BetMakers Posts AU$5.9m EBITDA in Q1 FY27 as Tabcorp Deal Advances

BetMakers reported Q1 FY27 Adjusted EBITDA of AU$5.9 million (£3.1 million) for the three months ended 30 September 2026, a 176.1% year-on-year increase, and revenue of AU$24.7 million, up 16.3% versus the prior comparable period. The update, published 29 October 2026, ties the results to strong digital platform activity and cost discipline as the company moves toward the proposed acquisition by Tabcorp.

Financial performance and margins

The company said gross margins improved to 69.1%, up from 63.9% in the prior comparative period and approaching its long-term minimum target of 70%. Operating cash flow produced net cash of AU$2.8 million, compared with AU$1.2 million in Q1 FY26. Management attributed the uplift to digital revenue growth, margin expansion and tight cost control across the business.

“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,” said Jake Henson, Chief Executive Officer of BetMakers.

The company noted that the Apollo and Global Tote platforms delivered record levels of activity during the quarter and into the post-quarter period, driven by major Australian racing dates.

Platforms, events and commercial momentum

BetMakers highlighted performance across the Apollo platform and the Global Tote platform, with the Apollo platform reaching record activity that extended beyond the quarter. The report cites high-profile Australian horse racing events including the Caulfield Cup and The Everest Day as demand drivers.

BetMakers also referenced its international distribution progress following a strategic distribution agreement with French state-owned Pari-Mutuel Urbain (PMU). The company said it continues to scale independently while processing the proposed acquisition timetable.

Tabcorp acquisition status and market reaction

In August, Tabcorp reached a binding agreement to acquire 100% of issued BetMakers shares at AU$0.24 per share, implying an equity value of AU$283 million (£148 million) and an enterprise value of AU$267 million (£140 million). BetMakers’ share price has remained relatively stable around $0.24 per share since that agreement.

The proposed transaction remains conditional on customary competition clearances, court approvals, gambling regulatory consents and an Independent Expert report. BetMakers said those procedural workflows are scheduled for a Q3 FY27 implementation, subject to those approvals.

Context from FY26 and next steps

BetMakers noted a prior full-year FY26 result in which EBITDA rose 205% year-on-year, reported in September 2026. The company believes the current quarter’s performance sustains that momentum while it awaits the regulatory and court processes required to finalise the Tabcorp transaction.