The fight for control of PointsBet is intensifying as Betr Entertainment has lifted its all-scrip offer to AU$1.40 per share, challenging Japanese tech and entertainment group Mixi’s cash-backed bid.
The Australian sports betting company said its revised share-swap deal “is superior to Mixi’s offer of $1.25 cash per PointsBet share,” with the fresh terms pushing its exchange ratio to 4.375 Betr shares for each PointsBet share.
In addition to raising the per-share consideration, Betr pledged to lift its selective buy-back pool from at least AU$80 million to AU$90 million. “Subject to the required resolutions being passed at the upcoming betr shareholder meeting, betr will proceed with the selective buy-back irrespective of the level of acceptances it receives under the offer,” the company said.
Separately, Betr has also submitted a revised non-binding proposal to acquire PointsBet’s Australian operations outright for AU$370 million or AU$0.465 per share. The new offer represents a 37 percent premium to PointsBet’s May 23 closing price of AU$0.34.
PointsBet takeover war between Betr and MIXI continues to heat up
The proposal would give Betr full control of PointsBet’s Australian licences, technology, intellectual property, staff, and other assets. PointsBet provides a wide range of sports and racing wagering services, along with esports betting markets covering major titles such as CS2, Dota 2, and League of Legends.
To advance discussions, Betr has extended the exclusivity period to Sept. 6, preventing PointsBet from negotiating with alternative bidders unless legally required.
Mixi, which has been positioning PointsBet as a cornerstone of its global expansion, dismissed Betr’s latest move, saying it is “highly unlikely” Betr will secure control while criticizing the rival’s synergy claims and buy-back structure.
PointsBet’s board has consistently recommended Mixi’s cash offer of $1.25 per share, or $1.30 if it secures 90 percent acceptance, citing clearer certainty. Mixi said Tuesday it would not tender any of its shares to Betr and noted its own bid already has support from 38.13 percent of shareholders. Its offer is set to close on Aug. 29.
However, with the latest development, the PointsBet board has indicated that Betr’s updated proposal could be superior to the company’s standalone prospects, though it remains subject to shareholder approval, regulatory clearance, and final due diligence.
If the deal proceeds, Betr may also provide short-term funding to ensure operational continuity for PointsBet Australia should there be delays in finalizing the transaction. Once negotiations conclude successfully, a binding agreement is expected to follow, with shareholders to be updated in due course.
