BetMakers confirms preliminary takeover talks with Tabcorp

BetMakers Technology Group has confirmed it was approached by Tabcorp Holdings Limited regarding a potential change of control transaction, following media speculation in the Australian Financial Review.

In a statement released to the ASX on 12 February, BetMakers said preliminary and informal discussions had taken place but emphasised that no formal offer was received and talks have since ceased. 

The company added that the discussions were at an early stage and centred on opportunities for its wagering technology products.

BetMakers currently maintains an ongoing commercial relationship with Tabcorp, supplying wagering technology and content distribution services to support the operator’s racing and media businesses.

Media reports suggested that Tabcorp CEO Gillon McLachlan had been engaged in high-level discussions with BetMakers Chair Matt Davey since late 2025. According to the reports, Tabcorp had been assessing whether integrating BetMakers’ technology platform could assist in addressing its legacy systems and accelerate broader digital transformation initiatives.

Analysts cited in coverage of the speculation noted that BetMakers’ market capitalisation stands at approximately AU$230m ($163m), a figure considered manageable relative to Tabcorp’s balance sheet. As of 30 June, Tabcorp reported net debt of AU$609m and leverage of 1.6 times net debt to EBITDA, below its stated ceiling of 2.5 times.

Despite the recent speculation, BetMakers stated that discussions with Tabcorp have concluded without a transaction proceeding.

The clarification comes amid contrasting fortunes for both operators. While BetMakers has been actively pursuing growth through acquisitions – including the recent LVDC deal expected to generate AU$4.5m in first-year revenues – Tabcorp has faced regulatory scrutiny. ACMA issued a AU$158,400 penalty this week after Tabcorp accepted 426 illegal in-play tennis bets, marking its third breach of in-play betting rules since 2021.