BetMakers Technology Group delivered a robust Q4 FY26 with revenue rising 9.4% to $24.2 million and adjusted EBITDA nearly doubling to $4.5 million, driven by new commercial deals and operational efficiencies.
- Q4 revenue up 9.4% to $24.2 million
- Adjusted EBITDA jumps 89% to $4.5 million
- New gaming vertical with parimutuel reveal games launched
- Strong operating cash flow of $3.2 million
- Expanded customer base including Stake.com and Dafabet.com.au
Financial Performance Accelerates in Q4 FY26
BetMakers Technology Group Ltd (ASX:BET) closed out FY26 with a notable surge in profitability and revenue growth. The company reported a 9.4% increase in quarterly revenue to $24.2 million, alongside an 89% jump in adjusted EBITDA to $4.5 million. This translated to an improved adjusted EBITDA margin of 18.5%, up from the prior comparable period.
Operating expenses were contained despite the revenue growth, aided by a technology-led operating model that continues to optimise the cost base. The company’s focus on efficiency is reflected in its market-leading cost per bet model, which aims to streamline operations and eliminate intermediaries for wagering partners.
Commercial Expansion and New Gaming Verticals
BetMakers expanded its commercial footprint with five new deployments during the quarter, including fresh customer launches such as Stake.com and Dafabet.com.au. The company also unlocked a new gaming vertical by signing agreements to offer parimutuel-powered reveal games and content, diversifying its revenue streams beyond traditional racing wagering products.
These developments align with BetMakers’ mission to become the central, interconnected platform for horse racing betting, leveraging its fully integrated racing ecosystem that spans fixed odds, tote, and data services. The company’s technology stack, featuring a hybrid revenue model and AI-powered innovation, underpins its competitive advantage and scalability.
Cash Flow Strength and Balance Sheet Position
Operating cash flow remained strong at $3.2 million for the quarter, consistent with prior periods, supporting an increase in unrestricted cash to $15.6 million. This cash generation highlights the company’s progress towards consistent free cash flow as it scales its operations. However, investors should note that Q1 FY27 will include an annual minimum guarantee payment related to New Jersey fixed odds operations, which may impact near-term cash flow.
Outlook Underpinned by Technology-Led Growth
BetMakers emphasised its ongoing commitment to a focused technology-led growth strategy combined with operational discipline. Adjusted EBITDA has improved by $46 million since FY23 based on annualised run-rate calculations, demonstrating a clear upward trajectory. With a scalable platform designed to support future growth across the racing industry, the company appears well positioned to build on its momentum into FY27.
As BetMakers continues to integrate new customers and expand its gaming offerings, the market will be watching how these initiatives translate into sustained profitability and cash flow generation amid evolving regulatory and competitive landscapes.
Bottom Line?
BetMakers’ strong Q4 FY26 performance showcases operational leverage and strategic expansion, but upcoming contractual payments and market dynamics warrant close attention.
Questions in the middle?
- How will the new parimutuel reveal games impact revenue diversification and margins over FY27?
- What effect will the annual minimum guarantee payment in New Jersey have on near-term cash flow?
- Can BetMakers sustain its cost efficiency gains while scaling new customer deployments globally?