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Australian betting business PointsBet has actually confirmed it is turning down a proposal from betting operator Betr to buy 80.1% of its shares. Instead, PointsBet will accept a deal from social media company MIXI.

- PointsBet has actually rejected a Betr takeover proposition and instead signed an arrangement with MIXI Inc.

Betr offered to buy PointsBet shares at AU$ 1.20 each, however with 57% money and 43% scrip
MIXI used to purchase each PointsBet share at AU$ 1.20 in money

The Betr proposal planned to buy 80.1% of PointsBet shares that the does not currently hold, matching PointsBet's appraisal of AU$ 1.20 per share. However, the Betr proposition provided to pay that value in 57% cash and 43% scrip.

According to PointsBet, 43% of the share value was directly tied to the worth of Betr shares. During its due diligence, PointsBet examined the value this would provide shareholders, which peaked at AU$ 1.14 per share but fell as low as AU$ 1.04 per share.

However, while this was PointsBet's main assessment, the company likewise took a longer-term view throughout its due diligence. This found that Betr's expense synergies were overstated which integration with PointsBet's Canadian operations was likely to prove challenging.

"The due diligence investigations carried out by PointsBet reinforce the view of the PointsBet Board that the value of the Betr proposition is materially below the AU$ 1.20 in cash per PointsBet being offered by MIXI Australia," stated the PointsBet release.

Long PointsBet acquisition talks come to an end

It's been a number of months given that reports of an acquisition of PointsBet initially surfaced. Fanatics closed its acquisitions of PointsBet's U.S. operations in April 2024, paying $225 million to declare PointsBet's licensing facilities across the nation. Fanatics used this to launch Fanatics Sportsbook.

PointsBet issued a "Response to Media Speculation" in November 2024, turning down a report that it was subject to an AU$ 300 million takeover bid.

However, in 2025, the business started examining a number of bids. In February, the PointsBet Board leaned towards an acquisition by BlueBet, which provided around AU$ 240 million and AU$ 260 million. Other contenders included MIXI and Betr.

Betr increased its offer for 80.1% of PointsBet in May to around AU$ 360 million, with the company currently holding a 19.9% stake. After PointsBet validated it was thinking about Betr's proposal in May and June, the most current news will come as a blow to Betr, with PointsBet preferring MIXI's deal.