This report is an updated version of the report published on 14 January 2026 at 02:38 PM AEDT. 

Betr Entertainment Limited (ASX: BBT)

is a digital wagering operator offering sports and racing betting through its online platform, mobile apps, and telephone services in Australia and North America.

Recommendation Rationale – SELL at AUD 0.260

• Financial Highlights: BBT reported a loss after income tax benefit from continuing operations of AUD 14.83mn in FY25, compared with a loss of AUD 5.98mn in FY24, primarily due to higher depreciation and amortisation, increased interest costs, and integration-related expenses following acquisitions. Finance costs rose sharply to AUD 2.94mn in FY25 from AUD 0.06mn in FY24, driven by higher interest-bearing loans and borrowings. Further, net cash used in operating activities increased to AUD 19.31mn in FY25 from AUD 13.35mn in FY24, reflecting weaker cash flow conversion despite revenue growth.
• Trading Near the Resistance: BBT stock has approaching its R2 level recommended on 20 November 2025. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (P/E, Price/Cash Flow) are higher than Average of the Technology Sector.
• Market Risk: Operating in the highly competitive and regulated online wagering market, BBT faces risks from economic uncertainty, inflation, and pressure on discretionary consumer spending, which may dampen betting activity. Regulatory tightening, advertising restrictions, and higher taxes or product fees could increase compliance costs and constrain growth. Intense competition and promotional intensity may pressure margins, while volatility in sporting and racing outcomes can lead to unpredictable wagering margins and earnings variability.

BBT’s Daily Price Chart

Valuation Methodology: EV/Sales Multiple Approach (FY June'26E) (Illustrative)

Stock might trade at a slight premium to its peers considering the YoY wagering revenue growth in FY25, an increase in gross margin, higher cash balance, and strategic acquisitions enhancing scale and market positioning. For conducting the valuation, the following peers included: Ainsworth Game Technology Ltd (ASX: AGI), Pointsbet Holdings Ltd (ASX: PBH), Experience Co Ltd (ASX: EXP), and others have been considered.

Considering that the stock is approaching its R2 level, macroeconomic uncertainty, share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 0.260 (as of 14 January 2026, at 1:30 PM AEDT).   

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 14 January 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.