BetMakers reported record Q1 FY27 Adjusted EBITDA of $5.9 million at a 23.8% margin, representing a 176% increase on the prior corresponding period and signalling continued execution of its long-term financial targets. The company delivered quarterly revenue of $24.7 million, up 16.3% year-on-year, while gross margin expanded to 69.1% from 63.9%, tracking towards its stated long-term goal of 70%.
The quarter’s standout feature was the operating leverage embedded in the business model. Operating expenses fell to $11.2 million from $11.4 million in Q1 FY26, despite the 16.3% revenue growth. This cost discipline, combined with improved gross margins, drove the substantial Adjusted EBITDA growth and margin expansion. Management attributes the performance to its simplified, technology-led operating structure and continued expansion of the digital customer base, particularly through the Apollo platform, which recorded record levels of activity during the quarter.
Cash generation strengthened materially, with net cash from operating activities reaching $2.8 million in the quarter after the annual Monmouth Park minimum guarantee payment of US$2.0 million. Unrestricted cash at quarter end was $16.0 million, up from $15.6 million at 30 June 2026. This cash position provides flexibility as the company continues to invest in technology development and pursue commercial opportunities across its platforms.
The company also announced achievement of the vesting condition for Tranche 2 of its Long-Term Incentive Plan, with 41.9 million performance rights now eligible for conversion to ordinary shares. The vesting condition was met through EBITDA metrics, with the company delivering an EBITDA run-rate of $20.8 million for the six months to 30 September and 12-month EBITDA of $17.1 million, meeting the specified thresholds well ahead of the December 2026 deadline.
The results demonstrate resilience during a period of material corporate activity. BetMakers remains subject to conditions for the proposed acquisition by Tabcorp, announced in August 2026, including ACCC clearance and regulatory approvals. Management has targeted Q3 FY27 for scheme implementation. The first-quarter performance suggests the business is maintaining momentum on its core commercial and technology priorities despite the pending transaction.
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Become an AR or CARInvestors should monitor progress towards the remaining scheme conditions, particularly ACCC clearance and gaming and racing approvals, as well as trajectory towards the company’s stated long-term targets of 10% annual revenue growth, 70% or higher gross margins, and 25% or higher Adjusted EBITDA margin. This announcement is price sensitive and has been classified 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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