Betmakers Technology Group (BET) H1 2026 earnings summary

Executive summary

• Revenue grew to $46.1 million in H1 FY26, up between 11.4% and 13.8% year-over-year, driven by technology-led growth, new customer wins, and expansion in both Global Betting Services and Global Tote divisions.

• Adjusted EBITDA turned positive at $6.1 million, a $7.3 million improvement from a $1.3 million loss in H1 FY25, reflecting operational efficiencies and cost control.

• Gross margin expanded to 66.5% (adjusted), up from 59.7% in H1 FY25, reflecting improved technology, product mix, and cost discipline.

• Major new agreements with CrownBet (five-year exclusive) and Stake (multi-year), and the LVDC acquisition, are expected to contribute significant annualised revenue and expand US market presence.

• Net loss after tax narrowed to between $3.4 million and $3.5 million from over $17 million in the prior period.

Financial highlights

• Revenue for H1 FY26 was $46.1 million, up from $40.5 million in H1 FY25 after adjusting for legacy customer revenue.

• Adjusted EBITDA improved to $6.1 million from a $1.3 million loss year-over-year.

• Gross profit rose 19% year-over-year to $29.4 million, with adjusted gross margin reaching 66.5%.

• Operating expenses reduced to $23.4 million from $26.0 million, reflecting cost optimisation.

• Operating cash flow turned positive at $4.2 million, compared to an outflow of $3.2 million in the prior period.

Outlook and guidance

• Focus remains on double-digit top-line growth, gross margin expansion toward a 70%+ long-term target, and disciplined cost control.

• Major new contracts, including CrownBet and Stake.com, are set to go live in 2H FY26.

• Integration of LVDC and expansion of digital tote products into Nevada are key priorities.

• Emphasis on converting Adjusted EBITDA into consistent free cash flow and maintaining a debt-free balance sheet.

• Continued investment in technology and AI expected to further lower costs and improve product delivery.