Tabcorp Holdings has entered into a definitive agreement to acquire BetMakers Technology Group, in a strategic move to overhaul its wagering capacity for horseracing across Australian states and new markets.
Rumours of a deal have been circling for some time. In early 2026, Australian media reported that Tabcorp had approached BetMakers Executive Chairman, Matt Davey, regarding a potential acquisition of the wagering technology business.
The purchase became a reality this morning when the ASX was informed of Tabcorp initiating an A$0.24 per share deal to acquire BetMakers.
BetMakers’ board has unanimously approved Tabcorp’s acquisition offer to shareholders.
The transaction carries an equity value of approximately A$283m (£148m) and an enterprise value of A$267m (£140m).
McLachlan strikes first Tabcorp M&A
BetMakers is viewed as an asset to modernise Tabcorp’s wagering technology and continue the buildout of its B2B business as a long-term commercial objective.
Founded in 2013 by Australian betting and racing entrepreneur Todd Buckingham, BetMakers services a full-stack platform engineered for racing markets, pricing and risk management.
Of strategic significance, BetMakers operates customised tote betting solutions and racing pool systems across online and retail channels, deemed essential to modernising services supporting Tabcorp’s Sky Racing subsidiary and its 20-year stewardship of the Victorian Wagering and Betting Licence (Victoria TAB).
The transaction represents the first major acquisition of the Gillon McLachlan era, as the former Chief Executive Officer of the Australian Football League (AFL) accelerates the transformation of Tabcorp following his appointment as Chief Executive of the ASX gambling group in August 2024.
McLachlan stated: “The acquisition of BetMakers will accelerate our strategy across multiple areas. BetMakers has undergone a significant transformation over the past two years and built impressive wagering technology and a talented team.”
As CEO, McLachlan continues to lead Tabcorp’s corporate transformation strategy with the aim to return Tabcorp and the TAB to its heritage position as Australian gambling’s biggest enterprise.
McLachlan of strategic importance to Tabcorp revitalisation by shortening the ASX group’s technology transformation, providing the group with established wagering infrastructure rather than requiring the development of replacement systems internally.
“Accessing those advantages will uplift our own tech capability and fast track our product ambitions, particularly for our unique media and tote offering.”
Tabcorp… Build back better!
Following the integration of BetMakers’ wagering systems and solutions, Tabcorp expects to secure A$30m in annual run-rate cost synergies by the end of the second year of ownership.
Key efficiencies will be secured through the rationalisation of data centres, corporate applications and technology contracts, alongside the replacement of existing Tabcorp technology platforms with BetMakers solutions and efficiencies across corporate and support functions.
The strategic rationale was echoed by BetMakers CEO Jake Henson, who stated that the businesses shared an ambition to build a “market-leading global wagering and media business”.
“Having spent time with the Tabcorp team, it is clear we share a common purpose: to build a market-leading global wagering and media business.
“Bringing together Tabcorp’s rights, content and relationships with BetMakers’ platforms, data and B2B wagering services will create a more complete and compelling global offering for our customers, and an exciting future for our people.”
Moving forward, Tabcorp believes the combination can generate additional revenues from its existing media and tote assets, providing a foundation from which the company can expand its B2B wagering proposition internationally.
The transaction is expected to become EPS accretive from Year 2 and deliver double-digit EPS accretion from Year 3. Tabcorp expects to maintain pro-forma leverage of approximately 1.9x, comfortably below its target of less than 2.5x.
Tabcorp’s board will allow Betmakers shareholders to receive a portion of the consideration in new shares over cash – capped at 25% of total transaction consideration – equivalent to 70.7m new shares in an enlarged Tabcorp.
Completion remains subject to BetMakers shareholder and court approval, clearance from the Australian Competition and Consumer Commission (ACCC) and consents from relevant AUS gambling and racing authorities
Tabcorp and BetMakers are targeting completion during Q3 FY2027, with a scheme booklet and independent expert’s report scheduled to be distributed to BetMakers shareholders in late 2026.
