Betr Entertainment, an Australian wagering firm, reported a loss of A$40.2 million for the financial year ending June 30, 2026, despite robust customer engagement and improved earnings before interest, taxes, depreciation, and amortization (EBITDA) in the latter half of the fiscal year.
During FY26, the company's turnover rose by 12.3%, reaching A$1.59 billion, while net win increased by 7% to A$158.1 million. Gross win also saw a boost of 10.1%, totaling A$215.7 million.
However, Betr faced normalised EBITDA losses of A$7.1 million for FY26, a stark contrast to the previous year's profit of A$7.2 million.
The company's overall performance was impacted by challenges in the first half of FY26, where EBITDA losses hit A$13.2 million, partly attributed to favorable racing and sports outcomes during the Spring Racing Carnival that incurred a loss of around A$7 million.
CEO Andrew Menz stated, "FY26 was a year of deliberate investment followed by disciplined execution. In the second half, we converted that investment into delivery with a A$19.3 million EBITDA turnaround between H1 and H2."
Throughout the year, Betr invested significantly in rebranding efforts, integrated Sky Racing, and acquired TopSport, resulting in a 45% increase in its advertising budget to A$28.2 million.
The latter half of the year saw estimated EBITDA reach A$6.1 million, aligning with the company's earlier forecasts of A$5 million to A$8 million in normalised EBITDA. In Q4, the company generated A$2.6 million in positive operating cash flow, marking its first positive quarter since 2021. By the end of June, cash reserves totaled A$27.8 million, including A$11 million in client balances.
