Earnings release
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BETMAKERS TECHNOLOGY GROUP LACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 28 October 2025 BetMakers delivers 361% Adjusted EBITDA growth in Q1 FY26 as growth strategy gains traction and Las Vegas expansion advances Q1 FY26 Quarterly Activities Report BetMakers Technology Group Ltd (ASX:BET) (“ BetMakers ” or “ the Company ”) provides its Quarterly Activities Report and Appendix 4C for the quarter ended 30 September 2025 (“ Q1 FY26 ”). All amounts are unaudited and in Australian dollars (AUD) unless otherwise stated. Q1 FY26 Key Highlights ● Positive Adjusted EBITDA of $2.4M , representing a $3.4M turnaround compared to the prior corresponding period (“ pcp” ). ● Revenue of $22.1M, up 7.7% on pcp (excluding the impact of a legacy customer in Q1 FY25). ● Gross margin expanded to 64.7% , up from 57.8% in Q1 FY25, reflecting improved product and operational efficiencies. ● Continued cost discipline, with total operating costs reduced by $1.4M versus pcp. ● Strategic initiatives advancing, including the Las Vegas Dissemination Centre (“ LVDC” ) acquisition and launch of Betsy, supporting future growth and new revenue opportunities. The Company commenced the new financial year with strong momentum, building on the successful transformation completed in FY25. BetMakers delivered a positive Adjusted EBITDA of $2.4 million, a significant $3.4 million positive turnaround from the $0.9 million loss for Q1 FY25 1 . This return to Adjusted EBITDA profitability was driven by solid revenue growth, significant gross margin expansion, and continued operational discipline. Capitalised staff costs were also reduced by $0.4 million versus Q1 FY25, underscoring the structural improvement in profitability. Revenue for the Quarter increased 7.7% on a normalised basis to $22.1 million, up from $20.5 million in the prior corresponding period (excluding $0.8 million in revenue in Q1 FY25 derived from a legacy customer). Gross Profit improved by 15.7% to $14.3 million, with the Company’s high-margin, technology-led model delivering a gross margin of 64.7%, up from 57.8% in Q1 FY25. The Company’s disciplined cost management, a cornerstone of its transformation, continues to yield measurable results. Total operating expenses (Staff Costs and Other Expenses) were reduced by $1.4 million (or 10.8%) compared with Q1 FY25, reflecting the efficiencies and operating leverage now embedded in the business model. Executive Chair of BetMakers, Mr Matt Davey, said: "The turnaround in our Adjusted EBITDA this Quarter marks the first tangible result of our completed transformation. It validates that we’ve successfully reset BetMakers into a lean, profitable, and efficient platform. Our focus is now on scaling this platform for growth. We see a clear, multi-faceted opportunity driven by our market-leading product and emerging AI capabilities. In the near term, we are particularly excited by the opportunity in Las Vegas, where our technology is aimed at digital gaps 1 The Q1 FY25 Quarterly Activities report released by BetMakers on 24 October 2024 disclosed a $1.2 million loss, this has been adjusted for one-off restructuring costs that were not adjusted at the time. investors.betmakers.com ᐧ investors@betmakers.com ᐧ Postal Address: Level 4, 189 Flinders Lane, Melbourne, VIC 3000 For personal use only
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and operational challenges faced by new customers. We have built a strong foundation, and we are now executing our plan to continue to scale it globally. Las Vegas Dissemination Company (LVDC) – expanding opportunity in Nevada BetMakers’ planned acquisition of the Las Vegas Dissemination Company (LVDC) continues to advance, opening a major new market opportunity in Nevada. The transaction positions BetMakers to modernise a largely untapped racing and wagering ecosystem that remains significantly under-digitised compared to the broader US market. By integrating its advanced technology, data, and content solutions, BetMakers has the potential to unlock both operational efficiencies and growth potential, leveraging its platform to deliver meaningful value for partners, customers, and shareholders in a strategically important jurisdiction. ● The acquisition of LVDC continues to progress positively. BetMakers is completing the final administrative aspects of the transaction and expects to sign a long-form sale and purchase agreement within this current quarter. ● The Company is also well advanced in discussions with regulators and key stakeholders, positioning for an efficient completion of the transaction by mid-FY26. ● BetMakers has identified a significant, multi-faceted opportunity in the Nevada racing market, which remains defined by a substantial "digital void”. Currently, BetMakers’ estimates that less than 5% of racing wagering activity is digital, compared with the US average of more than 50%, representing a major untapped opportunity. 2 ● This limited digital adoption is compounded by an outdated product suite that lacks modern bet types, dynamic data and 24/7 racing content. Together, these gaps create a clear opportunity for BetMakers to introduce its advanced technology, content, and product innovation into an under-served market. ● The Company now expects LVDC to contribute approximately AUD$4.5 million in revenue per annum (up from AUD$4.0 million), prior to any growth uplift 3 . The LVDC business is expected to be at least break-even in the first 12 months, with strong operating leverage and synergy potential as LVDC’s systems and processes are integrated into BetMakers' technology platform. Strong momentum across core technology platforms and product development Building on its strengthened operational and financial foundation, BetMakers continues to advance its core technology platforms and product innovation strategy. The Company’s investments in data, AI, and product experience are now translating into tangible outcomes, delivering new solutions that enhance customer engagement, deepen operator insights, and expand BetMakers’ leadership position in global racing technology. ● The Company’s strong financial performance this Quarter was matched by continued acceleration in product momentum and technology leadership. ● Following the end of the Quarter, BetMakers officially launched its Racelab Insights and Racelab Stories products, complementing the earlier release of Racelab Live in September 2025. Together, these products mark a new era in racing form, analytics and engagement content. 3 Based on LVDC’s historical financial performance and assuming existing contracts are novated to BetMakers and consistent revenue is derived from these contracts, the total revenue acquired by BetMakers may vary and will be subject to due diligence and dependent on whether all current customer contracts are assumed by BetMakers. See the Company’s Investor Presentation lodged with ASX on 5 June 2025 relating to the LVDC acquisition.. Figures are based on AUD:USD exchange rate of $0.65. 2 BetMakers estimates parimutuel wagering turnover in Nevada to be less than 5% digital based on available market data and independent research. According to the 2023 Jockey Club Fact Book (covering 2022 data.) digital turnover represented approximately 54% of the total on-track and off-track pari-mutuel handle for Thoroughbred racing in North America, which totaled $11.7 billion that year. For personal use only
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● These innovations leverage BetMakers' advanced global racing intelligence engine to deliver real-time analytics, predictive data, and immersive content for wagering operators. Designed to enhance the end-user betting experience and increase customer engagement, they also provide B2B partners with a distinct competitive advantage, reinforcing BetMakers' position as a global leader in racing data and technology. Strategic partnership with Betsy - expanding racing media and content reach BetMakers has entered a new strategic partnership with Betsy , an independent racing media outlet founded by leading industry figures Matt Welsh and Paul Tatnell. This partnership represents a key step in BetMakers’ strategy to integrate racing data, media, and fan engagement - building new pathways to grow the sport’s reach and deliver added value for its B2B network partners. ● Betsy, led by experienced media and racing executives Matt Welsh and Paul Tatnell, has announced a strategic partnership with BetMakers to establish a new, independent voice in racing media. ● BetMakers has entered into a partnership with Betsy, designed to deliver authentic, data-driven racing journalism and analysis, including form coverage, expert tips, podcasts, and opinion from respected industry voices. ● The partnership leverages BetMakers’ market-leading data and technology to deliver a seamless, engaging experience for punters nationwide, enhancing content accessibility and broadening audience engagement. ● This initiative reinforces BetMakers’ commitment to integrated racing news, analytics, and engagement content that support stronger outcomes for its B2B operator network. Betsy represents the first step in a global expansion strategy across the racing media and content vertical. Strategic expansion and focus for FY26 The strong start to FY26, highlighted by $2.4 million Adjusted EBITDA in Q1 FY26, provides a solid foundation for sustained profitability and growth. The Company remains focused on executing its strategy of driving scalable, profitable growth from its core technology platform, while expanding its footprint in North America through the LVDC acquisition and leveraging strategic partnerships to deliver long-term value for shareholders. BetMakers maintains a robust pipeline of opportunities for FY26 and FY27, underpinned by its market-leading products, advanced data capabilities, and operational discipline. The Board is optimistic that these opportunities will position the Company for continued margin expansion and strategic growth in key global markets. Commenting on the Q1 FY26 performance, BetMakers CEO, Jake Henson, said: “I am pleased with the strong start to the financial year, demonstrating that the foundations we’ve built are now delivering consistent and sustainable results. The $3.4 million turnaround in Adjusted EBITDA reflects disciplined execution across every part of the business - from commercial performance to product delivery and cost efficiency. “We are now shifting from transformation to acceleration. Our focus is on scaling our technology and operational capability globally, and ensuring we continue to innovate for our partners and customers. The enhancements to our Apollo platform and Quantum Tote are great examples of how our teams are improving reliability, speed, and flexibility at scale. For personal use only
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“With a lean, efficient, and profitable operating model, we’re well positioned to capitalise on the opportunities ahead - both in existing markets and new strategic regions including North America.” Q1 FY26 Financial Summary Please see the Quarterly Update Presentation lodged with the ASX on 28 October 2025 for further details relating to the Company’s financial performance over Q1 FY26. The below table shows the underlying Profit & Loss performance for Q1 FY26, and the reconciliation to the operating cash flow: ● Q1 FY26 revenue was $22.1 million, up 3.4% vs pcp. On a normalised basis revenue growth was 7.7% vs pcp, excluding a legacy customer ($0.84 million) from Q1 FY25. ● Gross margin was 64.7% for Q1 FY26 vs 57.8% pcp, driven by lower COGS and an increase across the GT and GBS revenue streams. ● Adjusted EBITDA for Q1 FY26 was $2.4 million vs a $0.9 million loss in Q1 FY25, reflecting cost discipline and revenue growth. This was a $3.4 million turnaround in Adjusted EBITDA for the Quarter, which would have been $4.3 million if the revenue from the legacy customer is also excluded from the calculation of Adjusted EBITDA. ● Staff costs decreased 9.0% year over year, supporting the shift to positive Adjusted EBITDA. For personal use only
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Additional Information ● The Company paid Directors $164,000 for se rvices during Q1 FY26. This included payment to the President/Executive Chairman for employment services. ● The Board has today approved an increase to the salary of the Company’s CEO, Jake Henson, from his current annual base salary of AUD$375,000 (exclusive of superannuation) to an annual base salary of AUD$430,000 (exclusive of superannuation). The change will be effective from 1 September 2025; ● The Company’s AGM will be held at 11am (AEDT) on 31 October 2025. Further details contained in the Notice of Meeting lodged with ASX on 30 September 2025. The Board of BetMakers has authorised the release of this announcement to ASX. For further information please contact: Danny Younis, Automic Group Investor Relations investors@betmakers.com + 61 417 311 335 Disclaimer The material contained in this document is of general information about the activities of BetMakers as at the date of this update. All monetary figures quoted within this document (and any attached investor presentation) are in Australian dollars ($AUD) unless otherwise specified and are provided on an unaudited basis. This announcement contains “forward-looking statements.” These can be identified by words such as “may”, “should”, “anticipate”, “believe”, “intend”, “estimate”, and “expect”. Statements which are not based on historic or current facts may by forward-looking statements. Forward-looking statements are based on: • assumptions regarding the Company’s financial position, business strategies, plans and objectives of management for future operations and development and the environment in which the Company will operate; and • current views, expectations and beliefs as at the date they are expressed and which are subject to various risks and uncertainties. Actual results, performance or achievements of the Company could be materially different from those expressed in, or implied by, these forward-looking statements. The forward-looking statements contained within the presentations are not guarantees or assurances of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by forward-looking statements. For For personal use only
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example, the factors that are likely to affect the results of the Company include general economic conditions in Australia and globally; exchange rates; competition in the markets in which the Company does and will operate; weather and climate conditions; and the inherent regulatory risks in the businesses of the Company. The forward-looking statements contained in this announcement should not be taken as implying that the assumptions on which the projections have been prepared are correct or exhaustive. The Company disclaims any responsibility for the accuracy or completeness of any forward-looking statement. The Company disclaims any responsibility to update or revise any forward-looking statements to reflect any change in the Company’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by law. The projections or forecasts included in this presentation have not been audited, examined or otherwise reviewed by the independent auditors of the Company. You must not place undue reliance on these forward-looking statements. For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity BetMakers Technology Group Limited ABN Quarter ended (“current quarter”) 21 164 521 395 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date $A’000 1. Cash flows from operating activities 23,496 23,496 1.1 Receipts from customers 1.2 Payments for - - (a) research and development (b) product manufacturing and operating costs (12,188) (12,188) (c) advertising and marketing (70) (70) (d) leased assets (695) (695) (e) staff costs (8,904) (8,904) (f) administration and corporate costs (2,876) (2,876) 1.3 Dividends received (see note 3) - - 1.4 Interest received 27 27 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid (10) (10) 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (1,220) (1,220) For personal use only
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2. Cash flows from investing activities - - 2.1 Payments to acquire: (a) entities (b) businesses (384) (384) (c) property, plant and equipment (697) (697) (d) investments - - (e) intellectual property / content rights (1,416) (1,416) (f) other non-current assets - - 2.2 Proceeds from disposal of: - - (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) 1,413 1,413 2.6 Net cash from / (used in) investing activities (1,084) (1,084) 2.1 (b) Relates to milestone payment for the acquisition of the LVDC assets. 2.1 (c) Predominantly relates to funds paid in relation to the development and construction of the new BetLine betting terminals and other on-track and in-venue hardware (for use in the US). 2.5 Predominantly relates to the movement in customer funds held customer funds on deposit in relation to Global Tote Hub and ADW operations. The restricted cash balance at September 2025 was $12.5 million. For personal use only
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3. Cash flows from financing activities 1,200 1,200 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (36) (36) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 1,164 1,164 4. Net increase / (decrease) in cash and cash equivalents for the period 30,315 30,315 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,220) (1,220) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,084) (1,084) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,164 1,164 4.5 Effect of movement in exchange rates on cash held (462) (462) 4.6 Cash and cash equivalents at end of period 28,713 28,713 For personal use only
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5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 28,713 30,315 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 28,713 30,315 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 164 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments 6.1 Relates to amounts paid to directors for services during Q1 FY26. This includes payments to Matt Davey for employment services in his role as President and Executive Chairman. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - For personal use only
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7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) (1,220) 8.2 Cash and cash equivalents at quarter end (Item 4.6) 28,713 8.3 Unused finance facilities available at quarter end (Item 7.5) - 8.4 Total available funding (Item 8.2 + Item 8.3) 28,713 8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1) 23 8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: n/a 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: n/a 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: n/a Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. For personal use only
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Date: 28 October 2025....................................................... Authorised by: The Board................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only