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BetMakers Sees 205% EBITDA Surge Amid Tabcorp Takeover Talks

By jili tutorial · September 3, 2026

BetMakers Sees 205% EBITDA Surge Amid Tabcorp Takeover Talks

Financial Highlights: Revenue Rises, EBITDA Leaps

Australia-based horse racing technology firm BetMakers reported an 8.8% year-on-year revenue increase for FY26, reaching AU$92.6 million (£49 million). The company is navigating a turbulent period, facing both a proposed takeover by Tabcorp and heightened political and public scrutiny in its home market. Despite these challenges, BetMakers delivered strong operational results: adjusted EBITDA soared more than 200% year-on-year, from $4.6 million to $14.1 million, marking a $46 million improvement over the last three years.

The company credited this growth to disciplined cost management and technology-led expansion. Net loss after tax narrowed sharply from $25.3 million to $5.2 million. Adjusted gross margin improved to 66.9% from 64.1% in FY25, putting BetMakers on track toward its long-term target of 70%.

Chairman: “Positive EBITDA Reflects Operating Turnaround”

BetMakers’ Chairman, Matt Davey, commented: “Over the last 12 months, the company has continued to deliver against the operating turnaround we set in place several years ago. This is most dramatically shown through the positive EBITDA, up over 200% to $14.1 million. In addition, revenue has grown at double digits on a constant currency basis. We are proud of that.”

He added: “The racing industry is difficult, and in some parts it is experiencing contraction. In other parts, it is experiencing growth, and the company was able to deliver solid top-line growth.”

Segment Performance: Global Tote Holds Steady, Betting Services Surges

Global Tote Segment

BetMakers’ global tote segment generated the bulk of FY26 revenue at $49.3 million, though this represented a 2.3% decline from $50.6 million in FY25.

Global Betting Services

In contrast, global betting services revenue jumped 25.5% year-on-year, from $34.5 million to $43.3 million. Growth was driven by an expanding digital customer base and strong traction in Australia.

International Expansion and Key Partnerships

Content distribution opportunities continued to grow as BetMakers expanded internationally. The company now has several key customers in Europe, including the UK Tote Group, Racecourse Media Group (RMG), William Hill, and Norway’s Rikstoto. Stake recently signed an agreement to integrate BetMakers’ full fixed-odds pricing, tote, and trading capabilities. Swedish national horse racing betting firm ATG also onboarded its Swedish and Danish racing offers onto BetMakers’ fixed-odds betting product.

Growth in the domestic market was supported by partnerships with major operators such as Sportsbet, Ladbrokes, and TABtouch. BetMakers continues to seek opportunities in the US, highlighted by its completed acquisition of the Las Vegas Dissemination Company (LVDC).

Costs and Acquisition Impact

The LVDC acquisition contributed to FY26 costs, and BetMakers also incurred deal costs related to its scheme of arrangement with Tabcorp. The company noted that costs from the earlier Sportech acquisition have now been fully amortised.

Tabcorp Takeover Timeline

Tabcorp’s $267 million takeover of BetMakers, widely publicised last month, is not expected to be completed until toward the end of the next financial year. For now, BetMakers said it has established a “solid foundation heading into FY27” as it aims to further increase digital revenues and improve its EBITDA margin.

CEO’s Vision: A Central Scale Platform for Global Horse Racing

Jake Henson, Chief Executive Officer at BetMakers, outlined the company’s strategy: “Our goal is simple: to be the central scale platform that connects horse racing betting globally. Three things sit behind that for us. First, our market-leading cost per bet. We cut out unnecessary intermediaries so operators run a cheaper, more scalable model. Our new platforms, GTX and Apollo, are modern, lightweight, and built for scale.

“Second, it is about margin realisation through global trading, risk management, pool connectivity, and optimised generosity all in one place, so our operators keep more of what they take. Third, we are properly covering the full racing market offering – fixed odds, tote, and data – together and complete via a single partnership for our operator customers.”