BetMakers Reports 10% Annual Revenue Drop Amid Restructuring Efforts

BetMakers reported revenue of A$41.4m (£20.6m) for the six months ending 31 December 2024, as the ASX-listed supplier aims to further reduce operating costs.

The H1 full-year 2025 figure represented a 10% year-on-year (YoY) decline from A$51.4m the previous year. However, management noted that excluding the revenue impact from a single legacy customer, revenue saw a 2% YoY increase.

Global tote revenue was A$23.9m, with global betting services contributing the remaining A$17.5m. The US was the largest market in BetMakers’ portfolio, generating A$17.8m in revenue.

The group highlighted that 27% of revenue came from its 10 largest customers.

Adjusted EBITDA for the period showed a loss of A$1.3m compared to a loss of A$1.4m in H1 2024. The company’s gross profit was A$24.7m, an 8.4% drop YoY from A$33.1m.

The firm anticipates an improved EBITDA and operating cash-flow trajectory in the second half of the year due to the “impacts of the restructuring and the Apollo migration” taking full effect.

BetMakers stated it had undertaken further restructuring of its staff cost base in H1 2025 “in line with its strategy to streamline operations,” leading to a reduction in cash operating costs from A$75.6m to A$59.6m within a year – a 21% decrease.

Further cuts are expected, with BetMakers now targeting cash operating expenses of A$55m before the financial year’s end.

The company added that based on “current market trends and internal projections,” further improvements in revenue growth are expected heading into full-year 2026.

CEO Jake Henson commented: “Our focus during H1 FY25 was to deliver on our operational goals.

“We have made further progress on our transformation strategy by optimizing our cost base, delivering upgraded technical solutions, and streamlining our growth strategy.

“We are also pleased with the progress we are making on our growth initiatives. Our upgraded product suite is starting to deliver a new set of opportunities for us, and we expect this to result in growth leading into FY26.”

Executive chair Matt Davey stated that BetMakers made “strong progress in executing our strategic objectives.”

Davey added: “Our new and upgraded technology suite is having a dual effect: it positions BetMakers at the forefront of global wagering while delivering further efficiency gains, a combination that we expect to drive further improvements in the second half of FY25.”

BetMakers’ share price at the time of writing is up almost 5% to A$0.12.

The ASX-listed supplier notes more streamlining is on the horizon as it sees revenue fall to AU$41.5m in the six months to 31 December.