Australia-based, horse racing-focused company BetMakers experienced an 8.8% year-on-year revenue jump for FY26 as the company brought in AU$92.6m (£49m).
The firm finds itself in somewhat of a turbulent era as it navigates a proposed takeover deal from Tabcorp and a home market which has come under a whole host of political and public scrutiny.
Nonetheless, BetMakers still found success as adjusted EBITDA soared by over 200% YoY from $4.6m to $14.1m, marking a $46m improvement over the last three years.
The firm attributed the growth towards disciplined cost management and technology-led growth as it cut its net loss after tax from $25.3m to $5.2m.
Adjusted gross margin improved to 66.9% from 64.1% in FY25, meaning that BetMakers is well on its way to reaching its long-term goal of 70%.
“Over the last 12 months, the company has continued to deliver against the operating turnaround that we set in place several years ago,” said BetMakers’ Chairman, Matt Davey.
“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.”
BetMakers finds success from various avenues
BetMakers’ global tote segment made up for the bulk of FY26 revenue, generating $49.3m, though this represented a 2.3% decline on FY25’s figure of $50.6m.
However, its global betting services offering saw YoY revenue increase 25.5% from $34.5m to $43.3m, driven by an expanding digital customer base supported by strong traction in Australia.
Content distribution opportunities grew as the business found more areas to expand internationally. BetMakers now has several key customers in Europe, including the UK Tote Group, Racecourse Media Group (RMG), William Hill and Norway’s Rikstoto.
Stake also recently entered into an agreement with BetMakers to incorporate its full fixed-odds pricing, tote and trading capability, and Swedish national horse racing betting firm ATG onboarded its Swedish and Danish horse racing offer onto the firm’s fixed-odds betting product.
Growth in its home market was aided by partnerships with major domestic operators such as Sportsbet, Ladbrokes and TABtouch, while the firm continues to look for opportunities in the US – as seen by its now-completed acquisition of the Las Vegas Dissemination Company (LVDC).
This acquisition played a part in the company’s FY26 costs, and BetMakers also incurred deal costs related to a scheme of arrangement with Tabcorp.
The business noted that the costs of its Sportech acquisition have now been fully amortised.
Tabcorp’s $267m takeover of BetMakers was well publicised last month, but is not expected to be completed until towards the end of the next financial year.
For now, BetMakers affirmed that it has established a “solid foundation heading into FY27” as it looks to further increase digital revenues and improve its EBITDA margin.
Jake Henson, Chief Executive Officer at BetMakers, added: “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.”
