**Deal Overview**
If the deal is approved, PointsBet shareholders will receive cash consideration of $1.06 per share as part of the agreement, which represents a significant premium of 27.7% to PointsBet’s closing price on 25 February. This amounts to around AU$353 million.
This amount also equates to an EV/EBITDA multiple of 25.2x–32.1x based on PointsBet’s FY25 EBITDA guidance range.
The deal has been unanimously recommended by the board, as published in its half-year financial earnings report on 25 February.
A vote to approve the deal will occur in late May, and the ‘scheme’ is expected to pass and be implemented in mid-June.
MIXI’s Japanese parent company operates a number of sports and digital gaming business arms, including the FC Tokyo football team, horse racing betting site Net Dreamers, and betting platform Chariloto.
**BlueBet Submits Competing $360 Million Bid**
Meanwhile, a competing bid for PointsBet was filed by BlueBet on 18 February, which proposed an acquisition by way of a scheme of arrangement. The offer comprises a cash pool of $240 million to $260 million, plus scrip consideration of $100 million to $120 million.
This puts the total bid at around $360 million, plus identified synergies of at least $40 million annually.
In Australia, a scrip bid is a takeover offer where shares are offered partly or wholly in place of cash. The scrip is a document given to shareholders showing they should receive a certain number of stocks. BlueBet estimates over 20% of PointsBet shareholders would prefer a transaction including a scrip component rather than a cash proposal.
In a note published today, BlueBet said the proposal presents a “highly attractive” offer for PointsBet shareholders.
“Our proposal offers compelling strategic and financial benefits for PointsBet shareholders,” said BlueBet chairman Matt Tripp and CEO Andrew Menz, who jointly submitted the offer.
“The transaction offers Betr immediate additional scale, access to important technology assets and key marketing contracts, all of which will accelerate our growth ambitions.”
BlueBet added it has secured equity funding arrangements from Jarden, Morgans, and Ord Minnett. In addition, it expects to complete due diligence within 20 business days.
Earlier this month, BlueBet entered an agreement to acquire certain assets of Merlehan Booking, the Australia-facing sports and racing betting company trading as TopSport.
BlueBet will pay an initial AU$10 million to acquire TopSport’s assets. The agreement also includes potential further payments, contingent on BlueBet’s share price reaching certain milestones and the net gaming revenue performance of the assets.
**MIXI Deal Presents “Compelling Opportunity”**
Speaking during PointsBet’s half-year earnings call on 25 February, group CEO Sam Swanell said the board believed the MIXI offer represented “a compelling opportunity for PointsBet shareholders to realize immediate and certain cash value at a premium to the recent trading prices and at a high implied FY25 EBITDA model.”
**End of a Chapter for PointsBet?**
Incidentally, towards the end of last year, PointsBet denied reports it was in discussions over a $300 million sale to an overseas party. Media reports suggested talks had taken place with several potential suitors, including at least one in Asia, but PointsBet shut these down.
Takeover talk had been rumbling on for some time prior to this. Betr, the Australian sportsbook operator co-founded by News Corp Australia and Tekkorp, was linked with a bid by Earnings+More in November last year. Betr was then acquired by BlueBet in April 2024.
Stake.com founders Ed Craven and Bijan Tehrani, meanwhile, have built up a shareholding of more than 5% in PointsBet.
**PointsBet Reduces Net Loss in H1**
Turning to the company’s results, PointsBet posted figures for the first half of its 2025 financial year yesterday. This covers the six months to 31 December 2024. Group revenue for the period increased 5.8% to $124 million, with growth across both its Australian and Canadian operations.
Total sports betting revenue was 4.7% higher at $112.6 million, while igaming, only available in Canada, climbed 18% year-on-year to $11.8 million.
Geographically, Australia’s revenue jumped 4.4% to $106.2 million, despite a 21.8% drop in sports betting handle. Gross win margin, however, improved from 10.9% to 13.4%.
In Canada, player spend was higher across both sports betting and igaming, pushing total revenue up 14.5% to $18.2 million. Canada’s sports betting revenue increased 14.3% to $7.2 million and igaming 14.7% to $