Announcement PDF BETMAKERS TECHNOLOGY GROUP | ACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 10 August 2026 BetMakers enters into Scheme Implementation Deed with Tabcorp BetMakers Technology Group Limited (ASX: BET) (“BetMakers” or the “Company”) has entered into a binding Scheme Implementation Deed (“SID”) with Tabcorp Holdings Limited (ASX: TAH) (“Tabcorp”), under which Tabcorp will acquire 100% of the issued shares in BetMakers by way of a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (“Scheme”). Under the Scheme, BetMakers Shareholders will be entitled to receive $0.24 cash for each BetMakers Share (“Cash Consideration”), unless they make a valid election to receive part or all of their consideration in new Tabcorp shares (“Mixed / Scrip Election Consideration”). Eligible BetMakers Shareholders may elect to receive 25%, 50%, 75% or 100% of their Scheme Consideration in new Tabcorp shares, subject to a maximum aggregate scrip consideration payable (“Maximum Scrip Consideration”) equal to 25% of the total Scheme Consideration and a pro rata scale- back if elections exceed the Maximum Scrip Consideration. Key Highlights ● Unanimous Board Recommendation: The BetMakers Board unanimously recommends that BetMakers Shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to an Independent Expert concluding, and continuing to conclude, that the Scheme is in the best interests of BetMakers Shareholders; ● Voting intention: Each BetMakers Director intends to vote, or cause to be voted, all BetMakers Shares they own or control in favour of the Scheme, representing approximately 10% of shares outstanding, subject to the same qualifications; ● Scheme Consideration: The $0.24 per share Scheme Consideration implies an equity value of approximately $282.9m1 and represents a 45.5% premium to BetMakers’ closing share price of $0.165 on 7 August 2026, and a 41.1% premium to the 1-month Volume Weighted Average Price (“VWAP”) of $0.1702; ● Customary Conditions and funding certainty: The Scheme is subject to ACCC clearance, applicable gaming and racing regulatory approvals in various of the jurisdictions in which BetMakers undertakes business activities, BetMakers Shareholder and Court approvals and other customary conditions. The Scheme is not subject to a financing condition, Tabcorp shareholder approval or further due diligence; ● Timetable: Subject to the satisfaction or waiver of the relevant conditions and the regulatory processes progressing within expected timeframes, the parties are targeting completion of the Scheme during Q3 FY27. The timetable may be affected by the ACCC process and the obtaining of the required gaming and racing regulatory approvals; and ● No immediate action required: Shareholders do not need to take any action at this time, scheme meeting materials will be distributed ahead of the shareholder vote 1 Based on fully diluted shares on issue of 1,178,799,475, which comprises 1,120,282,275 ordinary shares and 58,517,200 performance and service rights (excluding Tranche 3 performance rights). 2 VWAP based on cumulative trading volume from 8 July 2026 up to and including 7 August 2026. 2 BETMAKERS TECHNOLOGY GROUP | ACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 Transaction Overview and Scheme Consideration Under the terms of the Scheme, the default form of Scheme Consideration is $0.24 cash per BetMakers Share. Eligible BetMakers Shareholders may instead elect to receive 25%, 50%, 75% or 100% of their Scheme Consideration in new Tabcorp shares, with the balance paid in cash. The scrip election is subject to a maximum aggregate scrip consideration payable (“Maximum Scrip Consideration”) equal to 25% of the total Scheme Consideration that may be issued as new Tabcorp shares. If valid elections exceed this cap, elections will be scaled back on a pro rata basis and the balance will be paid in cash. The exchange ratio will be calculated by dividing $0.24 by the higher of: ● $1.00 per Tabcorp share; and ● the VWAP of Tabcorp shares over the 5 trading days before the Scheme Record Date. New Tabcorp shares issued under the Scheme will rank equally in all respects with existing Tabcorp shares from the Implementation Date. Ineligible Foreign Shareholders and BetMakers Shareholders who do not make a valid election will receive $0.24 cash per BetMakers Share. BetMakers intends to seek an ATO class ruling in relation to the availability of scrip-for-scrip rollover relief for BetMakers Shareholders who receive new Tabcorp shares. Confirmation that the ATO intends to issue the class ruling is not a condition to implementation of the Scheme, and BetMakers Shareholders should obtain their own taxation advice. Implied Valuation and Premium The Scheme Consideration implies an equity value of approximately $282.9m3, and represents: ● a 45.5% premium to the closing price of $0.165 per BetMakers Share on 7 August 2026, being the last trading day before this announcement; ● a 41.1% premium to the 1-month VWAP of $0.1704 per BetMakers Share; ● a 42.1% premium to the 3-month VWAP of $0.1695 per BetMakers Share; and ● a 36.7% premium to the 6-month VWAP of $0.1766 per BetMakers Share. The proposed transaction implies an enterprise value of $267.3m.7 3 Based on fully diluted shares on issue of 1,178,799,475, which comprises 1,120,282,275 ordinary shares, and 58,517,200 performance and service rights (excluding Tranche 3 performance rights). 4 VWAP based on cumulative trading volume from 8 July 2026 up to and including 7 August 2026. 5 VWAP based on cumulative trading volume from 8 May 2026 up to and including 7 August 2026. 6 VWAP based on cumulative trading volume from 9 February 2026 up to and including 7 August 2026. 7 Based on fully diluted shares on issue of 1,178,799,475, which comprises 1,120,282,275 ordinary shares, 58,517,200 performance and service rights (excluding Tranche 3 performance rights), and net cash of $15.6 million (which excludes restricted cash of $22.2 million) as at 30 June 2026. 3 BETMAKERS TECHNOLOGY GROUP | ACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 The BetMakers Board unanimously recommends the Scheme The BetMakers Board unanimously recommends that BetMakers Shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to an Independent Expert concluding in its report, and continuing to conclude, that the Scheme is in the best interests of BetMakers Shareholders. Subject to the same qualifications, each BetMakers Director intends to vote, or cause to be voted, all BetMakers Shares they own or control, representing approximately 10% of shares outstanding, in favour of the Scheme at the Scheme Meeting. The BetMakers Board believes that the Scheme is an attractive outcome for BetMakers Shareholders for the following reasons: ● Attractive value: the Scheme Consideration represents a premium of 45.5% to BetMakers’ closing share price before announcement; ● Cash certainty: BetMakers Shareholders have the option to receive $0.24 cash per BetMakers Share; ● Election flexibility: eligible BetMakers Shareholders may elect to retain exposure through new Tabcorp shares, subject to the aggregate scrip cap and scale-back arrangements; ● Funding certainty: the Scheme is not subject to a financing condition, and Tabcorp has represented that it will have sufficient cash and share-issuing capacity to provide the Scheme Consideration; and ● Strategic fit: the proposed transaction recognises the value of BetMakers’ technology platforms, global customer relationships and wagering industry capabilities. The BetMakers Board’s recommendation is in respect of the Scheme as a whole. The BetMakers Board makes no recommendation as to whether eligible BetMakers Shareholders should elect to receive new Tabcorp shares. The Scheme Booklet will contain further information about the Mixed / Scrip Election Consideration, including the relevant risks, taxation considerations and the election and scale-back mechanics. Eligible BetMakers Shareholders should consider their individual investment objectives, financial circumstances and taxation position and obtain independent financial, legal and taxation advice before making an election. Overview of Tabcorp Tabcorp is an ASX-listed Australian wagering, media and gaming services company with a market capitalisation of approximately $2.1 billion.8 Tabcorp operates a portfolio of established Australian brands, including TAB, its multichannel wagering business operating across digital and retail channels; Sky Racing, its racing media and broadcast business; and MAX, its gaming services business. Following the demerger of its lotteries and keno operations, Tabcorp retained its wagering and media and gaming services businesses. Tabcorp’s evolved strategy is focused on delivering integrated wagering and entertainment experiences, investing in technology and product innovation and supporting the long-term sustainability of the Australian racing industry. Strategic Rationale The proposed transaction brings together Tabcorp’s scale, established wagering and media platforms and racing industry relationships with BetMakers’ global B2B wagering technology, totalisator systems, data products and international pooling capabilities. 8 As at last close on 7 August 2026. 4 BETMAKERS TECHNOLOGY GROUP | ACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 The proposed transaction accelerates the delivery of Tabcorp’s evolved strategy across three fundamental pillars: ● Accelerates Tabcorp's technology modernisation. Delivers modernisation of Tabcorp’s wagering technology stack, leveraging the successful tech transformation of BetMakers over the past 2 years. ● Establishes a global B2B growth engine. Delivers greater scale, diversification and growth potential to Tabcorp’s existing international business. Creates a full suite of products and services for operators and partners. ● Greater speed and efficiency. Provides Tabcorp with increased capability with proven digital transformation experience, and deliver a more efficient operating model. Comments from BetMakers Executive Chairman of BetMakers, Mr Matt Davey, said: “The BetMakers Board has carefully considered the proposed Scheme and believes it provides BetMakers Shareholders with a compelling opportunity to realise certain value at an attractive premium, while giving eligible BetMakers Shareholders flexibility to retain exposure through the Tabcorp scrip election. The proposed transaction also recognises the strength of the technology platforms, customer relationships and global wagering capabilities that BetMakers has developed. Subject to the Independent Expert’s conclusion and the absence of a Superior Proposal, the BetMakers Board believes the Scheme represents an attractive outcome for BetMakers Shareholders.” Chief Executive Officer of BetMakers, Mr Jake Henson, said: “BetMakers has established a global wagering technology business supported by talented people, differentiated products and deep industry relationships. The recent strategic transformation has delivered market leading technology and an efficient operating model that is a credit to the hard work of our global team. Tabcorp’s scale and capabilities are expected to provide a strong platform for the next phase of investment, product innovation and international growth. In the meantime, BetMakers remains focused on and committed to delivering for its customers and executing its strategy throughout the Scheme process.” Key Terms of the Scheme Implementation Deed Completion of the Scheme is subject to a number of conditions precedent customary for a transaction of this nature, including: ● approval by BetMakers shareholders at a scheme meeting by the requisite majorities; ● approval of the scheme by the Court; ● an independent expert concluding (and continuing to conclude) that the Transaction is in the best interests of BetMakers shareholders; ● clearance under Australia's mandatory merger control regime administered by the Australian Competition and Consumer Commission (ACCC); and ● receipt of required gaming, racing and regulatory consents across the jurisdictions in which BetMakers and its subsidiaries operate. The Scheme is not subject to: ● a financing condition; ● Tabcorp shareholder approval; or ● the completion of further due diligence. The SID includes customary termination rights, including where: ● the Scheme has not become Effective by the End Date; ● a party commits an unremedied material breach; 5 BETMAKERS TECHNOLOGY GROUP | ACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 ● the BetMakers Board withdraws or adversely modifies its recommendation in circumstances specified in the SID; or ● the BetMakers Board recommends a Superior Proposal in accordance with the SID. The SID contains customary exclusivity provisions, including “no shop”, “no talk” and “no due diligence” obligations. The “no talk” and “no due diligence” restrictions are subject to a customary fiduciary exception. The SID also contains notification obligations and a 5 Business Day matching right in favour of Tabcorp. A break fee of $2.83m (excluding GST) may be payable by BetMakers to Tabcorp in certain customary circumstances including where a superior proposal is received from a third party. A reverse break fee of $2.83m (excluding GST) may be payable by Tabcorp to BetMakers if BetMakers terminates the SID as a result of an unremedied material breach by Tabcorp. A copy of the SID, which sets out the conditions and other terms relating to the Scheme, is attached to this announcement. Indicative Timetable and Next Steps BetMakers Shareholders do not need to take any action at this time. A Scheme Booklet will be prepared by BetMakers and sent to BetMakers Shareholders before the Scheme Meeting. The Scheme Booklet will contain important information relating to the Scheme, including: ● the reasons for the BetMakers Board’s unanimous recommendation that BetMakers Shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to an Independent Expert concluding, and continuing to conclude, that the Scheme is in the best interests of BetMakers Shareholders; ● information about the Scheme Consideration, including the scrip election and scale-back arrangements; ● a copy of the report prepared by the Independent Expert appointed by BetMakers in respect of the Scheme, which will include the Independent Expert’s opinion on whether the Scheme is in the best interests of BetMakers Shareholders; and ● notice of, and information about, the Scheme Meeting, which is currently targeted to be held in December 2026, including instructions on how to vote on the resolution to approve the Scheme. The Scheme Booklet will also include the Scheme, the Deed Poll to be executed by Tabcorp, an Election Form and a proxy form for the Scheme Meeting, consistent with the requirements of the SID. The parties are targeting completion of the Scheme during Q3 FY27, subject to a successful Scheme of Arrangement outcome, and BetMakers receiving relevant regulatory approvals in jurisdictions in which it operates as well as other customary approvals. A scheme booklet, containing detailed information in relation to the Transaction and the independent expert's report, is expected to be despatched to BetMakers shareholders following the satisfaction of relevant pre-conditions, with the scheme meeting to be convened thereafter BetMakers will keep BetMakers Shareholders and the market informed of material developments in accordance with its continuous disclosure obligations. Advisers BetMakers is being advised by MA Moelis Australia as financial adviser and Ashurst Perkins Coie as legal adviser. Tabcorp is being advised by Barrenjoey as financial adviser and Gilbert + Tobin as legal adviser. 6 BETMAKERS TECHNOLOGY GROUP | ACN: 164 521 395 Phone: 1 300 208 849 Fax: (02) 8330 6357 Level 4, 189 Flinders Lane Melbourne, VIC 3000 Authorisation and Further Information This announcement has been authorised for release by the Board of BetMakers Technology Group Limited. Authorised for release by the BetMakers Board of Directors. -ENDS- For further information please contact: Investor Relations investors@betmakers.com About BetMakers Technology Group BetMakers Technology Group (ASX: BET) is a leading global provider of B2B wagering technology and services. BetMakers’ advanced platforms, fixed odds and pari-mutuel wagering solutions, data services, and betting content empower rights holders and racetracks to unlock new revenue streams while enhancing the betting experience. The company has a footprint that spans racing and betting markets in more than 30 countries. Scheme Implementation Deed BetMakers Technology Group Limited ACN 164 521 395 Tabcorp Holdings Limited ACN 063 780 709 2026 Ashurst Perkins Coie AUS\PPERT\708495021.13 Contents 1. Interpretation .................................................................................................................... 1 Definitions.............................................................................................................. 1 Rules for interpreting this document ................................................................... 19 Non-Business Days............................................................................................. 20 2. Scheme structure ........................................................................................................... 20 Agreement to propose and implement Scheme.................................................. 20 Constitution Amendment..................................................................................... 20 Outline of Scheme............................................................................................... 20 No amendments to Scheme without consent ..................................................... 20 Scheme Consideration........................................................................................ 21 Scheme Consideration election mechanism....................................................... 21 Scaleback Arrangements.................................................................................... 21 Provision of election updates and BetMakers Share information ....................... 22 New Tabcorp Shares to rank equally.................................................................. 22 Australian Tax rollover ........................................................................................ 22 Payment of Scheme Consideration .................................................................... 23 Ineligible Foreign Shareholders .......................................................................... 23 Fractional entitlements and Share Splitting ........................................................ 23 BetMakers Equity Incentives............................................................................... 23 3. Conditions....................................................................................................................... 24 Obligations not binding until Conditions satisfied................................................ 24 Conditions ........................................................................................................... 24 Waiver of Conditions ........................................................................................... 28 Satisfaction of Conditions.................................................................................... 29 Notifications......................................................................................................... 30 Certificates in relation to the Conditions ............................................................. 31 If a Condition is not fulfilled or waived................................................................. 31 Failure to agree ................................................................................................... 32 Conduct of the Court proceedings ...................................................................... 32 Scheme voted down............................................................................................ 33 4. Implementation obligations............................................................................................. 33 Timetable............................................................................................................. 33 BetMakers obligations......................................................................................... 34 Tabcorp's obligations .......................................................................................... 40 Updates to the Independent Expert’s Report...................................................... 42 Scheme Booklet content and responsibility statements ..................................... 43 5. Pre-Implementation Obligations ..................................................................................... 45 Conduct of business – BetMakers’ obligations ................................................... 45 Conduct of business – exceptions ...................................................................... 50 Transition Team .................................................................................................. 51 Access to information.......................................................................................... 52 Change of Control Provisions ............................................................................. 53 6. Post-Implementation....................................................................................................... 54 Board composition .............................................................................................. 54 Deeds of insurance and indemnity...................................................................... 55 Releases ............................................................................................................. 56 Ashurst Perkins Coie AUS\PPERT\708495021.13 7. Confidentiality and Announcements............................................................................... 57 Information provided subject to confidentiality obligation ................................... 57 Announcement of execution................................................................................ 57 No Announcement .............................................................................................. 57 Consultation on Announcements ........................................................................ 57 Excluded Announcements .................................................................................. 58 8. Exclusivity....................................................................................................................... 58 Existing discussions ............................................................................................ 58 No-shop, no-talk and no-due diligence ............................................................... 58 Fiduciary exception ............................................................................................. 59 Normal provision of information .......................................................................... 60 Standstill.............................................................................................................. 60 9. Notification and matching rights ..................................................................................... 60 Initial notification.................................................................................................. 60 Matching right...................................................................................................... 61 Compliance with law ........................................................................................... 63 10. Break Fees ..................................................................................................................... 63 Background ......................................................................................................... 63 Payment of BetMakers Break Fee ...................................................................... 64 Payment of Reverse Break Fee.......................................................................... 65 Demand for payment of Break Fee..................................................................... 65 Qualifications....................................................................................................... 66 Limitation of liability ............................................................................................. 66 Compliance with law ........................................................................................... 67 11. Termination..................................................................................................................... 67 Termination by either party ................................................................................. 67 Termination by Tabcorp ...................................................................................... 68 Termination by BetMakers .................................................................................. 68 Effect of termination ............................................................................................ 69 Notice of termination ........................................................................................... 69 12. Representations and warranties..................................................................................... 69 BetMakers Representations and Warranties ...................................................... 69 Tabcorp Representations and Warranties .......................................................... 74 Qualifications on BetMakers Representations and Warranties .......................... 76 Qualifications on Tabcorp Representations and Warranties .............................. 76 No representations made on economic or future matters................................... 76 Reliance on representations and warranties....................................................... 77 When representations and warranties are given ................................................ 77 Information on representations and warranties................................................... 77 Survival of representations and warranties......................................................... 77 13. Indemnities ..................................................................................................................... 78 Indemnities by BetMakers................................................................................... 78 Indemnities by Tabcorp....................................................................................... 78 14. Survival of indemnities ................................................................................................... 78 15. GST ................................................................................................................................ 78 GST pass on ....................................................................................................... 78 Tax invoice .......................................................................................................... 78 Consideration exclusive of GST.......................................................................... 78 Adjustments ........................................................................................................ 78 Ashurst Perkins Coie AUS\PPERT\708495021.13 Reimbursements ................................................................................................. 79 16. Capital gains tax withholding.......................................................................................... 79 17. Notices............................................................................................................................ 80 How to give a notice............................................................................................ 80 When a notice is given........................................................................................ 80 Address for notices ............................................................................................. 80 18. General........................................................................................................................... 81 Amendment......................................................................................................... 81 Assignment.......................................................................................................... 81 Governing law ..................................................................................................... 81 Remedies ............................................................................................................ 81 Liability for expenses........................................................................................... 81 Giving effect to this document............................................................................. 82 Variation of rights ................................................................................................ 82 No partnership or agency.................................................................................... 82 Operation of this document................................................................................. 82 Operation of indemnities .......