A Year of Big Moves: How Betr Built Momentum in 2025 and What's Coming Next

Australian wagering operator Betr has come a long way in a short time. At the company’s recent annual general meeting, Executive Chairman Matthew Tripp and CEO Andrew Menz shared their thoughts on what made 2025 such a milestone year, and where they’re steering the business heading into fiscal year 2026.

From Mergers to Market Position

Betr’s story in 2025 was largely one of consolidation. The company completed the merger between BlueBet and Betr in July 2024, then moved quickly to acquire TopSport, finalizing that deal in April 2025. The TopSport transaction was particularly impressive in its execution speed, with the company migrating more than 63 million rows of customer data, including transactional records, pending bets, and account balances, onto the Betr platform in just 55 days. TopSport customers experienced what the company described as a frictionless transition and now continue wagering via the Betr platform. TopSport CEO Tristan Merlehan joined the Betr management team as Chief Trading Officer following the acquisition.

Betr also made a determined run at acquiring PointsBet, one of Australia’s other prominent betting operators. While that bid ultimately did not succeed, with Japanese tech company MIXI securing a 66.4% stake in PointsBet in September 2025 for approximately AU$290 million after months of competitive bidding, Betr did come away with a strategic 19.9% stake in the company. The PointsBet pursuit demonstrated Betr’s appetite for growth through acquisitions and signaled to the market that the company is serious about gaining ground.

Tripp noted that the combination of achievements throughout the year puts Betr in a favorable position for further market consolidation. The company has attracted new influential investors and secured additional financing through a facility with National Australia Bank, extended to July 2026. This financial backing gives Betr flexibility as it looks for more opportunities in the Australian wagering landscape.

The Numbers Tell the Story

The financial turnaround at Betr has been dramatic. Wagering revenue jumped 129.3% to AU$132.3 million in fiscal year 2025, compared to the previous year. The company’s comprehensive net loss narrowed significantly, falling from AU$47.5 million the year before to just AU$2.3 million. Gross wagering turnover, before goods and services tax, reached AU$1.42 billion, up 140.1% year over year. Gross win climbed 147% to AU$196.2 million, while net win grew 133% to AU$147.8 million.

Normalised EBITDA for fiscal year 2025 reached AU$7.2 million (about US$4.7 million), which exceeded market expectations by over 15%. Tripp emphasized that synergies from the mergers exceeded initial forecasts by 20%. The BlueBet merger delivered AU$16.9 million in annualized cost efficiencies, while the TopSport acquisition added another AU$9 million in annualized cost synergies, realized almost immediately upon completion.

Active customers more than doubled, growing 121% to reach 155,420 by fiscal year end. Horse race wagering delivered the largest share of revenue at AU$57.7 million, up 125.4% from the prior year. Greyhound wagering reached AU$39 million, sports betting produced AU$22.4 million, and harness racing generated AU$13 million.

The company also exited the US market during the year, ending its gaming licenses in Iowa, Colorado, and Louisiana on favorable terms. This strategic retreat allowed Betr to focus resources entirely on the Australian market, where all of its revenue now comes from.

Who’s Running the Show

Matthew Tripp is no stranger to building wagering businesses in Australia. His journey in the industry began back in 2005 when he acquired a struggling bookmaker called Sportsbet for a reported AU$250,000. Under his leadership, Sportsbet experienced rapid growth through innovative marketing techniques like money-back specials and advanced technology that streamlined the betting process. Paddy Power purchased a 51% stake in 2009 and then acquired the remainder, valuing the company at approximately AU$338 million. After that exit, Tripp returned to launch BetEasy, which was later acquired and merged into the Flutter portfolio. Betr represents his third major venture in Australian wagering.

CEO Andrew Menz brings his own deep experience in the sector. He served as Chief Executive Officer at BetEasy and later held the Chief Commercial Officer role at Sportsbet following the Flutter and Stars Group combination. Menz has been with Betr since its founding in 2022 and became CEO of the combined BlueBet-Betr entity in July 2024. He described fiscal year 2025 as transformational, highlighting the team’s ability to execute complex integrations while continuing to deliver strong performance in core wagering operations.

Both executives praised the Betr workforce for navigating a challenging year filled with mergers, migrations, and operational scaling.

The Competitive Landscape

Australia’s online wagering market is both mature and competitive. The total gambling market is projected to generate around US$15.43 billion in revenue in 2025, with the online segment valued at approximately US$5.2 billion and expected to grow at a compound annual growth rate of 5.88% through 2033, and these numbers do not even account for crypto betting platforms. Sports betting dominates, driven by Australia’s strong sporting culture and passion for events like cricket, rugby, and horse racing. Over 94% of sports bets in 2024 were placed online.

The market leaders include Flutter Entertainment’s Sportsbet, which holds the largest share of the online wagering space with roughly half of the market, and Entain’s Ladbrokes and Neds brands. Flutter reported that its Asia Pacific revenue saw some pressure in recent quarters, with Australian sportsbook revenue declining by about 13% in the first quarter of 2025 due to weaker margins and lower turnover. Entain has faced its own challenges, including civil penalty proceedings from Australia’s anti-money laundering watchdog AUSTRAC over alleged serious and systemic non-compliance, with a Federal Court hearing scheduled for November 2026.

Against this backdrop, Betr is positioning itself as a challenger brand aiming for a 10%-15% share of the Australian market. The company sees opportunity in consolidating smaller operators and leveraging its proprietary technology platform to drive engagement and efficiency.

Looking Ahead to 2026

Menz outlined three strategic priorities for the coming year: further consolidating the Australian market, investing in high-return growth initiatives, and strengthening leadership in data-driven wagering systems. He stressed that regulatory excellence, transparent engagement with government, and commitment to safer-gambling principles remain core elements of how Betr operates.

Tripp echoed the importance of responsible gambling, noting that the company’s proactive safer-gambling initiatives leverage data-driven tools to detect early signs of risk and maintain regulatory confidence. This focus on compliance and player protection has become increasingly important as Australian regulators tighten oversight of the wagering industry.

The first quarter of fiscal year 2026 showed continued momentum, with turnover climbing 27% year over year to AU$363 million and gross win rising 34% to AU$51.8 million. The net win margin held firm at 10.5%, within the company’s target range. Menz cited disciplined trading and platform upgrades as key drivers, even as some unfavorable racing and sports results affected operators across the market.

The company closed the quarter with AU$95.2 million in cash, including AU$13.7 million in client balances. A selective buyback returned AU$40.6 million to shareholders in October, leaving the balance sheet positioned for both organic and acquisitive growth.

The Investor Network

Betr has attracted backing from a diverse group of investors. Fuel Venture Capital, a Miami-based early-stage investment firm that now manages over US$550 million across five funds, has been a significant supporter, increasing its investment to AU$20 million. Other notable backers include FinSight Ventures, Aliya Capital Partners, IA Sports Ventures, Florida Funders, Harmony Partners, and 8vc among others. The company completed a AU$130 million equity raise in April 2025 that was initially intended to fund its proposed acquisition of PointsBet.

Menz affirmed that Betr’s goal of becoming a Tier-1 Australian wagering operator remains firmly on track. With a proven playbook for acquisitions and integrations, strong financial momentum, and a clear strategic direction, the company has laid the groundwork for what leadership believes will be continued success in the years ahead.