Tabcorp Holdings has agreed to acquire BetMakers Technology Group for $0.24 per share via a scheme of arrangement, valuing the company at approximately $267 million on an enterprise value basis. The deal represents Tabcorp’s move to acquire proven wagering technology capabilities and a talented team at BetMakers, which has undergone significant transformation over the past two years. BetMakers shareholders have been offered the choice to take up to 25% of their consideration in Tabcorp shares at a minimum issue price of $1.00, representing a 12% premium to Tabcorp’s last closing price. The scheme has been unanimously recommended by the BetMakers Board.
The strategic logic centres on technology modernisation and scale. Tabcorp is acquiring a company with a proven wagering technology platform alongside established B2B services, accelerating its own tech transformation while adding complementary assets to its international business. The acquisition is positioned to deliver greater operating efficiency and unlock growth opportunities by combining Tabcorp’s existing rights, content and customer relationships with BetMakers’ platforms, data and B2B capabilities. For investors, this represents Tabcorp’s pursuit of its stated strategic transformation, with management targeting a market-leading global wagering and media offering. The ability to fast-track product development and accelerate digital capabilities through an acquisition rather than organic build is viewed as an attractive alternative to organic development timelines.
The financial returns profile appears compelling. Tabcorp has targeted run-rate cost synergies of $30 million by the end of Year 2 of ownership, with additional revenue growth opportunities anticipated to provide upside. The transaction is expected to be earnings per share accretive from Year 2 onwards, with double-digit EPS accretion targeted from Year 3. The valuation metrics support this outlook, with the enterprise value to LTM June 2026 pro forma EBITDA multiple standing at 6.1x when including the full run-rate cost synergies. These metrics suggest a reasonable entry valuation, particularly when factoring in the synergy opportunity and the quality of BetMakers’ recent transformation.
Tabcorp has also emphasised that its strong balance sheet position will be maintained through the transaction, with pro forma leverage remaining well below the company’s stated policy settings. This preservation of financial flexibility is important, as it signals management’s continued capacity to pursue growth opportunities whilst maintaining financial discipline. The pro forma leverage assumption is based on 25% scrip take-up and excludes synergies, so actual leverage outcomes will depend on shareholder election to take scrip versus cash consideration.
Investors should monitor several key developments. The scheme requires regulatory approval from the Foreign Investment Review Board and Australian Competition and Consumer Commission, along with shareholder approval at BetMakers’ scheme meeting and Tabcorp’s annual general meeting. The timing of these approvals and any conditions imposed will shape the certainty of deal completion. Management’s execution on the targeted synergy realisations will also be critical, particularly the cost synergies forecast for Year 2, which will underpin the earnings accretion profile. This announcement is price sensitive and has been flagged as material by the ASX.
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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