Betmakers Technology Group (BET) investor relations material

Deal rationale and strategic fit

• Accelerates transition to a modern, cloud-native wagering technology stack, enhancing product innovation, user experience, and operational efficiency.

• Establishes a global B2B growth engine by combining complementary assets in wagering, media, and technology, expanding scale and diversification.

• Leverages BetMakers' digital transformation expertise, entrepreneurial culture, and contracted B2B revenues.

• Enables a full suite of data, vision, and wagering products for operators and partners worldwide.

• Recognises the value of BetMakers' technology, customer relationships, and industry capabilities.

Financial terms and conditions

• Acquisition price is AUD 0.24 per share, implying an equity value of AUD 283 million and enterprise value of AUD 267 million.

• Offer represents up to a 45.5% premium to pre-announcement close and a 41–42% premium to recent VWAPs.

• Funded primarily with cash and undrawn debt; up to 25% of consideration can be taken in new shares issued at the greater of AUD 1, a 12% premium to last close, or five-day VWAP.

• Pro forma net debt/EBITDA at 1.9x as at Dec-25, below the target policy of <2.5x.

• No financing condition, Tabcorp shareholder approval, or further due diligence required.

Synergies and expected cost savings

• Targeting AUD 30 million in annual cost synergies by end of year two, mainly from tech-based efficiencies, data center rationalization, and contract efficiencies.

• Additional upside expected from international and B2B revenue growth opportunities.

• Transaction expected to deliver greater scale, diversification, and growth potential.