BetMakers Technology Group Ltd (ASX: BET) reported solid FY26 financial results with revenue up 8.8% to $92.6 million and adjusted EBITDA surging 205% to $14.1 million. The company also announced a binding acquisition scheme with Tabcorp Holdings Limited.
- Revenue growth of 8.8% to $92.6 million
- Adjusted EBITDA up 205% to $14.1 million
- Operating expenses reduced despite revenue rise
- Acquisition scheme agreed with Tabcorp
- Technology platforms Apollo and GTX driving growth
Surge in Profitability as Revenue Climbs
BetMakers Technology Group Ltd (ASX:BET) has delivered a notable financial turnaround for the year ended 30 June 2026, with revenue rising 8.8% to $92.6 million and adjusted EBITDA rocketing 205% to $14.1 million. The wagering technology company’s operating discipline and technology-led growth strategy have culminated in a significant margin expansion, with adjusted EBITDA margin climbing to 15.2% from 5.5% the previous year.
The company’s gross margin improved to 66.9%, even after a $1.3 million inventory write-off, reflecting an underlying strengthening of the business. Operating expenses were trimmed to $49.4 million, down from $52.5 million in FY25, despite the revenue increase. This was achieved through cost optimisation measures and the full-year impact of restructuring initiatives executed in the prior year.
Technology Platforms and Digital Growth Propel Expansion
BetMakers’ growth was underpinned by its core digital products, leveraging the Apollo platform domestically and internationally. The company expanded its global customer base and content distribution network, positioning itself for further revenue opportunities. The rollout of its GTX digital wagering platform and integration of the Las Vegas Dissemination Company (LVDC) acquisition, rebranded as GT Vegas, contributed to enhanced platform performance and cost synergies.
Artificial intelligence and machine learning were embedded across product lines and internal operations, boosting efficiency and client engagement. This technology focus supports BetMakers’ ambition to deliver scalable, market-leading wagering solutions with a resilient tech stack that can handle increased transaction volumes globally.
Tabcorp Acquisition Scheme Signals Strategic Shift
In a major corporate development, BetMakers entered into a binding Scheme Implementation Deed with Tabcorp Holdings Limited (ASX:TAH) on 10 August 2026. Under the scheme, Tabcorp will acquire 100% of BetMakers’ shares, offering shareholders $0.24 per share in cash or a mix of cash and Tabcorp shares, capped at 25% for scrip consideration. The BetMakers board unanimously recommends the scheme, subject to an independent expert’s endorsement and absence of a superior proposal.
This deal values BetMakers at approximately $283 million, representing a 45.5% premium to the company’s last closing price. The transaction is subject to regulatory approvals and is expected to complete in Q3 FY27. The acquisition aligns with BetMakers’ strategy to scale its technology platforms and expand its footprint in regulated wagering markets.
Financial and Operational Highlights
BetMakers’ Global Betting Services division saw revenues jump 21.7% to $41.9 million, driven by digital customer growth and expanded content offerings. The Global Tote division maintained a steady revenue base of $50.7 million, with ongoing rollout of the GTX platform and high retention rates among wagering operators.
The company reduced its net loss after tax by 80% to $5.177 million, reflecting improved operational leverage and cost control. Cash reserves strengthened to $37.9 million, including $22.2 million in restricted player funds. The company also successfully vested 4.8 million FY23 tranche 3 performance rights, reflecting achievement of total shareholder return hurdles.
Leadership and Remuneration
Executive Chairman Matt Davey and CEO Jake Henson highlighted the year as one of decisive execution and technology validation. The leadership team’s remuneration was aligned with company performance, with significant share-based payments reflecting long-term incentives tied to EBITDA and share price milestones.
The board comprises a mix of industry and technology experts, including non-executive directors with backgrounds in gaming, finance, and legal sectors, supporting BetMakers’ governance and strategic direction.
Outlook Focused on Growth and Efficiency
Looking ahead to FY27, BetMakers plans to continue scaling its Apollo and GTX platforms, expand digital revenues, and enhance content distribution internationally. The company aims to further optimise its cost base, embedding AI tools to automate workflows and drive operating leverage. Growth in adjusted EBITDA and margins remains a key target, supported by a strong technology pipeline and customer momentum.
While the Tabcorp acquisition introduces a new chapter, BetMakers’ established technology foundation and operational discipline provide a robust platform for future growth in the competitive global wagering technology market.
Bottom Line?
BetMakers’ FY26 results showcase a technology-driven turnaround and set the stage for integration with Tabcorp, but execution risks and regulatory hurdles remain ahead.
Questions in the middle?
- How will BetMakers’ integration into Tabcorp affect its technology roadmap and customer relationships?
- What impact will ongoing regulatory changes in key international markets have on BetMakers’ growth trajectory?
- To what extent can AI and machine learning innovations sustain BetMakers’ competitive advantage amid intensifying industry competition?