Tabcorp Holdings has finalized a binding agreement to acquire BetMakers Technology Group for approximately AU$267 million (US$188.6 million), following a failed takeover attempt earlier this year.
This acquisition aims to enhance Tabcorp’s wagering and media operations by incorporating BetMakers’ technology platforms and B2B services, as detailed in a filing with the Australian Securities Exchange (ASX).
Under the Scheme Implementation Deed, Tabcorp plans to buy all outstanding shares of BetMakers at a price of $0.24 each, which translates to an enterprise value of about $267 million and an equity value of around $283 million on a fully diluted basis.
The funding for this purchase will mainly come from Tabcorp's cash reserves and undrawn debt facilities, with the offer reflecting a premium over BetMakers’ recent market pricing. BetMakers reported an unaudited EBITDA of $14 million for the 12 months ending 30 June 2026.
Tabcorp's leadership views this acquisition as a way to fast-track the modernization of their technology platform. Gillon McLachlan, Tabcorp's CEO, noted, "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, expressed enthusiasm about the deal, stating, "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."
From a financial perspective, Tabcorp anticipates realizing cost synergies of up to $30 million by the end of its second year of ownership, stemming from consolidating data centers, corporate applications, and technology contracts, as well as transitioning to BetMakers’ product suite. The transaction is projected to enhance earnings per share (EPS) from the second year post-completion, potentially reaching double-digit EPS accretion by the third year.
BetMakers' shareholders will have the option to receive up to 25% of their deal consideration in new Tabcorp shares.
This acquisition is contingent upon standard conditions, including approvals from BetMakers’ shareholders and courts, alongside clearance from the Australian Competition and Consumer Commission. Additionally, regulatory consents from gaming and racing authorities in the jurisdictions where BetMakers operates will be required.
Completion of the transaction is targeted for the third quarter of Tabcorp’s 2027 financial year, subject to necessary regulatory and shareholder approvals. A scheme booklet and independent expert’s report for BetMakers’ shareholders are expected to be distributed in late 2026.
Initially, Tabcorp's interest in acquiring BetMakers was expressed in December 2025. Following a solid performance in the 2025 financial year, where the company reported a revenue increase and a return to net profit, McLachlan described Tabcorp as 'fitter' and 'improved.' However, negotiations stalled after an informal discussion earlier this year.
In a related note, Tabcorp incurred penalties surpassing $2.7 million from the Australian Communications and Media Authority (ACMA) earlier this year due to breaches of telemarketing and spam regulations over a 16-month span.
Last year, BetMakers also announced its agreement to acquire Las Vegas Dissemination Company (LVDC), which is projected to generate approximately $4.5 million in revenue in its first year following the acquisition.
