BETR Entertainment Limited

BBT.AX

Gambling, Resorts & Casinos · Consumer Cyclical

Price

A$0.20

-0.01 (-2.50%)

Market Cap

A$204.0M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+220.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 200.1M (2021) → 641.9M (2025)

Winston Score History

The full picture

BETR Entertainment Limited is an Australian online gambling company. It runs a sports betting and online casino platform where customers can place bets on sporting events and play digital casino games. The company operates under the BETR brand and targets adult recreational gamblers primarily in Australia.

BETR makes money by keeping a margin on bets placed through its platform, meaning it earns a percentage of every wager its customers lose. It operates almost entirely within Australia, where online sports betting is legal and competitive. The company is small, with a market cap of around $200 million, and it faces intense competition from much larger rivals like Sportsbet, TAB, and Ladbrokes. Its gross margin of under 10% and negative operating margin signal that it is still spending heavily to acquire customers and build scale, which is the central challenge — growing its user base fast enough to reach profitability before its cash runs out.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+130.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+94.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

58.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

A$183M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

A$183M cash & investments at current burn rate

Revenue accelerating

BETR Entertainment Limited grew revenue 131% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-2.3%

Thin — -2.3% gross margin

Profit after running costs

Operating Margin

-37.4%

Losing money on operations — -37.4%

Return on the money invested

ROCE

-11.5%

Weak — -11.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+51.4%

Fast-growing sales (+51.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-17.4%

Burning cash (-17.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.29

Conservative — low debt load (0.29)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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