Tabcorp Holdings has confirmed a binding agreement to acquire BetMakers Technology Group for approximately AU$267 million (US$188.6 million), following earlier discussions that did not materialize.
The acquisition announcement came through the Australian Securities Exchange (ASX), indicating Tabcorp's plans to integrate BetMakers’ advanced wagering technology and B2B services into its own betting and media operations.
Under a Scheme Implementation Deed, Tabcorp will buy all BetMakers shares at $0.24 each. This valuation translates to an enterprise value of about $267 million and an equity value of around $283 million on a fully diluted basis.
Tabcorp intends to fund the purchase using its cash reserves along with undrawn credit facilities. The offer price, which provides a premium over BetMakers’ recent share prices, comes as the latter reported an unaudited EBITDA of $14 million for the fiscal year ending June 30, 2026.
In comments about the acquisition, Tabcorp's CEO, Gillon McLachlan, stated that it would 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,” he said.
BetMakers CEO, Jake Henson, expressed shared goals with Tabcorp, emphasizing a commitment to build a leading global wagering and media business. He mentioned that combining Tabcorp's rights, content, and industry relationships with BetMakers’ platforms and data will enhance their offerings.
Financially, Tabcorp anticipates generating cost synergies of up to $30 million by the end of its second year as the owner. The expected savings will stem from consolidating data centers, corporate applications, and technology contracts while implementing BetMakers’ modern product suite.
Moreover, the transaction is projected to be earnings-per-share accretive starting in the second year after completion, with expected double-digit EPS growth by the third year. BetMakers’ shareholders also have the option to receive up to 25% of their total consideration in new Tabcorp shares.
The acquisition is contingent upon several customary conditions, including approval from BetMakers’ shareholders, court validation, and clearance from the Australian Competition and Consumer Commission. Regulatory approvals from gaming and racing authorities in the markets where BetMakers operates are also necessary.
Both companies aim for the completion of the deal by the third quarter of Tabcorp's 2027 fiscal year, provided all regulatory and shareholder consents are obtained. A scheme booklet and an independent expert report are expected to be sent to BetMakers’ shareholders by late 2026.
This acquisition marks the second attempt by Tabcorp, which initially pursued BetMakers in December 2025. At that time, Tabcorp had just reported a strong financial year, which led McLachlan to describe the company as "fitter" and "improved." Previous negotiations, however, stalled after informal discussions in February didn’t progress.
It is also noteworthy that earlier this year, Tabcorp faced penalties exceeding $2.7 million from the Australian Communications and Media Authority (ACMA) for breaching telemarketing and spam regulations over a 16-month period.
In a related development, BetMakers had previously agreed to acquire Las Vegas Dissemination Company (LVDC), which is anticipated to yield around $4.5 million in revenue during its first year following the acquisition.
