Australian betting technology firm BetMakers has delivered robust trading updates for Q1 of fiscal 2027, demonstrating strong operational momentum as it moves toward its planned acquisition by national B2C giant Tabcorp.
For the three months ended September 30, 2026, BetMakers reported an EBITDA of AU$5.9 million (£3.1 million), marking an impressive 176.1 per cent increase year-on-year, accompanied by a 16.3 per cent uptick in revenue to $24.7 million.
The financial uplift was propelled by strong digital revenue growth, enhanced gross margins, and strict cost controls across the enterprise. On the digital front, BetMakers highlighted exceptional performance across its Apollo and Global Tote platforms. The Apollo platform, in particular, achieved record activity levels that extended into the post-quarter period, supported by high-profile Australian horse racing spectacles including the Caulfield Cup and The Everest Day.
Margin improvements and operational efficiency
The company’s disciplined financial strategy drove gross margins up to 69.1 per cent, recovering from 63.9 per cent in the prior comparative period and pushing within inches of BetMakers’ long-term 70 per cent minimum target. Operating cash flow yielded net cash of $2.8 million, more than doubling the $1.2 million recorded in Q1 FY26.
Jake Henson, Chief Executive Officer of BetMakers, commented on the quarterly performance:
“Reaching $24.7m in quarterly revenue while generating $2.8m in operating cash flow and $5.9m in Adjusted EBITDA reflects the strong commercial adoption across our product suite and continued operational discipline from our global team. We have built an agile, technology-driven business model that yields operating leverage as we scale and continue to observe a strong pipeline of new opportunities to support that scale.”
Tabcorp acquisition and market stability
Over the past six months, BetMakers’ stock price has experienced significant upward movement, holding relatively stable around the $0.24 per share mark. This valuation is directly tied to the binding agreement reached in August with Australian gambling titan Tabcorp, under which Tabcorp proposed to acquire 100% of issued BetMakers shares at $0.24 per share. The transaction carries an implied equity value of AU$283 million (£148 million) and an enterprise value of AU$267 million (£140 million).
The acquisition remains conditional upon standard regulatory milestones, including competition clearance, court approvals, gambling regulatory consents, and a formal Independent Expert conclusion confirming the deal is in the best interests of BetMakers shareholders. All procedural workflows are currently scheduled for a Q3 FY27 implementation.
Meanwhile, BetMakers continues to scale independently. Following a 205 per cent year-on-year EBITDA increase reported for full-year FY26 in September, the company has further solidified its foothold in international racing by securing a strategic distribution agreement with French state-owned betting titan Pari-Mutuel Urbain (PMU).
