Highlights

  • Tabcorp has agreed with the BetMakers board on a scheme of arrangement under which Tabcorp would acquire 100% of BetMakers for AUD 0.24 per share in cash, with shareholders able to elect to take part of their consideration in Tabcorp scrip, subject to a 25% cap and pro-rata scale-back.
  • BetMakers shares last traded around AUD 0.165-AUD 0.17 before jumping 39.39% on confirmation of the Tabcorp proposal, taking the stock toward but still under the AUD 0.24 Offer Price .
  • Watch for the scheme booklet and independent expert's report, which will spell out valuation methodology and any fairness opinion.
  • Nothing here is done. Regulatory clearance across multiple racing and gaming jurisdictions, ACCC scrutiny of a deal combining a major wagering operator with a key technology supplier, and a Shareholder vote...

BetMakers Technology Group shares surged 39.39% as the wagering-technology company confirmed a formal Takeover proposal from Tabcorp, six months after an earlier round of informal talks between the pair broke down without a deal. The move follows a Trading halt and comes with real numbers attached this time - a scheme of arrangement pitched at AUD 0.24 cash per BetMakers share, valuing the Equity at roughly AUD 282.9 million and the enterprise at about AUD 267.3 million. For a stock that had been trading around 16-17 cents, the jump takes shares close to, but still below, the offer price, which is typical when a deal has not yet been locked in by shareholders, courts and regulators. The central question now is whether this approach sticks where the last one did not.

Recent Developments

Tabcorp has agreed with the BetMakers board on a scheme of arrangement under which Tabcorp would acquire 100% of BetMakers for AUD 0.24 per share in cash, with shareholders able to elect to take part of their consideration in Tabcorp scrip, subject to a 25% cap and pro-rata scale-back. The transaction carries no financing condition. BetMakers directors have unanimously recommended the scheme, and directors controlling roughly 10% of the register have indicated they intend to vote in favour, subject to the usual independent expert and no-superior-proposal caveats that accompany these agreements.

This is a second act. Back in February 2026, BetMakers confirmed that Tabcorp had approached it for preliminary, informal talks about a possible change-of-control transaction, only for the company to disclose weeks later that no formal offer materialised and discussions had ceased. That earlier episode still triggered a trading halt and a share-price spike at the time, so seasoned BetMakers watchers will recognise the pattern - except this time there is a signed proposal, a price, and a board recommendation rather than a vague "preliminary discussions" statement.

Completion is targeted for the third quarter of FY27, contingent on ACCC clearance, racing and gaming regulatory approvals across the jurisdictions BetMakers operates in, plus shareholder and court sign-off. That is a long runway, and a lot can happen to a deal in that time.

Why It Matters

A confirmed, board-endorsed bid is a different animal from a rumour. The 39.39% jump reflects the market re-rating BetMakers toward deal value rather than standalone fundamental value, and the gap that remains between the traded price and the AUD 0.24 offer is effectively the market's pricing of completion risk - regulatory, competitive and shareholder-vote risk all included. Tabcorp already has a commercial relationship with BetMakers, supplying wagering technology and content distribution for Tabcorp's racing and media operations, which gives this proposed union an obvious strategic logic: vertical integration of technology that Tabcorp already relies on.

BetMakers has genuinely improved its Operating Leverage over the past year, moving from losses to positive adjusted EBITDA while growing revenue and cutting its cost base. A cash offer at AUD 0.24 - a premium reported above 40%, with one source citing 45.5% - crystallises that turnaround for shareholders without them having to wait for the standalone growth thesis to play out further. The scrip election also lets holders retain some exposure to a combined Tabcorp-BetMakers Business if they believe the strategic logic of integrating wagering technology with Australia's largest listed wagering operator.

The Assets described above remain central to the company's valuation and strategic case.

Company Overview

BetMakers is a B2B wagering-technology provider, supplying software, data and pricing infrastructure to licensed bookmakers and racing bodies across more than 30 countries. It counts more than 200 global customers and holds over 45 betting and wagering licences, employing more than 330 staff. Its product suite spans the Apollo trading platform, the RaceOdds+ pricing product, the Global Tote pari-mutuel network and content and data distribution tools such as AdVantage.

Recent commercial wins underline the breadth of that footprint: a five-year exclusive technology deal with relaunched bookmaker CrownBet, a Partnership with Stake.com for horse-racing expansion, the acquisition of the Las Vegas Dissemination Company, a renegotiated agreement with PENN Entertainment, a content distribution tie-up with Swedish operator ATG, and BetConstruct's selection of BetMakers' AdVantage product. None of this activity is new information for the market - but it is the operating base Tabcorp would be buying into.

Financial Snapshot

BetMakers shares last traded around AUD 0.165-AUD 0.17 before jumping 39.39% on confirmation of the Tabcorp proposal, taking the stock toward but still under the AUD 0.24 offer price. Market Capitalisation stood at roughly AUD 185 million on the pre-jump price. Trailing twelve-month revenue is approximately AUD 89.8 million, against a net loss of around AUD 12.7 million.

The company's most recent disclosed results show the turnaround story that has underpinned the re-rating: first-half FY26 revenue of AUD 46.1 million, up 13.8% on the prior corresponding period, with adjusted EBITDA of AUD 6 million versus a AUD 1.3 million loss a year earlier, gross Margin expanding to 66.5%, and AUD 15.2 million of unrestricted cash with no debt. Fourth-quarter FY26 figures showed revenue of AUD 24.2 million, up 9.4%, adjusted EBITDA of AUD 4.5 million, up 89.3%, an 18% EBITDA margin, and AUD 15.6 million of unrestricted cash.

Cash Flow remains central to funding capacity and the company's ability to execute its next milestones.

Capital requirements remain central to the company's development and operating plans.

Earnings remain an important measure of whether current momentum is supported by underlying business performance.

What to Watch

Watch for the scheme booklet and independent expert's report, which will spell out valuation methodology and any fairness opinion. Regulatory filings with the ACCC and relevant state racing and gaming authorities will be the next formal milestones, followed eventually by a shareholder vote and court approval hearing.

Risks

Nothing here is done. Regulatory clearance across multiple racing and gaming jurisdictions, ACCC scrutiny of a deal combining a major wagering operator with a key technology supplier, and a shareholder vote all sit between today and completion targeted for Q3 FY27. The February 2026 precedent is a live reminder that Tabcorp-BetMakers talks have collapsed before. A superior proposal, a regulatory objection, or a soured shareholder vote could each derail the scheme, and the discount the market is still applying to the offer price reflects exactly that uncertainty.

What Will Decide Whether The Tabcorp Deal Completes

BetMakers' share-price jump is a straightforward, verified market reaction to a confirmed, board-recommended takeover proposal from Tabcorp at AUD 0.24 a share, arriving after an earlier approach fell through. The company's underlying turnaround - improving margins, positive EBITDA and a growing global customer base - gives the bid genuine commercial rationale rather than opportunism alone. Whether this second attempt reaches completion depends on regulatory clearances and a shareholder vote still many months away, and the persistent gap between the traded price and the offer price shows the market is pricing that uncertainty rather than treating the deal as done.