BetMakers Opens FY27 With EBITDA Up 176%
BetMakers has opened FY27 with September-quarter EBITDA of AU$5.9m (£3.1m). Year on year, that's a jump of 176.1%. Revenue for the same three months came in at AU$24.7m, up 16.3%, and the betting technology firm managed it while the Tabcorp acquisition sits in regulatory limbo.
The margin line tells the better story. Gross margin climbed from 63.9% to 69.1%. That leaves BetMakers within a whisker of the 70% floor it has set as a long-term target. Cost control did the rest. Operating cash flow delivered net cash of AU$2.8m, more than double the AU$1.2m booked in Q1 FY26.
Digital carried the load. Both the Apollo and Global Tote platforms performed through the quarter to 30 September, and Apollo logged record activity levels. That momentum didn't stop at the quarter's edge. It ran into the Caulfield Cup and The Everest Day, two of the bigger dates on the Australian racing calendar.
CEO Jake Henson framed the quarter around commercial adoption and discipline. "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," he said. Henson also pointed to a model built to scale: "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."
For six months the share price has barely budged, parked around AU$0.24. There's a reason for that. In August, Tabcorp agreed to buy 100% of BetMakers at AU$0.24 per share, valuing the deal at AU$283m (£148m), or AU$267m (£140m) on an enterprise value basis. When a cash offer sets the price, the market stops arguing about it.
Clearance is the remaining hurdle. The transaction still needs competition approval, court sign-off, gambling regulatory consents, and an Independent Expert's conclusion that the deal serves BetMakers shareholders' best interests. Implementation is targeted for Q3 FY27. Until those boxes are ticked, the share price will keep tracking the offer rather than the earnings.
The operating run has been building for a while. Back in September, BetMakers reported a 205% year-on-year EBITDA increase for FY26. It also signed with Pari-Mutuel Urbain, the French state-owned operator, tightening its grip on the European horse racing market.
For affiliates with racing traffic, the read is simple. Apollo's record activity around Caulfield Cup and The Everest Day means the product is converting on the days that matter, and a Tabcorp-owned BetMakers would put that plumbing inside Australia's largest retail betting network. The number to watch next is the Independent Expert's report. A favourable finding clears the path to Q3 completion; anything short of that resets the timeline.