Highlights

• RAS Technology secured a new four-year agreement with Tabcorp Holdings for domestic racing data and content worth $9.1 million plus indexation.

• The agreement commenced from 1 July 2026 and includes RAS’s Fast Form product alongside existing data, analytics and predictive modelling services.

• H1 FY26 revenue increased 38.3% year-on-year to $13.9 million, while annual recurring revenue rose 34.4% to $24.6 million.

• The company reported normalised EBITDA of $1.4 million in H1 FY26 while continuing investment into international expansion.

• RAS Technology has expanded its customer base through agreements across Australia, the UK and Asia.

RAS Technology Holdings Limited (ASX:RTH), the company behind Racing and Sports, continues expanding its racing and sports wagering data business after securing a new four-year agreement with Tabcorp Holdings.

The agreement extends a commercial relationship between the two companies spanning more than 15 years and strengthens RAS Technology’s contracted revenue base.

RAS Technology shares traded at AUD 0.72 on 30 July 2026, recording a gain of 24.14% during the session. The company’s latest update highlighted increased revenue visibility, product expansion and continued international growth initiatives.

What Happened

RAS Technology confirmed a new four-year data and content supply agreement with Tabcorp Holdings on 30 July 2026.

The agreement covers the supply of domestic racing data and content and commenced from 1 July 2026.

The renewed arrangement expands the scope of the existing relationship by incorporating RAS’s Fast Form product alongside its established data feeds, analytics services and predictive modelling solutions.

RAS Technology provides these services across Tabcorp’s digital, retail and broadcast channels.

The agreement is valued at $9.1 million over the four-year term, plus annual indexation.

The contract provides base annual revenue of approximately $2.27 million excluding GST, with price increases linked to CPI and capped at 5% per year.

The renewed agreement strengthens RAS Technology’s relationship with one of Australia’s largest wagering and media operators.

Inside the Announcement

RAS Technology’s new Tabcorp agreement provides additional revenue visibility over the next four years.

The company stated that the contract includes its Fast Form product, a detailed form-analysis tool used by racing audiences and broadcasters.

The agreement also continues the supply of racing data, analytics and predictive modelling services that RAS has historically provided to Tabcorp.

The company’s broader FY26 performance has also included several additional contract wins.

During the year, RAS secured agreements with TABtouch, sportsbook technology provider Altenar and UK-facing operator LeoVegas.

These agreements support the company’s strategy of expanding beyond its Australian customer base.

RAS has also been increasing its presence across international markets, particularly in the UK and Asia.

The Business

RAS Technology Holdings, operating publicly as Racing and Sports, is a Kingston, Australian Capital Territory-based provider of racing and sports wagering data, content and technology solutions.

Founded in 1999, the company maintains a large racing database containing billions of data points covering thoroughbred, harness and greyhound racing across more than 30 countries.

The company operates across three main business areas:

• Premium data feeds and enhanced content, including form guides, ratings, racing vision and editorial content.

• Software-as-a-service trading and pricing platforms for wagering operators.

• Managed trading services supporting bookmakers and racing businesses.

RAS Technology serves domestic and international wagering operators and racing organisations.

Its customers include Tabcorp, businesses within the Flutter and Entain groups, LeoVegas, Stake.com and Australian wagering operator TABtouch.

The company listed on the ASX through an initial public offering that raised close to $70 million.

Financial and Operational Position

RAS Technology is a revenue-generating technology company that has recently moved toward profitability.

During H1 FY26, covering the six months ended December 2025, revenue increased 38.3% year-on-year to $13.9 million.

Annual recurring revenue reached $24.6 million, representing growth of 34.4%.

The company reported normalised EBITDA of $1.4 million during the period while continuing investment into international expansion.

Operating cash flow was $0.8 million, and cash on hand stood at $4.4 million.

For FY24, the company reported record revenue of $16.2 million and EBITDA of $1.9 million.

While revenue growth has been significant, RAS remains a developing technology business and has only recently approached consistent profitability.

Trailing financial data indicates a small net loss of approximately $264,000, highlighting that continued execution and margin improvement remain important.

Potential Growth Drivers

The Tabcorp agreement adds to a broader series of commercial developments supporting RAS Technology’s growth strategy.

The company’s contract wins with TABtouch, Altenar and LeoVegas demonstrate efforts to diversify revenue sources and expand internationally.

Geographic expansion remains a key focus.

The company has increased the contribution of international markets, with the UK’s share of annual recurring revenue increasing from 31% to 42%.

Asia has also become a larger contributor to the business.

The company’s expanded product offering, including enhanced information services and wagering technology platforms, provides opportunities to increase revenue per customer.

The integration of Fast Form into the Tabcorp agreement may also support additional product adoption across existing customer relationships.

Key Risks and Uncertainties

RAS Technology operates in a competitive and concentrated wagering technology sector.

A significant portion of revenue comes from major wagering operators, meaning contract renewals and customer relationships remain important factors.

Although the Tabcorp agreement provides multi-year revenue visibility, any changes to customer relationships or pricing arrangements could affect future performance.

The company remains only marginally profitable and continues investing in UK and Asian expansion.

Execution risk remains relevant as RAS seeks to convert international growth opportunities into sustainable earnings.

The wagering and racing sectors are also subject to regulatory changes, including restrictions around advertising, licensing and data usage.

As a smaller-capitalisation technology company, RAS shares may experience volatility due to trading liquidity and changes in investor sentiment.

What to Watch Next

Investors monitoring RAS Technology may focus on future financial results for evidence of continued revenue growth and improving profitability.

The rollout and contribution of the expanded Tabcorp agreement will be an important area to track.

Further international contract wins, particularly in the UK and Asia, will provide insight into whether geographic diversification is translating into sustainable growth.

Investors may also monitor the performance of products such as Fast Form and the company’s ability to expand revenue across existing customer relationships.

Future updates on cash generation and margins will be important as RAS continues scaling its technology platform.

The Bottom Line

RAS Technology’s new four-year agreement with Tabcorp represents a significant commercial development for the company, extending a long-standing relationship and adding further contracted revenue visibility.

The agreement complements broader growth across the company’s wagering data and technology business, including international customer expansion and higher recurring revenue.

However, RAS remains a small-cap technology company that is still building consistent profitability while investing in expansion.

The company’s future performance will depend on successful execution of its international strategy, continued customer growth and its ability to convert revenue expansion into sustainable earnings.