May 2026
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Largest ViceTech Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Aristocrat Leisure, The Lottery Corporation, Tabcorp, Ainsworth Game Technology and BetMakers.
 | Aristocrat Leisure is an electronic gaming machine manufacturer that sells machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and essentially every major country. Aristocrat is one of the top three largest players in the space along with International Game Technology and Light & Wonder. Through acquisitions of Plarium and more recently Big Fish, Aristocrat now derives a significant proportion of earnings from the faster growing mobile gaming business. | $36 | -21% | $22B | $23B | 5.1x | 12.0x | ||
| The Lottery Corporation is Australia's largest provider of lottery, keno, and instant-scratch products, with long-dated and/or exclusive licenses for the lottery in all Australian states and territories except Western Australia, and in most states and territories for keno. Lottery Corp has a distribution network of more than 3,800 franchised retailers that sell instant-scratch and lottery products through vendors such as newsstands, gas stations, pharmacies, and convenience stores, as well as online sales. Keno is sold in over 3,400 bars and clubs. | $4 | -1% | $8B | $10B | 3.7x | 17.8x | ||
| Tabcorp is essentially a pure-play Australian wagering operator, with exclusive rights to physical wagering at venues (pubs, clubs, and racecourses) and also a digital offering. Tabcorp operates through principally through two segments: wagering and media and gaming services. The firm conducts wagering activities under the TAB brand both online and physically in every Australian state and territory other than Western Australia, reaching 90% of the population through a network of retail venues. In addition, Integrity Services provides services to electronic gaming machine venues. | $1 | +15% | $1B | $2B | 1.0x | 6.8x | ||
| Ainsworth Game Technology Ltd is an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and several other countries. With the firm's domestic market share and earnings shrinking, the company has shifted focus to international operations, particularly the North American business. | $1 | +63% | $352M | $367M | 1.8x | 10.7x | ||
| BetMakers Technology Group Ltd engages in the development and provision of software, data, and analytic products for the B2B wagering market and the production and distribution of racing content. The firm operates in two segments: Global betting services and Global Tote. The Global betting services segment provides customers with a variety of racing software, data, and analytical tools. This includes basic race data such as pricing, runners, and form, as well as analytical tools to consume and leverage the data, and wagering tools such as platforms and managed trading services. The Global Tote segment, which derives maximum revenue, includes the provision of tote software and integrations to facilitate tote liquidity and resulting. | $0 | +73% | $136M | $117M | 1.9x | 122.5x | ||
| Betr Entertainment Ltd is engaged in offering sports and racing betting products and services to online and telephone clients, via its online wagering platform and mobile applications. Its main product line includes sports, horse racing, greyhound racing, harness racing, and on-track bets. The company generates its income from wagering revenue. The group's operating segments are: Australia, which generates the maximum revenue, and Corporate. | $0 | -37% | $127M | $126M | 1.2x | 26.8x | ||
| Sportshero Ltd is an electronic gaming company. Its principal activities consist of the acquisition and development of sports gamification platforms. The company's geographical segment includes Australia, Singapore, and Indonesia. It derives a majority of its revenue from Indonesia. | $0 | -- | $47M | $47M | 1750.8x | (35.6x) | ||
| Botanix Pharmaceuticals Ltd is a dermatology company. The company focuses on developing safe and effective topical treatments for serious skin conditions. It has an exclusive license to use a proprietary drug delivery system for all skin diseases. The company's product pipeline includes BTX 1503 - Moderate to Severe Acne, BTX 1204 - Atopic Dermatitis, BTX 1702 - Rosacea, Sofdra - Axillary Hyperhidrosis, and others. The majority of Revenue is derived from Australia. | $0 | -93% | $41M | $40M | 9.7x | (0.8x) | ||
| Incannex Healthcare Inc is a clinical stage pharmaceutical company developing medical cannabis products for the treatment of Obstructive Sleep Apnea (OSA), Traumatic Brain Injury (TBI)/Concussion, Rheumatoid Arthritis, Inflammatory Bowel Disease, and Inflammatory Lung Conditions. The company has an Australian license to import, export, and distribute medicinal cannabis products and has launched a line of cannabinoid products. The Company operates and manages its business as one reportable and operating segment, which is the Research and Development of the use of psychedelic medicine and therapies. | $3 | -2% | $36M | ($38M) | (440.0x) | 0.8x | ||
| RAS Technology Holdings Ltd is a provider of fully integrated premium data, enhanced content, SaaS solutions, and digital and media services to the racing and wagering industries. Geographically, the company operates in Australia, the United Kingdom, the United States, Asia, and the Rest of the World. The company generates the majority of its revenue from Australia. | $0 | -27% | $22M | $19M | 1.3x | 11.7x | ||
| Median | $1 | -2% | $132M | $121M | 1.8x | 11.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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