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Tabcorp Holdings has agreed to acquire BetMakers Technology Group for A$0.24 per share in cash, valuing the racing technology supplier at an enterprise value of about A$267m (US$189m) and an equity value of roughly A$283m on a fully diluted basis.
The transaction was announced to the Australian Securities Exchange on Monday and is structured as a court-approved scheme of arrangement. The cash price is a 41% premium to BetMakers’ closing price of A$0.17 on Friday and to its one-month volume-weighted average price. BetMakers shares rose more than 33% on Monday.
BetMakers shareholders can elect to receive part of their consideration in newly issued Tabcorp shares instead of cash, capped at 25% of total transaction consideration. The scrip carries a minimum issue price of A$1.00 per Tabcorp share, a 12% premium to Tabcorp’s Friday close of A$0.89. The maximum number of new Tabcorp shares that can be issued under the election is 70.7 million, or 3.1% of shares on issue. Tabcorp will fund the cash component from existing reserves and undrawn debt facilities, and the scheme carries no financing condition.
What Tabcorp is buying
BetMakers supplies B2B wagering infrastructure to operators, racing bodies and regulators, split across two divisions: Global Betting Services and Global Tote. Its products cover fixed-odds wagering solutions, pari-mutuel tote systems, data and analytics, racing content distribution and managed trading services. The company holds customer relationships in Australia, the United States and the United Kingdom, with further exposure across Europe and Asia.
For Tabcorp, the assets sit directly against gaps in its own stack. The group holds the Victorian Wagering and Betting Licence and owns Sky Racing, and has spent two years attempting to replace ageing technology internally. Buying BetMakers substitutes an existing platform for that build.
“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, particularly for our unique media and tote offering,” said Tabcorp managing director and chief executive Gillon McLachlan.
This is the first major acquisition under McLachlan, who joined Tabcorp as chief executive in August 2024 after leading the Australian Football League.
The financial case
BetMakers reported unaudited EBITDA of A$14m for the 12 months to 30 June 2026. Against that figure, the A$267m enterprise value implies a multiple of roughly 19 times before any synergies. In its fiscal fourth quarter ended 30 June 2026, BetMakers revenue rose 9.4% year-on-year to A$24.2m, with quarterly adjusted EBITDA up 89% to A$4.5m.
Tabcorp is targeting A$30m in annual run-rate cost synergies by the end of the second year following completion, drawn from operational efficiencies and technology savings. Management expects the deal to be earnings per share accretive from year two and double-digit EPS accretive from year three. Those figures are company guidance, not external forecasts, and the independent expert’s assessment has not yet been prepared.
Approvals and timeline
Completion is subject to BetMakers shareholder and court approval, mandatory merger clearance from the Australian Competition and Consumer Commission, and consents from gaming and racing authorities in the jurisdictions where BetMakers operates. A scheme booklet and independent expert’s report are scheduled for distribution to BetMakers shareholders in late 2026, with completion targeted for the third quarter of Tabcorp’s 2027 financial year, or the opening months of calendar 2027.
The BetMakers board has unanimously recommended the scheme in the absence of a superior proposal and subject to the independent expert concluding it is in shareholders’ best interests. Directors holding around 10% of the register intend to vote in favour on the same basis. Reciprocal break fees of A$2.83m apply to both parties.
“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, and an exciting future for our people,” said BetMakers chief executive Jake Henson.
A second approach that landed
The two companies discussed a transaction before. Australian media reported in early 2026 that Tabcorp had approached BetMakers executive chairman Matt Davey about a potential acquisition, but those talks did not progress beyond informal stages.
The deal continues a run of consolidation in sports and racing technology, where operators have been buying data and platform suppliers rather than building equivalents. Genius Sports acquired Legend for $1.2bn in February, and Aristocrat bought Gaming Analytics in the same month to add player engagement capability to its land-based business.
The Australian backdrop is also shifting around Tabcorp. The Australian Communications and Media Authority classified prediction markets as gambling in February, closing off a route that overseas platforms had used to reach Australian customers without a wagering licence.
The nearest test for the transaction is the ACCC review, given both parties supply tote and fixed-odds services into the same Australian racing ecosystem. The independent expert’s report, due with the scheme booklet in late 2026, will set the terms on which BetMakers shareholders vote.
Source: Tabcorp Holdings
