The proposed acquisition is designed to accelerate Tabcorp’s wagering technology modernisation and global B2B strategy
Tabcorp Holdings has entered into a binding Scheme Implementation Deed to acquire 100% of BetMakers Technology Group, in a transaction that strengthens its wagering technology capability and expands its international B2B platform.
The proposed acquisition values BetMakers at AU$0.24 per share and implies an enterprise value of approximately AU$267 million, around US$188 million.
The BetMakers Board has unanimously recommended the transaction, which will proceed by way of scheme of arrangement and remains subject to the required approvals.
The transaction gives Tabcorp direct access to BetMakers’ wagering infrastructure, data, analytics, racing content and tote technology at a time when Tabcorp is working through a broader strategic transformation.
For Tabcorp, the rationale is clear. The company is acquiring technology, capability and B2B scale that would otherwise require significant time and capital to build internally.
The deal is also intended to accelerate the modernisation of Tabcorp’s wagering technology stack, using BetMakers’ own transformation over the past two years as a foundation.
Tabcorp identified several strategic highlights for the transaction, including:
- technology modernisation across the wagering stack
- a global B2B growth engine with greater scale and diversification
- improved operating speed and efficiency
- a target of AU$30 million in run-rate cost synergies by the end of the second year of ownership
- expected EPS accretion from year two and double-digit EPS accretion from year three
- continued balance sheet flexibility, with pro forma leverage remaining below Tabcorp’s policy level
- an offer structure allowing BetMakers shareholders to elect to receive part of their consideration in Tabcorp shares, subject to a 25% aggregate cap and minimum Tabcorp issue price of AU$1.00.
The offer represents an EV/LTM June 2026 pro forma EBITDA multiple for BetMakers of 6.1x, including the full run-rate cost synergies.
Gillon McLachlan, Managing Director and Chief Executive Officer of Tabcorp
“The acquisition of BetMakers will accelerate our strategy across multiple areas. BetMakers has undergone a significant transformation over the past two years and built impressive wagering technology and a talented team. Accessing those advantages will uplift our own tech capability and fast track our product ambitions, particularly for our unique media and tote offering.
“Combining BetMakers’ business with our rights, content and customer relationships creates a differentiated offering that will unlock growth and deliver attractive financial returns.
“Tabcorp is midway through its strategic transformation, with strong foundations established, and this acquisition provides us with an excellent opportunity to accelerate our ambitions.”
The acquisition is closely aligned with Tabcorp’s focus on product speed, technology renewal and more efficient operating infrastructure.
BetMakers brings established B2B wagering services, racing data and pari-mutuel technology across regulated markets in Australia, Asia, Europe, the United Kingdom and the Americas.
That international base gives Tabcorp a larger platform beyond its domestic retail and wagering operations.
It also supports the company’s ambition to build a more complete wagering and media proposition around rights, content, data and customer relationships.
Jake Henson, Chief Executive Officer of BetMakers
“Having spent time with the Tabcorp team, it is clear we share a common purpose: to build a market-leading global wagering and media business. Bringing together Tabcorp’s rights, content and relationships with BetMakers’ platforms, data and B2B wagering services will create a more complete and compelling global offering for our customers, and an exciting future for our people.”
The strategic logic is strongest in three areas.
First, the transaction accelerates Tabcorp’s technology modernisation. BetMakers has already reshaped itself into a leaner technology business, giving Tabcorp access to systems capability, development expertise and wagering infrastructure already operating in regulated markets.
Second, it gives Tabcorp a larger global B2B growth engine. BetMakers’ assets sit across data, racing content, wagering services and tote technology, complementing Tabcorp’s existing international activities and broadening its addressable customer base.
Third, the deal creates an operating efficiency opportunity. Tabcorp is targeting AU$30 million in run-rate cost synergies by the end of year two, with revenue growth opportunities providing additional upside.
For the Australian wagering sector, the deal also signals the strategic value of technology ownership.
Operators are under pressure to improve product speed, reduce legacy complexity and build more flexible digital infrastructure. In that context, wagering platforms, data assets and tote capability are no longer support functions. They are core strategic assets.
BetMakers has been listed on the ASX since 2015 and has grown through strategic acquisitions and organic development.
The company supplies B2B wagering infrastructure, data and analytics products, racing content and pari-mutuel technology to racing and wagering operators across digital and retail channels.
Over the past two years, BetMakers has repositioned itself as a more focused technology business.
That transformation appears central to Tabcorp’s acquisition case.
The proposed transaction also follows earlier takeover discussions between the companies, which ended without a formal offer earlier in the year.
This new agreement now gives both sides a defined path to completion, subject to the scheme process and approvals.
If completed, the acquisition will give Tabcorp a broader technology and data platform, a stronger international B2B profile and a more integrated wagering and media proposition.
For BetMakers, the deal provides scale, distribution and strategic alignment with one of Australia’s major wagering groups.
For Tabcorp, it is a major step in its plan to modernise infrastructure, improve execution speed and compete through a more technology-led wagering model.
