BetMakers Technology Group reported a sharp turnaround in profitability during the first half of FY26 as adjusted EBITDA turned positive.

The business, which is listed on the Australian Securities Exchange (ASX), benefited from revenue growth, improved margins and reduced operating costs following its strategic transformation.

For the six months ended 31 December 2025, revenue rose 13.8% year-on-year to $46.1m (£21.36m), compared to $40.5m the year before. 

The company attributed the growth to increased demand for its high-margin digital and data services, alongside new global partnerships and customer deployments.

The most significant improvement came in profitability. Adjusted EBITDA reached $6m, representing a $7.3m turnaround from the $1.3m loss reported in the first half of FY25. 

Gross margin expanded to 66.5%, up from 59.7% a year earlier, while annualised operating costs were reduced to $54.3m, continuing a downward trend from $71.6m in FY24, as the firm streamlined operations. BetMakers ended the period with $15.2m in unrestricted cash and no debt.

Executive Chairman Matt Davey said the results reflected the success of the company’s restructuring and repositioning strategy.

“BetMakers has made significant progress over the last six months,” Davey said. 

“The company has clearly developed and deployed market leading technology and products, demonstrated by the world class commercial wins during this period. 

“Further, as we continue to deliver new customer growth to the revenue line, the operating leverage built into our business model is driving the turnaround in our adjusted EBITDA and operating cash flow. 

“We have successfully reset BetMakers into a lean, profitable, and efficient platform and we expect those attributes to compound as we continue to win business and expand the company over the coming periods.”

BetMakers turning heads

Growth for the business has been driven by several major commercial agreements signed during the period. BetMakers entered a five-year exclusive technology deal to provide the full wagering platform for the launch of the CrownBet brand, expected to go live in early 2026. 

The company also secured a multi-year partnership with the much-discussed Stake.com to support its global horse racing expansion using BetMakers’ RaceOdds+ product.

In addition, BetMakers completed the acquisition of Las Vegas Dissemination Company (LVDC), which is expected to contribute approximately $4.5m in annualised revenue and reach EBITDA breakeven in its first year. 

The firm also renegotiated terms with PENN Entertainment under a new three-year agreement, which is projected to increase EBITDA by approximately $1.2m annually through improved margins and reduced minimum fees.

Customer growth continued across BetMakers’ Apollo platform, with eight new customers launching during the second quarter and a further eight scheduled to go live in the second half of FY26.

Jake Henson, BetMakers Chief Executive Officer, said the company was now positioned to capitalise on global opportunities, particularly in the US market.

“1H FY26 has demonstrated the operating leverage inherent in our technology-led model, with 13.8% revenue growth driven by high-margin digital and data services,” he explained.

“We are seeing the ‘technology moat’ we’ve built translate into significant commercial momentum, underscored by our landmark partnerships with Stake.com and CrownBet. 

“Our focus is now on new market penetration, particularly in the US digital void where we are ready to deploy white-label apps and embedded wallet solutions into untapped markets like Nevada. 

“We are not just participating in the global racing ecosystem; we are providing the mission-critical operating system that handles its entire lifecycle.”

Looking ahead, BetMakers expects further margin expansion and EBITDA growth as new contracts, including CrownBet and Stake.com, go live and contribute to revenue. The company also plans to continue integrating LVDC and expanding its digital wagering solutions, particularly in Nevada.

Its recent improvements have not gone unnoticed. The company’s market cap now sits at over $200m, with its shares now trading at around $0.19 per share – a 58% jump in the past 12 months. 

Other companies have also been interested in BetMakers’ progress, with the company recently confirming that it was approached by national counterpart Tabcorp in regards to a takeover deal. 

Discussions had apparently been taking place since late 2025, but no official offer was made. The revelation of talks came shortly after BetMakers suspended trading on the ASX following a price query. 

BetMakers asserted it has entered a new growth stage, supported by improving financial performance, strong commercial momentum and increasing demand for its wagering technology platform.