New Twist as Betr Rejoins the Fight for PointsBet

Betr Entertainment is back in the mix, making another attempt to take over PointsBet, this time with a revised offer that highlights potential cost savings and long-term value. The latest move heats up the ongoing contest with MIXI Australia, whose previous bid narrowly failed to secure enough shareholder support.

Good to know

• Betr’s new offer includes 3.81 shares for each PointsBet share, valued at AU$1.22.
• Estimated cost synergies could bring the total value to AU$1.89 per share.
• MIXI’s earlier offer failed after a vote recount showed it did not meet the approval threshold.

Betr has made a fresh pitch to PointsBet shareholders, offering 3.81 Betr shares for every PointsBet share. Based on Betr’s current share price of $0.32, the deal values each PointsBet share at AU$1.22. That matches its previous offer on paper, which PointsBet rejected earlier, calling it “materially” lower than MIXI’s cash offer of AU$1.20 per share.

However, Betr is now stressing the value-add of cost synergies estimated at $44.9 million annually. These savings, if fully realized, could translate into an additional AU$0.67 per share, effectively raising the deal’s value to AU$1.89 per share.

The offer is expected to formally open on 31 July and close by 8 September, though Betr noted it may adjust the offer again and will issue updates as needed. The proposal does not include a minimum acceptance condition but still requires approval from Betr shareholders.

Shareholder vote drama, vote recount and more

The latest development follows a disputed shareholder vote in June, where PointsBet investors were asked to approve MIXI’s offer. Initially, it looked like the bid passed with overwhelming support—95.69% voted in favor. But the proxy breakdown told a different story, with just 69.47% backing the deal.

Betr, which owns 19.9% of PointsBet’s voting power, claimed its vote was wrongly excluded. After an internal review uncovered a system error that omitted Betr’s votes, the results were recalculated. The corrected tally showed 70.48% in favor—below the 75% required—so MIXI’s proposal was ultimately rejected.

Not giving up, MIXI countered with a revised all-cash offer that implied the same $402 million enterprise value as before. It offered a 44.6% premium on PointsBet’s share price of $0.83 from late February.

The new proposal, which now includes approval from Canadian regulators in Ontario, needs at least 50.1% shareholder acceptance to move forward. In response, PointsBet’s board has unanimously recommended the MIXI offer.

Betr argues that its all-share offer provides longer-term upside for PointsBet investors. The combined entity would become the only ASX-listed pure-play digital wagering company in Australia. According to Betr, that structure could attract more institutional capital and potentially qualify for ASX 300 index inclusion.

“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business,” the company said. “PointsBet shareholders can benefit from additional, longer-term value upside and potential re-rating from the Betr management team’s unparalleled record of success.”

So far, neither MIXI nor PointsBet has publicly commented on Betr’s latest offer.

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