Betr Entertainment posted a statutory loss of A$40.2m for FY26, following heavy investment in a brand relaunch and platform integration across the year.
The ASX-listed Australian sports betting operator recorded A$1.59bn in customer turnover for the year to 30 June, representing a 12.3% increase above FY25 figures.
Net win rose 7% to A$158.1m for the period, while gross win increased 10.1% to reach A$215.7m across the full financial year.
Despite the turnover growth, the company reported a normalised EBITDA loss of A$7.1m, compared with a profit of A$7.2m recorded in the prior year.
CEO Andrew Menz said: “FY26 was a year of deliberate investment followed by disciplined execution. In the second half we converted that investment into delivery with a A$19.3m EBITDA turnaround between H1 and H2.”
That turnaround saw a A$13.2m EBITDA loss in the first half swing to a profit of A$6.1m during the second half of the financial year.
The difficult first half was partly shaped by customer-friendly racing and sports outcomes during the Spring Racing Carnival, which had a negative impact of around A$7m.
Net win margin fell to 9.9% from 10.4%, while gross win margin declined to 13.5% from 13.8% over the course of the full year.
The company also absorbed the costs of its consumer brand relaunch, Sky Racing integration, and work conducted following its TopSport acquisition, with advertising and marketing expenses rising 45% to A$28.2m.
The second half told a markedly different story, with normalised EBITDA reaching A$6.1m and landing within management’s prior guidance range of A$5m to A$8m.
Fourth-quarter turnover reached A$404.3m, up 1.2% year on year, with net win rising 9.3% to A$43.9m and net win margin climbing to 10.9%.
Betr generated A$2.6m in positive operating cash flow during Q4, marking the company’s first positive operating cash flow quarter since 2021.
Cash at 30 June stood at A$27.8m, which included A$11m of client balances, and the company reported 156,479 cash-active customers at year-end.
Betr reaffirmed its FY27 normalised EBITDA target of A$13m to A$19m and expects positive operating cash flow across the full year ahead.
The company noted that early FY27 turnover was running more than 20% ahead of the prior period, excluding World Cup betting activity.
Betr transitioned from a Northern Territory licence to a Tasmanian Gaming Licence on 7 July, with the existing Northern Territory licence to be surrendered following the move.
The shift came as Australian parliament passed reforms restricting betting advertising, curbing inducements, and strengthening BetStop, the national self-exclusion register, with most measures taking effect on 1 January 2027.
