Australian Horse Racing Technology Firm Posts Strong EBITDA Surge and Narrows Net Losses While Navigating Proposed Tabcorp Takeover
BetMakers has reported an 8.8% year-on-year revenue increase for FY26, bringing in AU$92.6m (£49m). The financial milestone arrives as the horse racing technology provider navigates a turbulent period marked by political and public scrutiny in its domestic market alongside a proposed $267m takeover deal from Tabcorp, which is expected to conclude towards the end of the next financial year.
Despite these external pressures, the company delivered substantial profitability gains. Adjusted EBITDA soared by over 200% year-on-year, climbing from $4.6m to $14.1m, representing a $46m operational turnaround over the past three years. Disciplined cost management and technology-driven growth also allowed BetMakers to significantly narrow its net loss after tax down from $25.3m to $5.2m, while adjusted gross margins advanced to 66.9%, bringing the firm closer to its long-term 70% target.
Segment Performance and Global Expansion
The company’s financial momentum was underpinned by robust performance in its global betting services division, which saw revenues jump 25.5% from $34.5m to $43.3m, fueled by an expanding digital customer base and domestic partnerships with major operators like Sportsbet, Ladbrokes, and TABtouch. Meanwhile, the global tote segment generated $49.3m, experiencing a minor 2.3% dip compared to FY25.
International distribution channels continued to scale, supported by prominent tier-one clients such as the UK Tote Group, Racecourse Media Group, William Hill, Stake, and Norway’s Rikstoto, alongside ATG onboarding Swedish and Danish racing content onto BetMakers’ fixed-odds products. Expansion efforts in the US were further reinforced by the completion of the Las Vegas Dissemination Company (LVDC) acquisition.
Executive Insights
Matt Davey, Chairman at BetMakers, commented on the company’s trajectory:
“Over the last 12 months, the company has continued to deliver against the operating turnaround that we set in place several years ago. This is most dramatically shown through the positive EBITDA, up over 200% to $14.1m over the last 12 months. In addition to that, revenue has grown at double digits on a constant currency basis. We are proud of that. The racing industry is a difficult industry, and in some parts it is experiencing contraction. In other parts, it is experiencing growth, and the company was able to deliver solid growth in the top line.”
Jake Henson, Chief Executive Officer at BetMakers, outlined the firm’s strategic vision:
“Our goal is simple, to be the central scale platform that connects horse racing betting globally. Three things sit behind that for us. The first is 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 they are 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. Thirdly, 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.”
