Betmakers Technology Group (ASX: BET) – Investor Presentation Acquisition of BetMakers 16

Tabcorp Holdings Limited has committed to acquiring BetMakers Technology Group for $0.24 per share through a scheme of arrangement, valuing the technology company at approximately $283 million in equity value. The deal represents a 41 to 42 percent premium to BetMakers’ recent trading averages and values the business at 6.1 times its last twelve-month EBITDA when including anticipated cost synergies. For Tabcorp shareholders, the acquisition addresses a critical strategic need: modernising the gaming and wagering operator’s technology infrastructure while establishing a platform for international expansion through BetMakers’ proven B2B capabilities.

The transaction hinges on Tabcorp’s conviction that BetMakers’ operational transformation over the past two years has created a scalable technology platform. The seller has demonstrated agility in digital modernisation, and Tabcorp aims to leverage that expertise across its broader wagering and data services. The deal combines cash consideration with scrip priced at no less than $1.00 per share, representing a 12 percent premium to Tabcorp’s closing price as at August 7, 2026. This structure allows Tabcorp to preserve cash while signalling confidence in its own valuation to BetMakers shareholders.

Tabcorp projects $30 million in annual run-rate cost synergies by the end of the second full year of ownership, reflecting expected efficiencies in technology operations and headcount optimisation. Management expects the acquisition to be earnings per share accretive from Year 2 onwards, with double-digit accretion anticipated from Year 3. These forward-looking claims rest on successful integration and realisation of the identified cost savings, which constitute the foundation of Tabcorp’s investment case. The pro forma leverage ratio stands at 1.9 times net debt to EBITDA as at December 2025, assuming 25 percent scrip take-up by BetMakers shareholders, indicating that Tabcorp retains sufficient balance sheet capacity to execute the acquisition without material financial stress.

The consideration represents a measured entry price given BetMakers’ growth trajectory in digital wagering products and B2B services. At 6.1 times EBITDA including synergies, the multiple reflects both the strategic value of the platform and the opportunity to consolidate technology functions across Tabcorp’s domestic and international operations. For long-term investors in Tabcorp, the acquisition offers exposure to the expansion of its B2B data and wagering services alongside its core domestic wagering franchise.

Shareholders should monitor the scheme of arrangement approval process, including the independent expert’s report and any regulatory scrutiny from Australian competition authorities. Tabcorp’s ability to retain key BetMakers executives and maintain development momentum will prove critical to realising the projected synergies. The success of the integration, particularly the migration of systems and customer relationships, will ultimately determine whether the acquisition delivers the intended cost savings and revenue upside within the stated timeframes. This announcement has been flagged as price sensitive and material by the Australian Securities Exchange.

View the full ASX announcement (PDF)

About Betmakers Technology Group Ltd (ASX: BET)

Betmakers Technology Group Ltd is an Australian software and technology company that develops and provides wagering technology, data, content, and analytics solutions for the global betting industry. The company serves licensed bookmakers, pari-mutuel wagering operators, and racing bodies across more than 30 countries through its Global Betting Services and Global Tote divisions. Its primary markets include Australia, New Zealand, the United States, the United Kingdom, and Europe.

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