?
With major contract launches and US expansion on the horizon, BetMakers is set to accelerate growth but must execute flawlessly to realise its full potential.
Questions in the middle?
- When exactly will CrownBet and Stake platforms go live and start contributing revenue?
- How will the LVDC acquisition integration impact BetMakers’ operational costs and profitability?
- What regulatory or market risks could affect BetMakers’ US digital wagering ambitions?