Betr delivers FY26 turnaround, launches new ‘wildcard’ betting product

Betr’s sharp second-half earnings recovery helped build momentum towards its 2027 financial targets as it unveils a new wagering product aimed at driving customer engagement and market share.

The online bookmaker reported turnover of $1.59 billion for FY26, up 12.3 per cent on the previous year, while gross win increased 10.1 per cent to $215 million. Net win rose to $158 million despite an estimated $7 million hit from customer-friendly racing results during the spring carnival period.

The key result was the turnaround in profitability. After reporting a normalised EBITDA loss of $13.2 million in the first half, betr generated normalised EBITDA of $6.1 million in the second half, landing within its guidance range and marking a $19.3 million improvement between halves.

The company’s first quarter of positive operating cash flow since 2021 was also recorded in the June quarter, with cash generation of $2.6 million. Management expects the business to remain operating cash-flow positive across FY27 and reaffirmed EBITDA guidance of $13 million to $19 million this financial year.

Early trading in FY27 has been encouraging. Management said turnover has risen more than 20 per cent in the seven weeks since year-end, even without the boost from the recent FIFA World Cup. First-time depositors have almost doubled compared with the same period a year ago.

“FY26 was about proving the model. Deliberate investment, followed by disciplined execution, converting into a decisive turnaround in earnings and cash generation,” chief executive Andrew Menz said.

“We’re now building towards sustainably self-funded profitable growth.”

Alongside the results, betr introduced Wildcard, which Menz described as a “first-to-market live same-game multi product”.

The product allows punters to interact with a same-game multi as a match unfolds, with management pitching it as a way to increase engagement and time spent on the app during live events.

“It is a highly engaging product and it allows customers to engage much more deeply with the better app during a game,” Menz told investors.

He said the idea originated from an internal company hackathon and had since become the group’s flagship product launch for 2026.

It will be available for the first time on Friday’s AFL Wildcard Round match between the Western Bulldogs and Collingwood.

Beyond sport, betr plans to extend Wildcard into racing and other betting products, viewing it as part of a broader strategy to compete through proprietary products rather than increasingly expensive customer promotions.