BetMakers Posts 12.6% Revenue Growth and 186% Adjusted EBITDA Increase in Q3 FY26

Q3 FY26 Financial Surge

BetMakers Technology Group Ltd (ASX:BET) reported a marked acceleration in financial performance for Q3 FY26, posting a 12.6% revenue increase to $23.4 million and a striking 186% rise in adjusted EBITDA to $3.4 million. This compares to just $1.2 million in the same quarter last year, underscoring a significant leap in profitability driven by revenue growth and operating leverage.

The company also achieved a gross margin expansion to 67.0%, up from 63.9% in Q3 FY25, reflecting improved incremental margins on digital revenues and operational efficiencies. Operating expenses remained flat quarter-on-quarter despite the revenue surge, highlighting BetMakers’ technology-led, scalable model that supports margin enhancement.

Strategic Acquisitions and Customer Wins

Key to this quarter’s results was the successful go-live of CrownBet, a major wagering operator, alongside the completion of the Las Vegas Dissemination Company (LVDC) acquisition on 1 February 2026. These moves not only expanded BetMakers’ footprint in regulated markets but also contributed initial revenue and margin uplift during the quarter.

The LVDC acquisition, announced earlier this year, is a strategic step into the US digital wagering space, complementing BetMakers’ existing global racing technology ecosystem. The company also reported progress on a qualified pipeline with four new deployments anticipated in Q4 FY26, signaling continued momentum in customer acquisition and platform adoption. This builds on earlier contract wins with Stake.com and PENN Entertainment, which have underpinned recent growth phases technology-led model and major contracts signed with CrownBet.

Operating Cash Flow and Financial Discipline

BetMakers generated strong operating cash flow of $2.8 million for the quarter, consistent with prior periods, while maintaining an unrestricted cash balance of $14.8 million despite a $0.8 million payment related to the LVDC acquisition. This cash flow stability supports the company’s target of consistent free cash flow generation as it scales.

The company’s operating model, centred on a hybrid and variable revenue system rather than traditional per-seat SaaS fees, continues to deliver cost efficiencies and margin improvements. BetMakers highlighted its technology stack’s resilience and AI-powered innovation as key drivers of its competitive advantage, enabling seamless global trading, risk management, and pool connectivity across fixed odds, tote, and data services.

Technology-Driven Growth Outlook

BetMakers positions itself as a fully integrated racing ecosystem operator, licensed in regulated markets worldwide and deeply connected with racing governing bodies and rights holders. The company’s focus on technology-led margin realisation and cost per bet efficiency aims to underpin sustainable growth and profitability.

While forward-looking statements remain subject to typical market and regulatory risks, the company’s Q3 performance reinforces the trajectory of margin expansion and revenue growth set in earlier quarters, with operating leverage expected to further improve as new deployments come online.