Tabcorp Buys BetMakers for AU$283m, Five Years After BetMakers Tried to Buy It

Tabcorp has agreed to acquire Australian B2B supplier BetMakers Technology for about AU$283 million ($200 million), buying all shares at AU$0.24 ($0.17) in cash with the option for shareholders to take part of the payment in Tabcorp stock. BetMakers closed at AU$0.17 ($0.12) on Friday, making the offer a 41% premium. The BetMakers board has unanimously recommended shareholders approve it, and both sides are aiming to complete by Q3 2027 subject to shareholder and regulatory approval. Tabcorp shares rose almost 3% on the announcement.

Tabcorp is framing the deal as a technology overhaul. Managing director and CEO Gillon McLachlan called it "a unique opportunity to accelerate our transformation to a modernized technology-led company" on an investor call. The company cites technology modernisation, speed and efficiency, and the creation of a "global B2B growth engine" as the rationale, and is targeting AU$30 million ($21.2 million) in cost synergies two years after closing from operational efficiencies and technology savings. The two already have a long-standing commercial partnership.

"BetMakers has undergone a significant transformation over the past two years and built impressive wagering technology and a talented team. Accessing those advantages will uplift our own tech capability and fast track our product ambitions," McLachlan said. BetMakers CEO Jake Henson said combining "Tabcorp's rights, content and relationships with BetMakers' platforms, data and B2B wagering services will create a more complete and compelling global offering."

The direction of travel has reversed completely. In 2021 BetMakers offered AU$4 billion ($3.1 billion) in cash and equity for Tabcorp's media and wagering divisions, and Tabcorp declined to sell. Talks about the opposite deal surfaced in February this year and ceased without an offer before resuming six months later.

BetMakers goes into the deal with improving numbers: revenue of AU$24.2 million ($17.1 million) for the quarter to June 30, up 9.4% year on year, and adjusted EBITDA up 89% to AU$4.5 million ($3.2 million), helped by a partnership with Stake struck in late 2025 to expand its horseracing offering. Flutter is running its own platform consolidation in the UK, moving PokerStars onto Betfair, Sky Bet and Paddy Power.