Betr narrows FY25 net loss to $2.3M as wagering revenue jumps

Betr Entertainment reduced its comprehensive net loss to $2.3 million in fiscal year 2025, compared with a $47.5 million loss the year before, as wagering revenue climbed 129.3% to AU$132.3 million (US$154.1 million) following a series of consolidation moves in the Australian market.

The increase in revenue followed the completion of Betr’s merger with BlueBet Holdings in July 2024, with the migration to the Betr brand in Australia finalized the following month. In February 2025, Betr reached an agreement to acquire TopSport, completing the transaction in April and integrating the business within two months.

All revenue in FY25 came from Australian operations. Early in the year, Betr exited the US market and entered termination agreements for its gaming licenses in Iowa, Colorado, and Louisiana. Payments related to those agreements will be made in future years.

Operational synergies

The integration of BlueBet and TopSport delivered annualized cost synergies. The BlueBet merger produced $16.9 million in annualized cost efficiencies, about 20% above initial commitments. The TopSport acquisition added $9 million in annualized cost synergies, realized immediately upon completion.

“This proven ability to rapidly capture synergies is a cornerstone of our strategy,” CEO Andrew Menz said. “These efficiencies create capacity to reinvest in brand, product, and customer intelligence – delivering a superior wagering experience and building long-term shareholder value.”

Revenue breakdown by wagering type

Horse race wagering delivered the largest share of revenue in FY25 at $57.7 million, up 125.4% from the prior year. Greyhound wagering reached $39 million, a 114.3% increase, while sports betting produced $22.4 million, up 146.2%. Harness racing generated $13 million, rising 176.6%.

Gross wagering turnover, before goods and services tax (GST), was $1.42 billion, up 140.1%. Player winnings, also before GST, totaled $1.22 billion. Promotions accounted for $50.9 million, and GST reached $13.2 million.

Profit and loss performance

Gross profit increased 89.6% year over year to $58.4 million. Higher expenses, however, resulted in a pre-tax loss from continuing operations of $19.5 million, compared with a $8.7 million loss in FY24. After a tax benefit of $4.6 million, the net loss from continuing operations totaled $14.8 million, compared with $6 million in FY24.

Discontinued operations generated an $8 million profit, compared with a $40.9 million loss a year earlier. Including a $4.5 million fair value gain, the comprehensive net loss narrowed to $2.3 million.

PointsBet acquisition efforts

Betr has also continued efforts to acquire the remaining shares of PointsBet. The company increased its all-share offer to $1.40 per share after acquiring a 19.9% stake in April 2025. PointsBet’s board, however, continues to recommend a competing all-cash offer from MIXI Australia valued at $1.30 per share if 90% of shares are acquired, or $1.25 otherwise.

Betr Executive Chairman Matthew Tripp said: “We continue to believe that our offer for PointsBet presents superior value for both Betr and PointsBet shareholders, and we remain disciplined as we evaluate further opportunities to accelerate growth.”

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