Ann: Trading Update, page-11

Yep. Note still pretty conservative (they didn't upgrade their revenue at all). My favourite bit said"

• BET has now returned to growth (run-rate >15% in Q3), with FY26 guidance for“revenue growth” to remain.
• The company has passed a point of FCF inflection (per above), has sufficientBalance Sheet capacity to support its future growth (also, per above), with anenormous global TAM to grow into.
• On this basis, we see BET’s current valuation (ie. ~1.2x FY26 EV/Rev) as beingcompletely de-coupled from ASX-listed peers, delivering similar results.

Do the math. Take an average of these and BET could just as easily be trading in the 40's as it is in the 11's.

I reckon someone is accumulating and wouldn't put it past them to put some big sell orders on screen to keep a lid on things for the moment. Note also the net shorts took another leg down just prior to this announcement (last showing the 16th of May). The two little spikes down were ASIC data issues from memory, this wasn't consistent across other stocks yesterday...