Betr Bids AU$360M to Acquire PointsBet

A Bold Move for Market Leadership

Betr, the largest shareholder of PointsBet with a 19.9% stake, proposed acquiring 100% of the remaining shares for AU$360 million through a Scheme of Arrangement.

“Our offer represents a clearly superior proposal for PointsBet shareholders to realise significant value,” said Betr Chairman Matt Tripp.

The deal includes AU$260 million in cash and AU$100 million in Betr scrip, funded by AU$120 million in debt from National Australia Bank, a AU$130 million equity raise, and the sale of PointsBet Canada assets.

Betr’s offer tops Mixi’s AU$353 million all-cash bid from February, which Betr plans to block by voting its shares against it. “We now intend to vote our holding against the current Mixi proposal, reducing its likelihood of success,” Tripp added.

Strategic Goals and Synergies

Betr, formed after merging with BlueBet in April 2024, sees the acquisition as a path to reclaim leadership in Australian wagering. “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’,” said CEO Andrew Menz.

The deal grants access to PointsBet’s advanced tech and marketing contracts.

Expected synergies include AU$40 million in cost savings within the first year, addressing PointsBet’s concerns about funding and execution. “We have fully addressed the concerns raised by PointsBet in its Letter to Shareholders on 3 April 2025, including enhancing our funding certainty,” Tripp said.

Mixi’s AU$353 million offer, backed by PointsBet’s board, faces headwinds as Betr leverages its 19.9% stake to sway shareholders.

“I am confident PointsBet shareholders will recognise the benefits of our proposal as we work towards again becoming leaders in the Australian wagering market,” Tripp said.

Betr’s cash-and-scrip structure appeals to over 20% of shareholders preferring equity.

Betr’s sale of PointsBet Canada to Seminole Hard Rock Digital supports its cash pool. “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,” Menz added.