BetMakers, the Australian horse racing technology firm, lifted FY26 revenue by 8.8% year-on-year to AU$92.6m (£49m), even as it fields a proposed AU$267m takeover from Tabcorp and weathers mounting political and public scrutiny in its home market. The result caps a multi-year turnaround the Sydney-listed company set in motion several years ago, with adjusted EBITDA more than tripling and net losses narrowing sharply. For operators, regulators, and the wider racing sector, the numbers signal a business consolidating its footing at precisely the moment its ownership is in play.
What BetMakers’ FY26 Numbers Mean for the Business
The headline figures tell a story of margin discipline rather than explosive top-line expansion. Below is the strategic reading for anyone tracking the company through its transition year.
- Profitability has flipped the narrative. Adjusted EBITDA jumped over 200% from $4.6m to $14.1m, a $46m swing across three years that repositions BetMakers as an operationally viable platform, not a cash-burning growth story.
- Net loss after tax shrank from $25.3m to $5.2m, putting break-even within realistic reach.
- Margins are climbing toward target. Adjusted gross margin reached 66.9%, up from 64.1%, edging closer to the stated 70% long-term goal.
- The takeover clock is ticking. Tabcorp’s acquisition is not expected to close until late in the next financial year, leaving BetMakers to run as an independent entity through most of FY27.
- Growth was uneven across segments, which raises a harder question about where the durable value actually sits.
Where the Revenue Came From
Global tote remained the largest single contributor at $49.3m, but it slipped 2.3% from $50.6m the year before. That decline matters because it sits against a backdrop of a racing industry the company itself concedes is contracting in parts.
The offset came from betting services. That segment grew 25.5%, from $34.5m to $43.3m, powered by an expanding digital customer base and strong momentum in Australia. In plain terms: the fixed-odds and trading side is now carrying the growth story while the legacy tote business softens.
| Segment / Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Total revenue | AU$92.6m | AU$85.1m | +8.8% |
| Global tote | $49.3m | $50.6m | -2.3% |
| Global betting services | $43.3m | $34.5m | +25.5% |
| Adjusted EBITDA | $14.1m | $4.6m | +200%+ |
| Net loss after tax | $5.2m | $25.3m | improved by $20.1m, driven largely by cost control and the full amortisation of the Sportech acquisition |
| Adjusted gross margin | 66.9% | 64.1% | +2.8 pts |
International Distribution Is Doing the Heavy Lifting
Content distribution has become the company’s expansion engine. BetMakers now counts several European names among its customers, including the UK Tote Group, Racecourse Media Group, the William Hill sportsbook operation, and Norway’s Rikstoto.
Two deals stand out from the past year. Stake agreed to fold in BetMakers’ full fixed-odds pricing, tote, and trading capability. Swedish operator ATG onboarded its Swedish and Danish horse racing markets onto the fixed-odds product. And while Europe supplies scale, Australia supplies the base: partnerships with Sportsbet, Ladbrokes, and TABtouch anchor the domestic revenue.
The US remains the open frontier. BetMakers completed its acquisition of the Las Vegas Dissemination Company (LVDC), a move that added to FY26 costs but plants a flag in a market where pari-mutuel and fixed-odds racing dynamics are still shifting. Whether that bet pays off is a longer game.
What Management Is Saying
Chairman Matt Davey framed the year as validation of a strategy years in the making. “Over the last 12 months, the company has continued to deliver against the operating turnaround that we set in place several years ago,” he said, pointing to the EBITDA jump and double-digit revenue growth on a constant currency basis.
He was candid about the sector’s split fortunes. “The racing industry is a difficult industry, and in some parts it is experiencing contraction,” Davey noted, adding that other segments are growing and the company still managed solid top-line gains.
Chief Executive Jake Henson set out the platform ambition in three parts: a market-leading cost per bet, margin realisation through global trading and pool connectivity, and full-market coverage spanning fixed odds, tote, and data. “Our goal is simple, to be the central scale platform that connects horse racing betting globally,” he said, citing the firm’s newer GTX and Apollo platforms as “modern, lightweight, and built for scale.”
The Tabcorp Overhang and What Comes Next
The AU$267m scheme of arrangement with Tabcorp, disclosed last month, reshapes the read on every figure in this report. Deal costs already landed in FY26 accounts. Yet completion is not expected until near the end of the next financial year, meaning BetMakers must execute FY27 as a standalone company with an acquirer waiting in the wings.
That is an awkward position for any management team (running the business hard while its future owner watches the ledger). BetMakers says it enters FY27 on a “solid foundation,” with plans to grow digital revenues further and push the EBITDA margin higher toward its 70% gross-margin ambition.
The strategic logic for Tabcorp is not hard to trace. A domestic wagering giant absorbing the infrastructure layer that connects racing betting globally consolidates supply and distribution under one roof. Regulators reviewing the transaction will weigh exactly that concentration.
Frequently Asked Questions
How much did BetMakers earn in FY26?
The company reported revenue of AU$92.6m (£49m), an 8.8% year-on-year increase, alongside adjusted EBITDA of $14.1m and a reduced net loss after tax of $5.2m.
What is the status of the Tabcorp takeover?
Tabcorp has proposed an AU$267m acquisition of BetMakers via a scheme of arrangement. It is not expected to complete until towards the end of the next financial year, so BetMakers continues to operate independently in the meantime.
Which segment drove the growth?
Global betting services. Its revenue rose 25.5% to $43.3m, offsetting a modest 2.3% decline in the larger global tote segment.
Is BetMakers expanding outside Australia?
Yes. It has European clients including the UK Tote Group, Racecourse Media Group, William Hill, and Rikstoto, recent agreements with Stake and ATG, and a completed US acquisition of the Las Vegas Dissemination Company.
What are BetMakers’ financial targets?
Management is targeting a long-term adjusted gross margin of 70%, up from the 66.9% recorded in FY26, while continuing to grow digital revenues and improve EBITDA margins.
