BetMakers growth returns as adjusted EBITDA soars 270% from previous quarter

BetMakers Technology Group has posted record cash flow as a listed company in its fiscal Q3 2025 results, with revenue up 3.7% year on year for the Australian supplier.

Cash flow of A$3m (£1.4m) was reported for the three months ending 31 March 2025, representing a steep climb of A$4.3m quarter over quarter (QoQ).

The business’ share price was up 15% at the time of writing, while 35 million fully paid ordinary shares in the company will be released from voluntary escrow later this month.

The company’s revenue for Q3 was recorded at A$20.8m, up slightly compared to the previous quarter’s revenue of A$20m. 

BetMakers said that on an annualised basis, whereby Q3 performance is multiplied by four, revenue came to $83.2m, showing growth of 3.7% QoQ.

Adjusted EBITDA for the reporting period amounted to A$1.2m, showing a significant climb of more than 270% from the A$348,000 loss posted in Q2 2025. 

Annualised adjusted EBTIDA followed a similar trajectory, with the metric set at A$5m as a result of improved revenue growth. 

The company’s gross margin also climbed, thanks in large part to the migration of customers to its new Apollo platform, which is in turn expected to inspire more cloud and infrastructure savings in the future. 

In the third quarter of its fiscal year, BetMakers’ margin sat at 63.9%, up from 61.5% in the preceding reporting period, though still short of the company’s long-term goal of at least 70%. 

For the first time, BetMakers’ operating cost base has fallen below its target of A$55m, with its most recent results recording the metric at A$53.9m, though that total does exclude restructuring costs of A$650,000. 

Costs of goods and services accounted for A$7.5m, while staff costs amounted to A$11m and overheads totalled A$3.1m. 

The supplier has detailed an “increasing number of potential growth opportunities”, attributable to an expanded network and strengthened suite of products. 

On US President Donald Trump’s tariff plans, which shook up global markets over the past two weeks, BetMakers said it is expecting “minimal direct impact” from the policy.

Matt Davey, BetMakers executive chair, said: “This quarter marks a very important step forward – an inflection point – for the company.  

“The results demonstrate the capacity for BetMakers to deliver strong financial results from a vastly improved operating model. This has been achieved through disciplined cost reduction and the deployment of its upgraded technology platforms to the global wagering market.  

“We are very pleased to deliver our record operating cash-flow result as a listed company, and in addition, we remain excited about the strong pipeline of opportunities, which is underpinned by the highest validation of our latest platforms and product launches into existing and new international markets. 

“We are committed to delivering continued growth into full year 2026, where we expect to reap the benefits of the operating leverage now in the business.”  

The supplier’s CEO Jake Henson noted that BetMakers wants to “rewire” the entire racing and wagering industry. 

He added: “Our business model supports growing the pie for all of the racing ecosystem’s operators, and in effect we’re not trying to keep up with the racing and wagering industry – we’re on a mission to rewire it so that racing is the number one betting option for punters globally.”