PointsBet Labels Betr’s $360m Bid as Superior Amid Ongoing Takeover Race

Betr Moves Ahead in Bidding War

PointsBet has described a takeover proposal from Betr Entertainment as “superior” to a competing offer from MIXI, positioning the rebranded wagering operator as the frontrunner in the ongoing acquisition process.

The announcement, made with input from external advisers, clears the way for a mutual due diligence process between the two companies. According to PointsBet, this will begin with a focus on synergy evaluation and the structure of Betr’s scrip-based component.

Under the proposal, initially submitted in February prior to Betr’s rebrand from BlueBet, the bid is valued at approximately AUD$360 million. This includes between AUD$240 million and AUD$260 million in cash, alongside scrip consideration ranging from AUD$100 million to AUD$120 million. Betr has also flagged annual synergies of at least AUD$40 million if the deal goes ahead.

MIXI Offer Still on the Table

Despite acknowledging Betr’s proposal as superior, PointsBet has not withdrawn its recommendation in support of MIXI’s existing bid. An independent expert is continuing to assess the offer, which was also submitted in February and values PointsBet at around AUD$353 million.

The MIXI scheme would see shareholders receive AUD$1.06 per share in cash—a 27.7% premium over the closing price before the offer was made public. The offer involves a full transfer of shareholding to MIXI’s Australian entity, a subsidiary of the Tokyo-listed entertainment group.

“The PointsBet board remains committed to, and unanimously recommends, that PointsBet shareholders vote in favour of the MIXI scheme, in the absence of a superior proposal and subject to the independent expert continuing to conclude that the MIXI scheme is in the best interests of PointsBet shareholders,” the company said.

According to MIXI’s most recent balance sheet, the group held over JP¥100 billion (approximately AUD$1 billion) in cash and deposits.

Implications of a Betr Takeover

A successful takeover by Betr could result in strategic divestments within the PointsBet business. Sources familiar with the situation suggest Betr is considering the sale of PointsBet Canada to sharpen its focus on the Australian market.

In April, Betr confirmed it had received a non-binding proposal from Hard Rock Digital to acquire PointsBet’s Canadian operations. This was followed by reports that Hard Rock Digital had applied for a gambling licence in Ontario in anticipation of a potential acquisition.

However, any deal involving PointsBet Canada is contingent on Betr acquiring full ownership of the business. For now, PointsBet’s declaration of Betr’s bid as superior appears to signal a shift in momentum—and potentially a change in the direction of one of Australia’s most recognised digital wagering brands.

Source: IGB