BetMakers reports jump in EBITDA and sales in Q1 FY27 ahead of Tabcorp offer

BetMakers posted solid operating results in the first quarter of fiscal 2027, with an EBITDA of AU$5.9 million (£3.1 million) and revenue of $24.7 million for the quarter ended 30 September 2026. The company attributes the progress to digital growth, improved margins and cost control, and is advancing toward the proposed acquisition by Tabcorp, agreed in August.

Financial performance and margins

EBITDA of AU$5.9 million represents a year-on-year increase of 176.1%. Revenue rose 16.3% versus the same period last year, to $24.7 million. Improvements in gross margin lifted that metric to 69.1%, up from 63.9% in the prior comparable period, moving closer to the company’s long-term minimum target of 70%.

Operating cash flow produced a net balance of $2.8 million, more than double the $1.2 million recorded in Q1 FY26.

"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.

Traction in digital platforms

BetMakers highlighted record activity on its [Apollo](/b2b) and Global Tote platforms, driven by major Australian racing fixtures such as the Caulfield Cup and The Everest Day. The company notes that usage intensity on Apollo extended into the post-close period of the quarter.

The company maintains that a higher proportion of digital revenues, together with cost discipline, was decisive for the margin improvement and cash generation.

Tabcorp acquisition process and valuation

In August a binding agreement was reached under which [Tabcorp](/news) proposes to acquire 100% of the issued shares of BetMakers at $0.24 per share. That price implies an equity value of AU$283 million (£148 million) and an enterprise value of AU$267 million (£140 million).

The transaction remains on track for implementation in Q3 FY27, subject to the usual regulatory milestones: competition clearances, court approvals, gaming regulatory consents and an Independent Expert report confirming the transaction is in the best interests of BetMakers shareholders. The per-share price has remained around $0.24 over the past six months.

International corporate activity

After closing FY26 with a 205% year-on-year increase in EBITDA, BetMakers continues its international expansion. It recently secured a strategic distribution agreement with the French entity Pari-Mutuel Urbain (PMU). The company says it is continuing to scale independently while the Tabcorp transaction progresses.

"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," added Jake Henson.

Key figures summary

• Quarter end date: 30 September 2026

• Q1 FY27 revenue: $24.7 million

• Q1 FY27 EBITDA: AU$5.9 million (£3.1 million)

• Year-on-year EBITDA increase: 176.1%

• Year-on-year revenue increase: 16.3%

• Gross margin: 69.1% (vs 63.9%)

• Net operating cash flow: $2.8 million (vs $1.2 million)

• Agreed per-share price in Tabcorp proposal: $0.24

• Implied valuation: AU$283 million (£148 million) equity, AU$267 million (£140 million) enterprise

• Target implementation timetable: Q3 FY27