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Betmakers Technology Group Ltd ASX:BET

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Jul 2025 to today

Commentary 2 comments

DateManagerActionSummary

31 Dec 2025Merewether CapitalReducedMereweather Capital reduced its position in Betmakers Technology Group Ltd after a competitor, RTH (Racing and Sports Technology), announced that Stake would not be renewing its contract and would shift to Betmakers — indicating Betmakers was growing at RTH's expense rather than the other way around. Mereweather Capital notes this represents a negative competitive development for RTH within the fund's portfolio.

SaaSMonthly Report, price recorded $0.19

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31 Jul 2025Perennial PartnersInitiatedThe manager initiated a position in BetMakers because improving financial metrics in its most recent quarterly report, including accelerating revenue growth of 9%, a record quarterly EBITDA of $3.2 million, and a second consecutive quarter of positive free cash flow, provided the confidence to establish exposure. The manager notes that the position was initiated at 12 cents per share compared to a 13 cent month-end close, reflecting a disciplined entry point. The manager believes BetMakers is at an inflection point in its financial performance, making the current risk-reward profile attractive.

Monthly Report, price recorded $0.13

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on BET.

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About Betmakers Technology Group Ltd

Information Technology, Hotels, Restaurants and Leisure

Betmakers Technology (ASX:BET), a wagering technology provider, has won business from competitors and attracted a takeover. In December 2025, Merewether Capital noted that Stake would not renew its contract with Racing and Sports Technology and would instead shift to Betmakers, highlighting Betmakers' competitive position in wagering technology. Tabcorp later announced a $267 million recommended bid for Betmakers. Betmakers operates in the Consumer Discretionary sector within the Hotels, Restaurants and Leisure industry, and Thesis Tracker has captured 2 comments from 2 fund managers, including Merewether Capital. Founded by Todd Buckingham in 2013 and headquartered in Newcastle, New South Wales, Betmakers provides wagering technology, racing data and tote platforms, including its Global Tote and managed trading services, to racing bodies, wagering operators and media companies in Australia, the US and the UK, and is being acquired by Tabcorp.

Market cap: $241m
Price to earnings: Loss-making
Return on equity: -13.5%
Dividend yield: 0.0%
Price to book: 2.50x
Net margin: -14.1%
52-week range: $0.14 to $0.25

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Betmakers Technology Group Ltd (ASX:BET)?

Fund managers including Perennial Partners have invested in Betmakers Technology Group Ltd (ASX:BET).

What opportunities or catalysts do fund managers highlight for Betmakers Technology Group Ltd?

Merewether's commentary shows Betmakers winning customers such as Stake from competitors, and Tabcorp's $267 million recommended bid recognises the value of its tote and wagering technology.

What are the key risks to the Betmakers Technology Group Ltd investment thesis, according to fund managers?

The available commentary does not detail specific risks, though Betmakers' value now depends on completion of Tabcorp's acquisition.

What does Betmakers Technology Group Ltd (ASX:BET) do?

Betmakers Technology Group Ltd. provides online gaming and wagering services globally. Founded by Todd Buckingham in 2013 and headquartered in Newcastle, Australia, the company operates through two primary segments: Global Betting Services and Global Tote. The Global Betting Services segment offers racing software, data, and analytical tools. The Global Tote segment provides tote software and integrations to support liquidity and resulting. Betmakers delivers technology-driven solutions aimed at enhancing wagering operations for its clients.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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