Tabcorp Holdings has finalized a binding agreement to acquire BetMakers Technology Group for around AU$267 million (US$188.6 million), following earlier discussions that did not lead to a deal.
The announcement was made through a filing to the Australian Securities Exchange (ASX). The deal is intended to merge BetMakers’ wagering technology platforms and B2B services with Tabcorp’s existing wagering and media operations.
As per the Scheme Implementation Deed, Tabcorp is set to buy all outstanding shares of BetMakers at a price of $0.24 per share. This valuation indicates an enterprise value of about $267 million and an equity value of approximately $283 million on a fully diluted basis.
Tabcorp plans to finance the acquisition primarily through its cash reserves and undrawn debt facilities. Notably, the offer represents a premium over BetMakers’ recent share prices. For the financial year ending June 30, 2026, BetMakers reported an unaudited EBITDA of $14 million.
Tabcorp’s executives view the acquisition as a strategy to enhance and modernize its technology framework. CEO Gillon McLachlan stated, "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."
Jake Henson, CEO of BetMakers, remarked, "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."
Financially, Tabcorp anticipates realizing cost synergies estimated at up to $30 million by the end of the second year of ownership. Expected savings will arise from consolidating data centers, corporate applications, and technology contracts, along with replacing legacy platforms with BetMakers’ offerings and achieving efficiencies in corporate support functions.
The deal is projected to be accretive to earnings per share (EPS) beginning in the second year after completion, hitting double-digit EPS accretion by the third year. BetMakers shareholders will have the option to receive up to 25% of their payouts in new Tabcorp shares.
However, the acquisition still faces several customary conditions. Approval from BetMakers' shareholders and courts, along with clearance from the Australian Competition and Consumer Commission, will be required. The transaction also needs regulatory consents from gaming and racing authorities in the regions BetMakers operates.
The parties aim to finalize the transaction by the third quarter of Tabcorp’s 2027 financial year, subject to all necessary approvals. An informational booklet and an independent expert’s report are set to be shared with BetMakers’ shareholders in late 2026.
The merger marks a renewed attempt by Tabcorp to take over BetMakers, a proposition first suggested in December 2025 following a favorable financial year for Tabcorp. Following a revenue increase and a return to net profit, McLachlan described the company as "fitter" and "improved." Although initial discussions in February this year did not progress beyond informal dialogue, the now-signed agreement signifies a shift in direction.
Additionally, earlier this year, Tabcorp faced penalties exceeding $2.7 million from the Australian Communications and Media Authority (ACMA) due to violations of telemarketing and spam regulations over a 16-month period. Last year, BetMakers completed an acquisition of the Las Vegas Dissemination Company (LVDC), which is anticipated to generate around $4.5 million in revenue in its first year following the purchase.
