This report is an updated version of the report published on 12 August 2025 at 12:38 PM AEST.

BetMakers Technology Group Ltd (ASX: BET)

BET provides wagering technology, data, and analytics for B2B clients across key global markets. It operates through Global Betting Services and Global Tote, supporting racing bodies with content, platforms, and tote solutions.

Recommendation Rationale – SELL at AUD 0.160 

• Financial Highlights: BET’s revenues from ordinary activities down by 19.4% YoY to AUD 41.39mn in 1HFY25 vs AUD 51.36mn in 1HFY24. This decline was driven by lower sales from global betting services and global tote. Loss after income tax expense attributable to the owners increased to AUD 17.15mn in 1HFY25 vs AUD 13.49mn in 1HFY24.
• Trading Near the Resistance: BET stock has surpassed its R2 level recommended on 24 July 2025. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/Sales, EV/EBITDA, Price/Book, Price/Cash Flow) are higher than Industry Median of the Industrials Sector.
• Market Risk: Operating in a competitive, rapidly evolving market, BET faces pressure to continually innovate its products and platforms. Disruption from competitors, technological obsolescence, or inability to meet customer needs could erode market share and growth potential.

BET’s Price Chart

Valuation Methodology: EV/Sales Multiple Approach (FY June'26E) (Illustrative)

Stock might trade at a slight premium to its peers considering the QoQ revenue growth in 4QFY25, improved gross margin in 4QFY25, positive operating cash flow, and U.S. market expansion. For conducting the valuation, the following peers included: betr Entertainment Ltd (ASX: BBT), Skycity Entertainment Group Ltd (ASX: SKC), Ainsworth Game Technology Ltd (ASX: AGI), and other have been considered.

Considering that the stock is approaching its R2 level, macroeconomic uncertainty, share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 0.160 (as of 12 August 2025, at 1:15 PM AEST).  

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 12 August 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.