Tabcorp Holdings has finalized a binding agreement to acquire BetMakers Technology Group for around AU$267 million (equivalent to US$188.6 million). This announcement comes a few months after initial discussions regarding a takeover faltered. The acquisition, made public through a filing with the Australian Securities Exchange (ASX), intends to merge BetMakers' wagering technology and B2B services into Tabcorp’s existing wagering and media operations.
Under the terms of the Scheme Implementation Deed, Tabcorp proposed to buy all outstanding shares of BetMakers at a price of $0.24 each. This offer reflects an enterprise value close to $267 million and an estimated equity value of about $283 million on a fully diluted basis. The acquisition will primarily be financed through Tabcorp’s cash reserves alongside undrawn debt facilities.
The offer price represents a premium based on BetMakers' recent market performance. BetMakers reported an unaudited EBITDA of $14 million for the twelve months ending June 30, 2026.
Tabcorp's leadership views this acquisition as pivotal for the modernization of its technology platform. Chief Executive Officer 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."
BetMakers' CEO Jake Henson 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."
Tabcorp anticipates achieving cost synergies of up to $30 million by the end of the second year following the acquisition. These savings are projected to come from consolidating data centers, corporate applications, and technology contracts, as well as replacing legacy platforms with BetMakers’ product suite and improving efficiencies in corporate support functions.
The deal is also expected to have a positive impact on earnings per share (EPS) from the second year after completion, potentially reaching double-digit EPS growth by the third year. BetMakers shareholders may elect to receive up to 25% of their consideration in new Tabcorp shares.
The acquisition will be contingent upon several customary conditions, including shareholder approval from BetMakers, court approval, and clearance from the Australian Competition and Consumer Commission. Regulatory approvals from gaming and racing authorities in the jurisdictions where BetMakers operates are also required. The completion of the transaction is aimed for the third quarter of Tabcorp’s 2027 fiscal year, pending final regulatory and shareholder approvals. A scheme booklet and an independent expert report are expected to be sent to BetMakers’ shareholders in late 2026.
Tabcorp’s bid to acquire BetMakers was first proposed in December 2025 following a successful financial year for Tabcorp, marked by a rise in revenue and a return to net profit. McLachlan characterized the company as having become "fitter" and "improved." However, initial discussions did not progress beyond an informal exchange. Additionally, Tabcorp faced penalties exceeding $2.7 million from the Australian Communications and Media Authority earlier this year for violating telemarketing and spam regulations over a 16-month period. In conjunction with these developments, BetMakers had announced its own acquisition of the Las Vegas Dissemination Company, projected to generate approximately $4.5 million in revenue in the first year post-acquisition.
