Tabcorp Holdings has signed a binding agreement to acquire BetMakers Technology Group for about AU$267 million (US$188.6 million). This announcement follows failed takeover discussions that took place earlier this year.
The deal was revealed in an announcement to the Australian Securities Exchange (ASX), with the aim of merging BetMakers' wagering technology and B2B services into Tabcorp’s existing wagering and media operations.
As part of the Scheme Implementation Deed, Tabcorp is offering to purchase all outstanding shares of BetMakers at $0.24 each. This offer represents an enterprise value of around $267 million and an equity value of approximately $283 million on a fully diluted basis.
The acquisition will mainly be financed through Tabcorp's cash reserves and undrawn debt facilities.
The proposed purchase price shows a premium over BetMakers’ recent market trading prices. For the fiscal year ending June 30, 2026, BetMakers projected an unaudited EBITDA of $14 million.
Tabcorp's executives have characterized this acquisition as a step to expedite the modernization of their technology platform.
"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," stated Tabcorp’s CEO, Gillon McLachlan.
Jake Henson, CEO of BetMakers, noted, "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 achieving cost synergies of up to $30 million by the end of its second year of ownership. These savings are expected to arise from consolidating data centers, corporate applications, technology contracts, and streamlining operations by replacing legacy systems with BetMakers’ products.
The acquisition is also projected to be accretive to earnings per share (EPS) from the second year after completion, with double-digit EPS growth expected by the third year.
BetMakers’ shareholders will have the option to receive up to 25% of their payment in new Tabcorp shares.
The transaction is contingent on standard conditions, which include approval from BetMakers’ shareholders and the courts, along with clearance from the Australian Competition and Consumer Commission. Furthermore, regulatory consents from gaming and racing authorities in the areas where BetMakers operates will be necessary.
The target for concluding the transaction is set for the third quarter of Tabcorp’s 2027 financial year, pending regulatory and shareholder approvals. Information regarding the scheme and an independent expert report will be sent to BetMakers shareholders in late 2026.
This latest bid comes after Tabcorp initially approached BetMakers in December 2025, in light of a successful financial year marked by revenue growth and a return to net profit, which McLachlan described as making the company ‘fitter’ and ‘improved’. However, discussions stagnated after informal talks were held in February this year.
Earlier this year, Tabcorp also faced penalties totaling over $2.7 million imposed by the Australian Communications and Media Authority (ACMA) for breaching telemarketing and spam regulations over a span of 16 months.
In a separate move, BetMakers finalized an acquisition of Las Vegas Dissemination Company (LVDC), which is expected to bring in roughly $4.5 million in revenue in the first year following the acquisition.
