Betr’s turnover jump whets appetite for more growth
As betr’s merger and acquisition starts to bear fruit, the Matt Tripp and Andrew Menz-led bookmaker is eying more takeover targets in 2026.
A surge in turnover has increased betr’s desire to push on with its merger and acquisitions plans, as it revealed a 24.5 per cent growth across the December quarter.
Shares in the publicly listed wagering company rose by 15 per cent on its latest trading update, which showed its December quarter turnover had increased to $444.4 million, up from $357 million at the same time in 2024.
It weathered a well-publicised series of customer-friendly results of the spring carnival, impacting gross win margin, falling to 12,6 per cent from 14.6 per cent in comparison to the previous year, to increase its overall gross win by 7 per cent to $55.9 million
Net win margin (8.5 per cent) was also impacted and fell short of betr’s stated range, but it reported that figure had returned to 11 per cent in December and was trending strongly so far in January.
It said the adverse results of the NRL grand final and the following four Saturdays of the spring racing carnival had impacted net win by 1.75 percentage points.
Derby Day and Golden Eagle day provided a disastrous string of results for all wagering providers, some of which reported losses of up to $25 million as punters cashed in on a host of short-priced favourites saluting.
That wealth of returns to punters then supercharged turnover on the Melbourne Cup which surpassed all previous records at $247.7 million.
Betr’s turnover for the first six months of the financial year was $807.4 million, up 25.2 per cent on the previous year, while gross win (up 18 per cent) and net win (up 12.6 per cent) both increased.
It comes after it completed a merger with BlueBet in mid-2024 and then acquired TopSport in January 2025. The most recent quarterly results reflect a comparison to before the TopSport deal.
While betr fell short of securing a controlling interest in PointsBet, it remains eager to grow its business and is continuing to look for targets.
“Consistent with our longstanding stated ambition, betr is pursuing scale in the Australian market – both organically and via disciplined, value-accretive M&A,” the statement said.
“We remain in active discussions with a number of existing and new industry participants regarding consolidation and partnership opportunities and will ensure appropriate disclosure should these discussions progress, in accordance with our continuous disclosure obligations.”
Betr also announced that it intended to buy back up to 10 per cent of its fully paid ordinary shares, funding by existing cash reserves.
“The final size and timing of the proposed buy-back will depend on various factors, including market conditions, betr’s prevailing share price, future capital requirements, and any future unforeseen developments or circumstances,” it said.
“There is no guarantee that betr will purchase any or all of the up to 10 per cent of issued capital available under the proposed buy-back, betr also reserves the right to suspend or terminate the Proposed Buy-Back at any time.”
Following the announcement, betr shares grew from 22 cents to 26 cents, having been 20 cents late last week.
The company’s market capitalisation stands at $260 million.
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