The battle for control of PointsBet has intensified, with Betr Entertainment announcing its intention to launch an all-scrip, off-market takeover offer for the wagering company.
The offer, which it says is equivalent to AU$1.22 ($0.79) per PointsBet share, is positioned by Betr as a superior alternative to the AU$1.20 ($0.78) per share all-cash offer currently on the table from MIXI Australia.
Under Betr’s proposed terms, PointsBet shareholders would receive 3.81 Betr shares for each PointsBet share held. The implied value of the offer is based on a Betr share price of AU$0.32 ($0.21), the same price at which the company recently completed an oversubscribed AU$130 million ($84 million) capital raise.
The proposal includes a selective buy-back mechanism to offer short-term liquidity to PointsBet shareholders. Subject to shareholder and regulatory approvals, Betr plans to buy back up to AU$80 million ($52 million) worth of newly issued Betr shares at an equivalent of AU$1.22 ($0.79) per PointsBet share.
This buy-back pool could expand to AU$200 million ($130 million) if Betr secures a 90 percent stake in PointsBet and proceeds to compulsory acquisition.
PointsBet responded to Betr’s announcement, noting that – based on Betr’s closing share price of AU$0.285 ($0.19) on June 19th, 2025 – the implied value of the offer stands at only AU$1.086 ($0.70) per share—well below the AU$1.20 ($0.78) cash offer from MIXI.
The company emphasized that the MIXI offer remains materially superior in both certainty and immediate value. This assessment was formally released by PointsBet’s Company Secretary earlier today.
Betr’s bid distinguishes itself by offering no minimum acceptance condition, a move designed to provide greater execution certainty for PointsBet shareholders. The offer is, however, subject to a number of conditions, including shareholder approval, ASX quotation for new shares, and clearance from the Australian Competition and Consumer Commission (ACCC).
In contrast, the MIXI offer—announced previously as a combined scheme of arrangement and off-market takeover—requires a higher level of shareholder support to proceed but delivers cash upfront, offering more immediate and certain value.
Betr asserted that the combined entity would bring together top-tier industry experience, board strength, and operational leadership, aiming to create a formidable competitor in Australia’s highly competitive wagering sector.
