BetMakers Technology Group Reports Strong FY2026 Results Under Jake Henson and Carl Henschke

BetMakers Technology Group has released its FY26 results, and the numbers tell a turnaround story with an asterisk. Revenue for the year reached A$92.6M, up 8.8% on the prior year, or 11.2% on a constant currency basis. Adjusted EBITDA came in at A$14.1M, a 205% improvement on the previous year’s A$4.6M. The presentation was released on the ASX in August 2026. What makes the BetMakers FY26 results worth a closer read isn’t the top line at all. It’s what the company did to the cost base sitting underneath it.

Because the growth here didn’t come from spending more. It came from spending less.

What the BetMakers FY26 results actually show

Start with the mix that drives the headline. Revenue rose 8.8%, but operating expenses fell – down to A$49.4M from A$52.5M the year before. A supplier growing its top line while trimming its cost base is doing something most gaming technology firms find hard to pull off at the same time.

That combination pushed the margins. Adjusted gross margin improved to 66.9%, up from 64.1%, closing on the company’s stated long-term goal of 70%. Adjusted EBITDA margin jumped from 5.5% to 15.2%. In the fourth quarter alone, the company reported a gross margin of 68.5% and an adjusted EBITDA margin of 18.2%, both pointing the same way.

The company attributes part of the gross margin lift to strong incremental margin from digital revenues and a restructured Penn Entertainment contract that improved the profile in the second half.

Where BetMakers says the growth is coming from

The company’s own read is that its digital customer base is the engine, led by domestic customers, with the recurring tote business providing a steadier base of international revenue. Content distribution is cited as a further contributor. BetMakers frames the digital side as the growth driver and the tote side as the recurring foundation underneath it.

A note on the detail: the segment revenue figures shown in the results presentation differ from those in the audited annual report, so this article holds to the uncontested picture – total revenue, margins and earnings – rather than restating a segment split the two primary documents don’t agree on. The direction the company describes is clear enough; the precise segment weighting is a number worth reconciling against the audited accounts.

The caveat that keeps the BetMakers result honest

Here’s where discipline matters. That A$14.1M adjusted EBITDA figure is a non-IFRS measure, and the gap between it and the statutory numbers is not trivial.

Statutory EBITDA was A$9.1M. And after depreciation, amortisation, finance costs and a A$1.5M tax benefit, the business still recorded a net loss after tax of A$5.2M for the year. That is a sharp improvement on the prior year’s A$25.4M loss, but it is a loss all the same.

The reconciliation is transparent about the bridge between the two figures, which includes a A$1.3M inventory write-off, deal costs tied to the LVDC acquisition and the binding Scheme Implementation Deed (SID) announced in August 2026 under which Tabcorp Holdings Limited proposes to acquire 100% of BetMakers, restructuring costs and share-based payments. None of that is unusual for a company at this stage. But it’s the difference between a marketing read and an operator’s read, and it deserves naming.

What the FY26 numbers mean for the operators BetMakers supplies

For a platform head or a wagering operator choosing a technology partner, vendor durability is the real question. A supplier that can grow earnings by controlling costs, rather than by burning through cash to chase revenue, is a safer long-term bet. Operating cash flow of A$5.0M, up A$2.2M on the prior period and A$14.7M better than FY24, supports that picture.

There’s a practical dimension too. BetMakers has flagged new deployments in the first half of FY27, which means operators evaluating tote and fixed-odds technology have a supplier actively expanding its footprint rather than retrenching. That affects procurement conversations and integration timelines over the next two to three quarters.

What comes next for the racing technology market?

The signal from these results is that the pure-play racing technology model can find operating leverage without relying on rapid revenue expansion. Over the next 6 to 12 months, the questions to watch are whether the margin discipline holds as the business scales, whether the digital revenue line keeps outpacing tote, and whether statutory profitability finally follows the adjusted numbers into positive territory. The turnaround is clearly underway. Whether it fully converts – or transitions under Tabcorp’s proposed acquisition – is the story FY27 will have to answer, and it is the one operators and the wider sector will be watching most closely. 

Source: BetMakers Technology Group