Tabcorp Holdings has agreed to acquire listed wagering technology group BetMakers under a scheme implementation deed valuing the business at $267 million, following more than nine months of negotiations between the two companies.
BetMakers shareholders will receive 24¢ per share in cash, a 41 per cent premium to the company’s average share price over the past month, according to the Australian Financial Review. Gaming Intelligence reported that the same 24¢ offer also represents a 41 per cent premium to BetMakers’ Friday close of 17¢, and that the company’s board has unanimously recommended the transaction to shareholders.
The deal reflects Tabcorp’s push to fast-track its technology transformation by folding in a specialist B2B wagering platform rather than continuing to build in-house. BetMakers supplies odds-making, bet processing, tote hosting and data services to bookmakers across more than 30 countries, giving Tabcorp a broader international technology and pooling footprint.
Tabcorp is targeting cost synergies of $30 million and expects the acquisition to lift its pro forma earnings per share by more than 10 per cent within three years if the deal is approved, per the AFR’s reporting. According to Gaming Intelligence, BetMakers’ shares jumped 33 per cent on the announcement to close at 22¢, while Tabcorp shares gained 2.81 per cent to 92¢.
The Straight reported that BetMakers generates roughly 60 per cent of its revenue from its Global Tote division, with the remaining share coming from Global Betting Services, and that the company posted quarterly revenue of $24.2 million – up 9.4 per cent year-on-year – with adjusted EBITDA surging 89.3 per cent to $4.5 million in its most recent results.
Consideration Structure and Approvals
Gaming Intelligence reported that BetMakers shareholders will also have the option to take up to 25 per cent of their total consideration in Tabcorp shares rather than cash, subject to an aggregate cap across the transaction. The scheme still requires approval from BetMakers shareholders along with competition and gaming regulator sign-off before it can proceed.
Tabcorp has said the acquisition is intended to accelerate the modernisation of its technology stack, while providing international diversification and growth opportunities. The combination would bring together Tabcorp’s rights, content and customer relationships with BetMakers’ platforms, data and B2B wagering services.
Completion is expected in the first quarter of 2027, coinciding with Tabcorp’s fiscal third quarter, according to both the AFR and Gaming Intelligence. The timeline remains contingent on shareholder and regulatory clearances proceeding as anticipated.
Renata Kovacs has spent the better part of a decade following the regulatory shifts and licensing battles that define how gambling markets open, close, and evolve across Europe and beyond. She came up through the legal and compliance side of the industry before shifting her focus to journalism and analysis, giving her a perspective that sits closer to the operator room than the press box. Her coverage tends to cut through the noise and get straight to what a regulatory change actually means for the businesses and players involved.