Betr boosts its commitment to PointsBet with a proposal to buy 100% of PointsBet’s stocks not already owned by the platform.
The operator already owns 19.9% of PointsBet’s stocks, making it the company’s largest shareholder, but aims even higher. The acquisition of the remaining stocks is valued at $360m AUD ($230m USD). $260m AUD would be paid in cash, with another $100m AUD coming in Betr scrip – an in-company substitute for legal tender.
This comes after a takeover bid from Mixi in February, with BlueBet also originally circling. Now that Betr and BlueBet have merged, a unified Betr is now attempting to outdo the competitor and renew its hold over the company. To generate the cash for the deal, Betr has raised various funding initiatives, ranging from taking on $76m in debt from the National Australian Bank, as well as selling various PointsBet Canada assets.
To round it off, the sports betting platform has also announced an underwritten equity raise of $82m, with just under $13m already committed by Matt Tripp and Michael Sullivan, the current and former Chairman of BlueBet.
Betr versus Mixi
“Our offer represents a clearly superior proposal for PointsBet shareholders to realise significant value,” said Betr Chairman Matt Tripp, as reported by Gambling Insider. “We have fully addressed the concerns raised by PointsBet in its Letter to Shareholders on 3 April 2025, including enhancing our funding certainty, synergy realisation and due diligence timing.
“Our proposal is supported by materially enhanced funding security and, as the largest shareholder in PointsBet, we now intend to vote our holding against the current Mixi proposal, reducing its likelihood of success.
“I am confident PointsBet shareholders will recognise the benefits of our proposal as we work towards again becoming leaders in the Australian wagering market.”
There is a clear line drawn in the sand that Betr is seeking to improve its position over Mixi, with reference to ‘a clearly superior proposal’.
“The transaction provides a clear pathway for Betr to become the clear number four wagering player in the Australian market, within the 10-15%% market share “sweet spot”,” added Betr CEO Andrew Menz. “To support this goal, we have completed a detailed bottom-up build of the synergy potential and expect a prize of AU$40m in annual cost synergies within the first full year of ownership.”
Featured image: Midjourney
