Higher offer submitted by PointsBet in the face of earlier refusal from Betr
In a move to outbid MIXI, a Japanese entertainment group, Betr Entertainment, an Australian betting operator, has upped its takeover offer for PointsBet Holdings. As of July 31, 2025, Betr's new offer values PointsBet Holdings at approximately AU$1.35 per share.
Betr's latest offer is a significant increase from its previous bid and surpasses MIXI's current proposal of AU$1.20 per share. However, PointsBet's board remains committed to MIXI's AU$402 million cash offer, describing Betr's bid as "materially inferior."
The concerns over Betr's business model, which reportedly relies heavily on a small number of VIP customers, have influenced the board's decision. The doubts raised about the sustainability and risk profile of the combined entity under Betr have contributed to the board's preference for MIXI's cash bid.
Betr, however, argues that its proposal offers PointsBet shareholders potential for greater long-term value through a merged business focused on profitable growth in the Australian wagering market. Charlotte Capewell, a representative from COMPLETE iGAMING, mentioned that Betr believes its new offer to be superior to MIXI's current proposal.
Despite Betr's improved offer, PointsBet shareholders are advised to wait until all bids are officially open and fully disclosed before deciding. Regulatory scrutiny and decisions by the Takeovers Panel loom, and the situation remains fluid as the bidding window opens and the regulatory review progresses.
It is worth noting that Betr's latest offer is based on its recent capital raising price of AU$0.32 per share and represents 4.219 of Betr's own shares for each PointsBet share not already owned. Betr Entertainment has also stated that it plans to increase its offer after the formal offer period is opened.
As the bidding war between Betr and MIXI for PointsBet Holdings intensifies, the future of the target company hangs in the balance. The final decision will likely depend on the perceived value, business strategy, and regulatory approval of each offer.
Betr's latest offer aims to provide PointsBet shareholders with potential for greater long-term value through a merged business focused on profitable growth in the Australian wagering market. Charlotte Capewell, a representative from COMPLETE iGAMING, mentioned that Betr believes its new offer to be superior to MIXI's current proposal. Meanwhile, sports-betting enthusiasts eagerly anticipate the outcomes of this bidding war, as the future of PointsBet Holdings hinges on the perceived value, business strategy, and regulatory approval of each offer.
