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αSK

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Equity Bottom-Up

Betmakers Technology Group  / Equity Bottom-Up

<ul>
 <li>Betmakers is a B2B technology provider for the global horse racing and wagering industry, offering platforms, data, and tote services to betting operators and racing bodies.</li>
 <li>The company is undergoing a strategic turnaround, shifting from a period of restructuring and cost management to a focus on profitable growth, evidenced by four consecutive quarters of positive Adjusted EBITDA and recent high-profile client wins.</li>
 <li>Despite recent revenue declines, the company has improved gross margins and achieved positive operating cash flow, but remains unprofitable at the net income level with analysts forecasting breakeven around 2027.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Betmakers is a B2B technology provider for the global horse racing and wagering industry, offering platforms, data, and tote services to betting operators and racing bodies.
  The company is undergoing a strategic turnaround, shifting from a period of restructuring and cost management to a focus on profitable growth, evidenced by four consecutive quarters of positive Adjusted EBITDA and recent high-profile client wins.
  Despite recent revenue declines, the company has improved gross margins and achieved positive operating cash flow, but remains unprofitable at the net income level with analysts forecasting breakeven around 2027.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Betmakers Technology Group  (BET AU) - Feb 2026

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> has disclosed a revised <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. </li>
<li>Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. </li>
<li>Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.</li>
</ul>



PointsBet Holdings (PBH AU) has disclosed a revised Mixi Inc (2121 JP) offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. 
Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. 
Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.


PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>BET’s 3Q25 result was unambiguously positive – beating OMLe at every line.</li><li>Highlights included a return to growth (+4% QoQ), continued GP margin improvement (+230bp), and delivery of an additional ~$2.6m in annual cost savings – all of which allowed BET to deliver its strongest OCF result as a listed company (+$3.0m).</li><li>With annualised growth now running &gt;10% and +ve Cash EBITDA expected from 4Q25, BET screens as extremely cheap (1.3x EV/rev) when compared with a peer group of profitable, high-growth tech (3-6x). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BET’s 3Q25 result was unambiguously positive – beating OMLe at every line.Highlights included a return to growth (+4% QoQ), continued GP margin improvement (+230bp), and delivery of an additional ~$2.6m in annual cost savings – all of which allowed BET to deliver its strongest OCF result as a listed company (+$3.0m).With annualised growth now running &gt;10% and +ve Cash EBITDA expected from 4Q25, BET screens as extremely cheap (1.3x EV/rev) when compared with a peer group of profitable, high-growth tech (3-6x). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BetMakers Technology Group Limited - Return to Growth… Profit up Next

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has returned with a non-binding proposal for <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, which it claims is worth A$1.20 to A$1.50+ per PBH share.</li>
<li>Betr has also acquired a 19.9% stake, which can effectively block <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.</li>
<li>Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.</li>
</ul>



BETR Entertainment (BBT AU) has returned with a non-binding proposal for PointsBet Holdings (PBH AU), which it claims is worth A$1.20 to A$1.50+ per PBH share.
Betr has also acquired a 19.9% stake, which can effectively block Mixi Inc (2121 JP)’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.
Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.


PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

<ul>
<li>On 26 February, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).</li>
<li>Subsequently, <a href="https://www.smartkarma.com/entities/bluebet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BlueBet Holdings (BBT AU)</a> disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  </li>
<li>BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. </li>
</ul>


On 26 February, PointsBet Holdings (PBH AU) entered a scheme implementation deed with Mixi Inc (2121 JP) at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).
Subsequently, BlueBet Holdings (BBT AU) disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  
BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. 


PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

Australia

Betmakers Technology Group Ltd operates as a software development company. The Company designs and develops odds comparison and intelligent betting platforms, as well as analytics and trading solutions. Betmakers Technology Group serves customers in Australia.

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Betmakers Technology Group (BET AU)

Primer: Betmakers Technology Group (BET AU) - Feb 2026

Betmakers is a B2B technology provider for the global horse racing and wagering industry, offering platforms, data, and tote services to betting...

αSK

PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

If synergies are not factored in, Mixi’s revised offer is superior to Betr’s. The potential Mixi takeover offer will require Betr to revise terms...

Arun George

BetMakers Technology Group Limited - Return to Growth… Profit up Next

BET’s 3Q25 result was unambiguously positive – beating OMLe at every line. Highlights included a return to growth (+4% QoQ), continued GP margin...

Ord Minnett

PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

Betr’s offer is higher primarily due to questionable assumptions in the presentation. Mixi can either let the scheme fail (betr has a blocking...

Arun George

PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential...

Arun George

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52-week Range

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