A$24.2M Revenue, $4.5M EBITDA: Jake Henson Drives BetMakers to One of Its Strongest Quarters

A leaner cost base does the heavy lifting as the wagering technology supplier’s margin climbs from 10.7% to 18.5% in a year.

BetMakers Technology Group has posted its Q4 FY26 results, and the BetMakers Q4 FY26 results carry a clear message beneath the top line. Quarterly revenue reached A$24.2m for the three months to 30 June 2026, up 9.4% on the prior corresponding period. But the sharper move sits in profitability. Adjusted EBITDA rose to A$4.5m from A$2.4m a year earlier – an 89% increase – and the margin nearly doubled. All figures are unaudited and in Australian dollars, with the profit-and-loss comparison stated on a constant-currency basis.

What the BetMakers Q4 FY26 results actually show

Start with the numbers that matter. Revenue of A$24.2m, up 9.4%. Adjusted EBITDA of A$4.5m, a A$2.1m improvement on the same quarter last year. The Adjusted EBITDA margin expanded to 18.5%, up from 10.7% in the prior corresponding period. Gross margin came in at 68.5% – or 69.8% once a A$0.3m prior-quarter expense is stripped out.

Cash held up too. The company reported A$15.6m in unrestricted cash, up from A$14.8m the previous quarter, on positive operating cash flow of A$3.2m. Not a dramatic quarter for the top line. A telling one for the bottom.

Why the margin story matters more than the revenue

Here’s the part operators and analysts care about. Operating expenses fell – from A$12.7m in Q4 FY25 to A$12.1m in Q4 FY26 – while revenue grew almost 10% over the same stretch. That’s operating leverage, plainly stated. When costs drop as revenue rises, more of every dollar earned reaches profit.

For a B2B supplier, that shift changes the conversation. Revenue growth alone tells an operator a vendor is winning work. Margin expansion tells them the vendor can fund product, weather pricing pressure, and stay in business through a cycle. The second signal is worth more.

The quarter wasn’t cost-free, and the company doesn’t pretend otherwise. BetMakers recorded A$1.3m in restructuring and one-off costs, tied to a legacy contract, GT Vegas synergies, and employment changes, plus A$0.1m in bad debts written off. These are disclosed and adjusted out of the headline EBITDA figure – worth naming rather than glossing over.

Customers, content and a returning unit

The commercial side gave the quarter substance. BetMakers launched its integration with Stake.com during the quarter, giving the operator access to its fixed-odds pricing, tote and trading capability alongside racing content and the Racelab product suite. It also pointed to early performance from the relaunched CrownBet brand, which went live on its Apollo platform back in Q3 FY26. In his commentary, CEO Jake Henson grouped Stake, CrownBet and Dafabet.com.au as key customers brought to market across the year.

Then there’s GT Vegas, formerly known as LVDC. The unit returned to positive Adjusted EBITDA on a reduced cost base and now serves as BetMakers’ North American headquarters. Other developments through the quarter included a content distribution deal with Swedish racing body ATG, parimutuel reveal-game agreements with Bragg Gaming Group and Dreamstreak, and the launch of BetStream, an AI-powered streaming product. Two further deals – with BetConstruct (alongside Podium) and an Arena Racing Company/Tabcorp UK distribution go-live – landed post-quarter in July 2026.

What management said – and what it signals

CEO Jake Henson framed the year around discipline. “Throughout FY26 we focused on supporting leading operators, expanding our product suite while maintaining tight control of our cost base, and Q4 reflects that approach,” he said, adding that the company had “swiftly returned GT Vegas to profitability through a leaner operating model.”

Executive Chair Matt Davey put it in results terms: “That combination of sustained revenue growth and improving margins is exactly what we set out to deliver this year.” The read on both statements is consistent. This is management signalling that the restructuring phase is giving way to a profitability phase – and the figures broadly support the claim, though FY26 remains unaudited.

Can BetMakers turn one strong quarter into a durable margin trend? 

The direction is set; the destination isn’t reached. BetMakers still trades some distance below its stated long-term goal of a 25% Adjusted EBITDA margin, against 18.5% this quarter. The company has said its latest results do not yet fully reflect revenue from recent contract wins or its most recent cost-out programme – which, if accurate, points to further margin room in FY27.

Two things are worth watching over the next six to twelve months. First, whether the operating leverage on show here holds as newer contracts scale. Second, the FY26 full-year audited results, where the Board has said it will offer firmer FY27 guidance. One near-term drag is already flagged: Q1 FY27 will carry a US$2.0m New Jersey Fixed Odds minimum guarantee payment. The question the market will spend the next quarter answering is simple.

Source: BetMakers Technology Group