Betr Returns With Fresh Bid Offering Shares for PointsBet

Betr is trying once again to buy PointsBet, throwing in a revised offer that swaps shares instead of paying cash. While MIXI’s bid has already won PointsBet’s support, Betr is hoping a more flexible deal will change the game.

Good to know

• Betr’s new offer gives PointsBet shareholders the option to take shares or cash.
• MIXI’s offer remains higher on paper, at $1.20 per share.
• Betr only needs approval from its own investors and the Australian Competition and Consumer Commission.

Betr Entertainment has stepped back into the spotlight with a fresh bid to acquire PointsBet. This time, it is offering 3.81 shares of Betr stock for every PointsBet share, which it values at AU$1.22 based on a $0.32 share price for Betr.

Unlike its previous AU$360 million proposal, this new offer includes an optional buyback that lets PointsBet shareholders walk away with cash—up to $1.22 per share—if they choose to sell back their new Betr stock. That buyback will start at $80 million, with the possibility of increasing to $200 million if Betr ends up securing at least 90% of PointsBet’s shares.

To make the offer more viable, Betr has already completed a $130 million capital raise. The company also clarified that its offer does not hinge on a minimum number of acceptances. It only needs a green light from its own shareholders and the ACCC.

MIXI, meanwhile, has already secured the PointsBet board’s recommendation after sweetening its earlier offer. In February, it had offered $1.06 per share. That offer has since been increased to $1.20 per share in cash—valuing PointsBet at $402 million.

In response to Betr’s new bid, PointsBet issued a brief statement, saying the implied value based on current prices was just $1.086 per share—well below MIXI’s cash offer. The board has made no further comment at this stage.

Betr, however, believes the value goes beyond numbers. Chairman Matt Tripp said the offer creates a chance to merge two strong operators in the Australian betting space. He described the proposal as a way to offer either immediate cash or long-term upside.

“This is a compelling opportunity to consolidate in the Australian wagering sector,” Tripp said. “Our offer provides PointsBet shareholders with flexibility, either cash for immediate liquidity or the ability to participate on the long-term upside of the combined entity. We’re offering real value, execution certainty and the leadership experience needed to deliver.”

Betr also said that if it completes a full acquisition, the combined company could see more than $40 million in synergies.

For now, PointsBet shareholders will weigh two paths: an all-cash deal backed by MIXI or a share-based proposal with added flexibility and upside—at least according to Betr.

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