In a major play that could reshape the Australian online betting scene, Betr has moved a step closer to acquiring PointsBet, after its latest offer was deemed superior to a rival bid from Japanese tech firm MIXI.
Betr, which already holds just under 20% of PointsBet, recently submitted an updated proposal valuing the company at AU$360 million. This bid includes AU$260 million in cash and AU$100 million in Betr shares. The PointsBet board has now labeled the offer “superior,” setting the stage for exclusive due diligence talks.
A Strategic Push by Betr
Led by Australian gambling heavyweight Matthew Tripp, Betr is pushing to cement its presence in the market through this acquisition. To fund the deal, the company has lined up AU$120 million in debt financing from NAB and plans to raise an additional AU$130 million through a new equity offering. As part of its broader strategy, Betr also intends to offload PointsBet’s Canadian business to Hard Rock Digital in a separate agreement worth about AU$45 million.
This multipronged approach reflects Betr’s commitment to creating a leaner, more competitive operation focused on the Australian market.
PointsBet's Changing Fortunes
PointsBet has faced challenges in recent months, including regulatory fines and increasing competitive pressure. The board’s willingness to entertain Betr’s bid over MIXI’s slightly lower AU$353 million offer marks a turning point. While no deal has been finalized, the proposed mutual due diligence process is expected to accelerate discussions.
Should the acquisition go through, Betr expects to unlock at least AU$40 million in annual cost synergies — streamlining operations and gaining critical scale in a saturated betting environment.
Industry Impact
The potential merger would give Betr a serious foothold in the digital wagering space, allowing it to take on major incumbents like Tabcorp and Sportsbet. With consolidation becoming a growing trend in the industry, this move could set off a fresh wave of mergers or strategic partnerships.
PointsBet has recently drawn negative headlines, including a hefty AU$501,000 penalty over breaches of advertising standards. The change in ownership may offer a chance to reset and rebuild its public image under new leadership.
What’s Next
All eyes are now on the outcome of the due diligence process. If successful, this acquisition could mark one of the biggest shifts in the Australian betting market in recent years. For Betr, it’s a chance to leapfrog into a dominant position — and for PointsBet, a potential lifeline in a rapidly evolving industry.
