Announcement PDF Tabcorp Holdings Limited Level 19, Tower 2, 727 Collins Street Melbourne VIC 3008 Australia GPO Box 1943 Melbourne VIC 3001 Australia tabcorp.com.au ABN 66 063 780 709 10 August 2026 ASX Market Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 Investor presentation - Acquisition of BetMakers Technology Group Attached is a presentation regarding Tabcorp Holdings Limited’s (ASX: TAH) (Tabcorp) announcement today that it has entered into a binding Scheme Implementation Deed to acquire 100% of the issued shares in BetMakers Technology Group (ASX: BET) by way of a scheme of arrangement. This presentation will be delivered at an investor and analyst briefing to be held at 10:00am (AEST) today. The briefing will be webcast live at https://edge.media-server.com/mmc/p/h433e2m7. The webcast will also be available on Tabcorp’s website at www.tabcorp.com.au/investors. The information contained in this announcement should be read in conjunction with today’s ASX announcement by Tabcorp entitled “Tabcorp to acquire wagering technology provider BetMakers”. This announcement was authorised for release by the Tabcorp Board. For more information: Media Investor Daniel Meers Terry Couper GM Corporate Affairs GM Capital Markets 0419 576 961 0408 551 935 ASX ANNOUNCEMENT 10 AUGUST 2026 ACQUISITION OF BETMAKERS TECHNOLOGY GROUP INVESTOR PRESENTATION ACCELERATES TECHNOLOGY MODERNISATION SIGNIFICANT SYNERGY OPPORTUNITY GREATER SPEED AND EFFICIENCY TRANSACTION HIGHLIGHTS TABCORP’S ACQUISITION OF BETMAKERS 2 Note: (1) Net operating cost synergies before tax. (2) Leverage is pro forma Net Debt to EBITDA ratio as at 31 December 2025, based on Tabcorp net debt at 31 December 2025, Tabcorp and BetMakers adjusted EBITDA in the LTM to 31 December 2025, assuming 25% scrip take-up, and excluding synergies. (3) New Tabcorp shares issued as scrip consideration will be priced at the greater of A$1.00 and Tabcorp’s 5-day volume weighted average price prior to the record date for the Scheme. (4) Tabcorp last close as at 7 August 2026. Delivers modernisation of our wagering technology stack Provides the fastest and most efficient path Leverages the successful tech transformation of BetMakers over the past two years ESTABLISHES A GLOBAL B2B GROWTH ENGINE STRONG ALIGNMENT Highly complementary assets Delivers greater scale, diversification and growth potential to our existing international business Creates a full suite of data, vision and wagering products and services for operators and partners Combination of cash and scrip with any Tabcorp scrip to be issued at a price of no less than $1.003, a 12% premium to last close4 Key BetMakers executives to be retained and incentivised to deliver integration and synergies ATTRACTIVE FINANCIAL METRICS Expected to be EPS accretive from Year 2, with double-digit EPS accretion from Year 3 Strong balance sheet maintained, with pro forma leverage of 1.9x as at Dec-252 Tabcorp Investor Presentation | Strong addition to our capability with proven digital transformation experience Faster speed to market at lower cost A more efficient Tabcorp operating model $30 million of run-rate cost synergies targeted by the end of Year 2 of ownership1 B2B revenue growth opportunities provide additional upside Lower capital requirement to maintain technology TRANSACTION SUMMARY EXECUTIVE SUMMARY Tabcorp Investor Presentation | 3 Note: (1) Fully diluted shares on issue (SOI) of 1,178,799,475, which excludes 27,140,000 Tranche 3 performance rights. (2) BetMakers’ net cash position of $15.6m as at 30 June 2026, excluding restricted cash of $22.2m. (3) Volume weighted average prices as at 7 August 2026. (4) Based on BetMakers reported EBITDA for the last 12 months ending 30 June 2026 of $14.0m (unaudited). (5) Tabcorp last close as at 7 August 2026. (6) Net operating cost synergies before tax. (7) Leverage is pro forma Net Debt to EBITDA ratio as at 31 December 2025, based on Tabcorp net debt at 31 December 2025, Tabcorp and BetMakers adjusted EBITDA in the LTM to 31 December 2025, assuming 25% scrip take-up, and excluding synergies. DEAL TERMS • Tabcorp to acquire BetMakers for cash consideration of $0.24 per share • Equivalent to an equity value of approximately $283m on a fully diluted basis1 and an enterprise value of approximately $267m2 • Offer represents a premium of approximately 41%, 42% and 37% to BetMakers’ 1-month, 3-month and 6-month VWAPs respectively3 • Represents an EV / LTM Jun-26 pro forma EBITDA multiple for BetMakers of 6.1x including the full run-rate cost synergies4 FUNDING • The cash component of the Transaction consideration will be funded from Tabcorp’s existing cash and/or undrawn debt facilities • BetMakers shareholders may elect to receive a portion of their consideration in Tabcorp shares, subject to an aggregate cap of 25% of the total transaction consideration • New Tabcorp shares issued as scrip consideration will be priced at the greater of A$1.00 (a 12% premium to the last close5) and Tabcorp’s 5- day volume weighted average price prior to the record date for the Scheme FINANCIAL IMPACTS • Targeting a run-rate of $30 million of cost synergies6 by the end of Year 2 of ownership. Revenue growth opportunities providing further upside • Expected to be EPS accretive from Year 2 and double-digit EPS accretive from Year 3 • Pro forma leverage of 1.9x as at Dec-25 (excluding synergies)7, which is well below Tabcorp’s target range of less than 2.5x through the cycle MANAGEMENT / TALENT • Key members of BetMakers’ management team to be retained and incentivised to deliver integration and synergies BETMAKERS BOARD RECOMMENDATION • The Board of BetMakers unanimously recommends the Transaction, and each director intends to vote the shares in which they have a relevant interest in favour of the Transaction, in each case in the absence of a superior proposal and subject to the independent expert's conclusion that the Scheme is in the best interests of BetMakers shareholders TIMING, APPROVALS AND NEXT STEPS • The parties are targeting implementation of the Transaction during 3Q FY27, subject to approvals from BetMakers shareholders and the court, clearance from the ACCC under Australia’s mandatory merger control regime, consents from gaming / racing authorities in jurisdictions in which BetMakers has operations, and other conditions including no “Material Adverse Change” in relation to BetMakers ESTABLISHES A GLOBAL B2B GROWTH ENGINE ACCELERATES TECHNOLOGY MODERNISATION FINANCIALLY ATTRACTIVE OPPORTUNITY GREATER SPEED AND EFFICIENCY Highly complementary assets Delivers greater scale, diversification and growth potential to our existing international business Enables a full suite of products and services to operators and partners around the world Contracted B2B revenues Cloud-native wagering tech stack Tote modernisation Technology simplification Lower cost to implement and cost to serve Targeting a run-rate of $30m in cost synergies B2B revenue growth opportunities providing further upside Lower capital requirement to maintain technology Expected double-digit EPS accretion from Year 3 Strong balance sheet maintained Strong addition to Tabcorp’s capability Proven digital transformation experience AI-enabled ways of working More efficient Tabcorp operating model 1 2 3 4 ACCELERATING CORE STRATEGIC PRIORITIES AND DELIVERING ATTRACTIVE FINANCIAL OUTCOMES FOR SHAREHOLDERS STRATEGIC RATIONALE Tabcorp Investor Presentation | 4 TECHNOLOGY STACK PRODUCT INNOVATION ACCELERATES TECHNOLOGY MODERNISATION Tabcorp Investor Presentation | 5 STRATEGIC RATIONALE MODERNISED TECHNOLOGY WITH IMPROVED OPERATING LEVERAGE Transition to a modern, cloud-native technology stack Provides the fastest and most efficient path to our target end-state Lower sustainable cost base and capital requirement Uplift AI capability across wagering & Sky assets Efficient operating model for rapid wagering product development and rollout Enhanced capability for product innovation across both our TAB & B2B businesses Vision production capability enables improved vision product 1 COMBINING OUR CAPABILITIES WILL CREATE A COMPELLING CUSTOMER PROPOSITION RIGHTS & CONTENT TECH & DATA WAGERING & LIQUIDITY RDC & INTEGRITY 6 GLOBAL B2B GROWTH ENGINE STRATEGIC RATIONALE 2 Tabcorp Investor Presentation | Premium domestic rights & US rights distribution Full-service vision & production Wagering platforms are internal Third party suppliers for data & information Domestic B2B wagering across digital & retail International tote hosting and commingling RDC in Australia and Isle of Man Relationships with Government, PRAs & WSPs Extensive worldwide racing rights portfolio Full-service vision, production and distribution capability Integrated data & informatics to enhance platforms & vision Global tote hub – hosting, commingling and premium customer management 24/7 “follow the sun” Race Day Control service worldwide Provision of data-driven integrity services to racing industry International distribution network, plus some rights Tech-enabled channel creation Turnkey wagering and trading solutions Proprietary global racing form and pricing database B2B focus Global tote hosting, commingling & pool management; plus Premium customers RDC primarily in UK and USA Product suite has data generation capability COMBINED OFFERING Tabcorp Investor Presentation | 7 DRIVING A HIGH-PERFORMANCE CULTURE ACQUISITION OF TALENT & CAPABILITY INCREASED INNOVATION AND SPEED TO MARKET AI-ENABLED WAYS OF WORKING PROVEN EXPERIENCE IN DIGITAL TRANSFORM- ATION A MORE EFFICIENT TABCORP OPERATING MODEL AI GREATER SPEED AND EFFICIENCY STRATEGIC RATIONALE 3 8 Tabcorp Investor Presentation | • Unlocking growth via the combination of our highly complementary assets is expected to create incremental revenue growth potential within Tabcorp’s unique existing media and tote assets. These benefits are additional to the cost synergy estimate above • Tabcorp’s addressable cost base is the primary focus of the targeted synergies • Rationalisation of data centres, corporate applications and technology contracts • Simplification of product development following adoption of BetMakers product suite • Efficiencies across corporate and support functions • $30m of run-rate cost synergies1 targeted by the end of Year 2 Notes: (1) Net operating cost synergies before tax; (2) Leverage is pro forma Net Debt to LTM EBITDA ratio as at 31 December 2025, based on Tabcorp net debt at 31 December 2025, Tabcorp and BetMakers adjusted EBITDA in the LTM to 31 December 2025, assuming 25% scrip take-up, and excluding synergies. FINANCIALLY ATTRACTIVE OPPORTUNITY STRATEGIC RATIONALE • Attractive shareholder returns, with expected EPS accretion from Year 2 and double- digit EPS accretion from Year 3 • Strong balance sheet maintained, with pro forma leverage of 1.9x2 as at Dec-25, which is well below Tabcorp’s policy of less than 2.5x through the cycle – preserving significant flexibility for continued growth COST SYNERGIES REVENUE GROWTH OPPORTUNITIES EPS ACCRETIVE BALANCE SHEET STRENGTH 4 ACQUISITION FUNDING DETAILS FUNDING OVERVIEW FINANCIAL IMPACT 9 Tabcorp Investor Presentation | TABCORP PRO FORMA NET DEBT / EBITDA PROFILE4 TABCORP POLICY <2.5X PURCHASE PRICE Cash consideration of $0.24 per share Equivalent to an equity value of $283m on a fully diluted basis1 and an enterprise value of $267m2 Represents an EV / LTM Jun-26 pro forma EBITDA multiple for BetMakers of 6.1x (including full run-rate cost synergies)3 CASH FUNDED To be funded from Tabcorp’s existing cash and/or undrawn debt facilities Tabcorp’s total liquidity was $1,083m as at Dec-25 Pro forma leverage of 1.9x as at Dec-25 (excluding synergies)4, which is well below Tabcorp’s target range, preserving significant flexibility for continued growth SCRIP OPTION BetMakers shareholders may elect to receive a portion of their consideration in new Tabcorp shares, subject to an aggregate cap of 25% of the total transaction consideration If scrip elections exceed the aggregate transaction consideration cap, elections will be scaled back pro rata, and the balance satisfied in cash The maximum number of new Tabcorp shares that could be issued as a result of the Transaction is 70.7m or 3.1% of the Tabcorp shares on issue New Tabcorp shares will be priced at the greater of A$1.00 (a 12% premium to the last close5) and Tabcorp’s 5-day volume weighted average price prior to the record date for the Scheme Note: (1) Fully diluted shares on issue (SOI) of 1,178,799,475, which excludes 27,140,000 Tranche 3 performance rights. (2) BetMakers’ net cash position of $15.6m as at 30 June 2026, excluding restricted cash of $22.2m. (3) Based on BetMakers reported EBITDA for the last 12 months ending 30 June 2026 of $14.0m (unaudited). (4) Leverage is pro forma Net Debt to EBITDA ratio as at 31 December 2025, based on Tabcorp net debt at 31 December 2025, Tabcorp and BetMakers adjusted EBITDA in the LTM to 31 December 2025, assuming 25% scrip take-up, and excluding synergies. (5) Tabcorp last close as at 7 August 2026. 2.2x 1.5x 1.9x Dec-24 Dec-25 Dec-25 PF SUMMARY 10 Tabcorp Investor Presentation | ACCELERATES OUR TECHNOLOGY MODERNISATION Transition to a modern, ​cloud-native wagering technology stack ESTABLISHES A GLOBAL B2B GROWTH ENGINE Complementary assets create a compelling B2B wagering and media services offering GREATER SPEED AND EFFICIENCY Faster speed to market at lower cost​ $30M OF COST SYNERGIES TARGETED With further potential revenue growth opportunities ATTRACTIVE FINANCIAL RETURNS Double-digit EPS accretion expected from Year 3, whilst maintaining a strong balance sheet 03 02 01 04 05 APPENDIX Tabcorp Investor Presentation | 11 DIVERSIFIED, HIGHLY CONTRACTED, GLOBAL B2B REVENUES OVERVIEW OF BETMAKERS Tabcorp Investor Presentation | BETMAKERS REVENUE MIX (FY25) 12 Source: BetMakers FY25 results presentation and Annual Report 27% 73% Domestic International 97% Not-contracted Contracted 26% 74% Top 10 customers Other customers 40% 60% Global Betting Services Global Tote GLOBAL TOTE Powers global pari-mutuel wagering via scalable SaaS technology, supporting pool management, commingling, advanced wagering products, and critical tote operations KEY PRODUCTS & CUSTOMERS OVERVIEW OF BETMAKERS Tabcorp Investor Presentation | 13 GLOBAL BETTING SERVICES Digital solutions to bookmakers for odds data, bet processing, risk management & customer engagement BOOKMAKER SOLUTIONS Digital wagering platforms & widgets Fixed odds data Trading solutions Proprietary global form database RACING BODIES SOLUTIONS Contents Rights Management Embedded racing streaming aggregator Retail and on-course display network Integrity platform & reporting QUANTUM TOTE ENGINE Turn-key SaaS solution Handles high-volume transactions (>4,000/second) Supports hundreds of international bet types TOTE SERVICES International tote pool management International tote pool commingling Turn-key tote hosting and operations RETAIL BETTING TERMINALS Build, deploy, and maintain hardware & software Self-service betting kiosks (BetLine Terminals) PRODUCTS CUSTOMERS PRODUCTS SPAN BOTH DIVISIONS Betting platforms Embedded racebook & managed APIs Race day control Betting terminal software OF KEY TERMS GLOSSARY Tabcorp Investor Presentation | 14 1H/2H First half or second half of the relevant year 1Q/2Q/3Q/4Q First/second/third/fourth quarter of the relevant year A$ Australian dollar AI Artificial intelligence B2B Business to Business B2C Business to Consumer BET The ASX ticker code used to identify BetMakers CY Calendar Year EBITDA Earnings before interest, tax, depreciation, amortisation, equity accounted result and impairment (before significant items) EPS Earnings Per Share EV Enterprise Value FINANCIAL YEAR / FY The Group’s financial year is 1 July to 30 June LTM Last twelve months ND Net debt PF Pro Forma PRA Principal Racing Authority R&D Research & Development RDC Race Day Control SOI Shares on issue TAB The Group’s wagering brand TAH The ASX ticker code used to identify Tabcorp VWAP Volume Weighted Average Price WSP Wagering Service Provider DISCLAIMER This presentation (Presentation) provides information in summary form and should be read in conjunction with the announcement in relation to the proposed transaction between Tabcorp Holdings Limited (Tabcorp) and BetMakers Technology Group Limited (BetMakers) (the Transaction) that was released today. This Presentation does not purport to contain all the information that investors may require in order to make a decision in relation to the Transaction and the information contained in this Presentation is for information purposes only. It contains selected information only. Further information will be contained in additional documents to be released by BetMakers and/or Tabcorp. Neither of Tabcorp nor BetMakers, nor each of their respective related bodies corporate, nor each of their respective directors, officers, employees, agents, contractors, consultants, advisers or management makes or gives any guarantee, representation or warranty, whether express or implied, that the information contained in this Presentation is complete, reliable or accurate or that it has been or will be independently verified, or that reasonable care has been or will be taken by them in compiling, preparing or furnishing this Presentation and its contents. To the maximum extent permitted by law, neither of Tabcorp nor BetMakers, nor each of their respective related bodies corporate, nor each of their respective directors, officers, employees, agents, contractors, consultants, advisers and management expressly disclaim any and all liability for any loss or damage suffered or incurred by any other person or entity however caused (including by reason of fault or negligence) and whether or not foreseeable, relating to or resulting from the receipt or use of the information or from any errors in, or omissions from, or otherwise arising in connection with this Presentation. You should conduct and rely upon your own investigation and analysis of the information in this Presentation and other matters that may be relevant to it in considering the information in this Presentation. The information in this Presentation is not investment, legal, taxation, financial product or other advice and is not to be used as the basis for making an investment decision. In this regard, the Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Any estimates and forward looking information contained in this Presentation are illustrative and are not representations as to future matters, are based on many assumptions and are subject to significant uncertainties and contingencies, many (if not all) of which are outside the control of Tabcorp, BetMakers and each of their respective related bodies corporate and each of their respective directors, officers, employees, agents, contractors, consultants, advisers and management. Actual events or results may differ significantly from the events or results expressed or implied by any estimate, forward looking information or other information in this Presentation. No guarantee, representation or warranty, whether express or implied, is made in this Presentation, including as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to any estimate or forward looking information contained in this Presentation will be achieved. Except as required by law or regulation (including the ASX Listing Rules), neither Tabcorp nor BetMakers undertake any obligation to update or revise the forward-looking statements or other statements in this Presentation, whether as a result of new information or future events or circumstances. You should make your own independent assessment of any estimates and forward looking information contained in this Presentation. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The forward looking information in this Presentation comprises management projections or estimates only and has not been prepared or verified to prospectus standard. No representation is made that there is a reasonable basis for that information. This Presentation does not constitute an offer, invitation, solicitation, advice or recommendation to buy or sell, or to arrange to buy or sell, securities or other financial products in any jurisdiction. This Presentation and the information contained in it does not constitute an offer invitation, solicitation, advice or recommendation to buy, subscribe for or sell any securities in the United States. The Tabcorp shares to be issued under the Transaction have not been, and will not be, registered under the U.S. Securities Act of 1933 (the US Securities Act) or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States unless the securities have been registered under the US Securities Act or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and other applicable securities laws. The statements in this Presentation are made only as at the date of this Presentation and the information contained in this Presentation has been prepared as of the date of this Presentation. The statements and the information remain subject to change without notice. The delivery of this Presentation does not imply and should not be relied upon as a representation or warranty that the information contained in this Presentation remains correct at, or at any time after, that date. To the maximum extent permitted by law, no person, including Tabcorp, BetMakers and each of their respective related bodies corporate and each of their respective directors, officers, employees, agents, contractors, consultants, advisers and management accepts any obligation to update this Presentation or to correct any inaccuracies or omissions in it which may exist or become apparent. Certain terms and logos within this report are trade marks or registered trade marks of the Tabcorp Group. Other trade marks are the property of their respective owners. Tabcorp Investor Presentation | 15