Tabcorp to Acquire BetMakers for AU$267 Million via Scheme of Arrangement
TL;DR — Tabcorp will buy BetMakers for AU$267 million via scheme of arrangement at AU$0.24 per share, with a capped scrip alternative. The deal targets AU$30 million run-rate cost synergies by end of year two and EPS accretion from year two. Multiple approvals are required including from shareholders, the court, and ACCC.
SCCG Take — The acquisition integrates proven wagering technology to drive efficiency and growth for Tabcorp, highlighting the strategic premium on B2B platforms in competitive markets.
Tabcorp will acquire 100% of BetMakers Technology Group through a Scheme of Arrangement for AU$267 million (US$189 million). The Australian racing and wagering operator announced the cash deal on Monday, with BetMakers shareholders able to elect receipt of up to 25% of consideration in newly issued Tabcorp shares.
The per-share cash price is set at AU$0.24, while the share alternative is priced at AU$1.00 per Tabcorp share. The maximum number of new shares to be issued is capped at 70.7 million, equivalent to 3.1% of Tabcorp shares currently on issue. The cash consideration implies an equity value for BetMakers of approximately AU$283 million (US$200 million) on a fully diluted basis.
Deal Parameters and Conditions
Completion hinges on several approvals. These include votes from BetMakers shareholders and the court, clearance by the Australian Competition and Consumer Commission, and consents from applicable gaming and racing authorities. Tabcorp has targeted a run-rate of AU$30 million in cost synergies by the end of year two of ownership. The acquisition is expected to be earnings per share accretive from year two and double-digit accretive from year three.
Strategic Acceleration for Tabcorp
The transaction is designed to modernize Tabcorp’s wagering technology stack by incorporating BetMakers’ developments over the past two years. It also seeks to deliver greater scale, diversification, and growth potential to Tabcorp’s international operations while supporting a more efficient overall model.
As reported by Inside Asian Gaming, Tabcorp Managing Director and CEO Gillon McLachlan said: “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.” McLachlan added that the combination will uplift tech capability, fast track product ambitions for media and tote offerings, and unlock growth through integrated rights, content, and customer relationships.
BetMakers CEO Jake Henson added: “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.”
Approvals and execution risks remain material. Realization of the stated synergies and accretion timeline will determine whether the deal delivers the projected returns in a consolidating Australian wagering sector.
Reporting: Inside Asian Gaming
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Tabcorp is buying proven B2B wagering tech to future-proof its stack and scale internationally — a consolidation play with measurable upside.
We've watched wagering operators realize they can't build everything in-house fast enough. This deal is Tabcorp admitting it needs BetMakers' product velocity and talent to compete. The AU$30M synergy target and double-digit EPS accretion in year three tell you this isn't a defensive move — it's growth infrastructure with regulatory and integration risk baked in.
- AU$0.24 per share cash, capped scrip alternative at AU$1.00 per Tabcorp share
- Targets AU$30M run-rate cost synergies by end of year two, EPS accretive from year two
- Requires shareholder, court, ACCC, and gaming authority approvals
SCCG angle: SCCG works both sides of these deals — we've advised operators on tech stack modernization and B2B platforms on positioning for acquisition or partnership. If you're evaluating M&A to accelerate product or scale, we connect you to the right targets, investors, and regulatory advisors across racing and wagering markets.