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German B2C and B2B transactional portals run on the framework we are developing! Mixi acquisition of PointsBet moves ahead as board and shareholders back the deal
The Mixi acquisition of PointsBet has become one of the most closely watched stories in the iGaming industry over the past year, symbolizing not just a major corporate maneuver, but also highlighting the evolving dynamics of the global betting market. With PointsBet’s board giving the green light to Mixi’s all-cash offer and a web of competing bids and regulatory scrutiny, the final outcome holds deep implications for operators, stakeholders, and the wider gambling landscape.
How the bidding war unfolded
At the heart of the saga are two industry heavyweights: Japan-based Mixi and Australia’s ambitious Betr Entertainment. Mixi first staked its claim with a bid of AU$1.20 per share in July, but relentless takeover speculation and internal competition quickly drove up the price. Betr, never one to shy away from the spotlight, countered with a series of improved, scrip-based offers, even raising its proposal to AU$1.40 per share, all paid in Betr stock. Each step in this contest was not just about price, but about the differing visions and financial security each operator could offer.
What ultimately tipped the scale was Mixi’s willingness to increase its bid to AU$1.25 per share in cash, while also dropping restrictions and promising quick settlement. The PointsBet board, tasked with safeguarding shareholder interests, unanimously supported the upgraded Mixi bid, citing both the premium over previous market values and the certainty a cash transaction would deliver.
Regulatory nods and market confidence
A pivotal aspect of any large-scale gambling merger revolves around regulatory approvals. In August, Mixi scored a crucial victory when the Commonwealth, via the Foreign Investment Review Board (FIRB), stated it had “no objection” to the deal. This meant the bid could proceed without bureaucratic hurdles, instilling further market confidence and clarifying the path to closure. Against this backdrop, Betr’s own proposal, though boosted by over 75% shareholder support for its specific buy-back mechanism, could not match the swift clarity Mixi’s offer provided.
Canadian regulators also played their part. The Alcohol and Gaming Commission of Ontario (AGCO) signed off on relevant aspects, particularly impacting Betr’s overtures. Still, PointsBet’s firm stance was that the Betr proposal lacked sufficient cash certainty and was over-reliant on speculative projections of future synergy, undermining its perceived value in the eyes of most shareholders.
PointsBet’s performance adds complexity
The acquisition drama was further complicated by significant financial shifts within PointsBet. For the fiscal year ending June 2025, PointsBet reported a record AU$261.4 million in revenue, marking a 6% increase and, for the first time, delivering a positive normalised EBITDA of $11.2 million. These results showcased PointsBet’s potential as a turnaround story, with steep improvements in operational efficiency and a net loss reduction to just $18.2 million, compared with $42.3 million the prior year.
Segments including Australian sports betting and Canadian iGaming continued to perform well, even amid a 14% decline in player spend in Australia. In Canada, iGaming revenues soared 41% to $28.1 million, highlighting successful expansion beyond PointsBet’s home market.
Mixi’s strategic moves cement control
As the endgame approached, Mixi pushed its stake ever higher. By late August, Mixi had already gathered acceptances for 42.56% of PointsBet’s shares and then surged past the 50% majority threshold at the start of September. Crossing this line triggered a two-week extension of the offer period under Australian corporate law, allowing more shareholders to come on board. With majority control secured, Mixi’s ability to steer the direction of PointsBetc and potentially acquire the remainder became all but assured.
It is worth noting that while Mixi’s offer was at AU$1.25 per share in cash, they indicated a willingness to increase it to AU$1.30 for all should they gain over 90% acceptance, although Betr’s decision not to accept makes this scenario unlikely in the near term. The cash nature of Mixi’s bid, backed by reserve funds and free of expansive external financing, contrasted starkly with Betr’s more leveraged approach involving loans at higher interest rates.
The rationale behind board and shareholder preference
The PointsBet board’s recommendation was rooted in several factors. Firstly, the all-cash nature of the Mixi offer provided immediate value and certainty, avoiding the risks inherent in trading PointsBet shares for equity in Betr, whose own business was fresh from a rapid-fire integration spree and still cutting losses (despite much-improved FY25 results with a reported net loss of just $2.3 million, down sharply from $47.5 million).
Secondly, PointsBet’s board and management raised doubts about the viability of Betr’s finance strategy, which involved loan funding at a 13% interest rate from an entity linked to its chairman—a structure that could place additional pressure on the merged company’s future. Finally, Mixi’s steady, phased accumulation of shares, now holding over 50%, made it increasingly difficult for Betr to marshal support for its scrip-based acquisition strategy.
Wider market significance and what lies ahead
The Mixi acquisition of PointsBet is not merely a case study in corporate maneuvering, but reflects underlying shifts in the international iGaming landscape:
- There is increasing competition between global operators looking to scale through M&A, with cash-funded, certainty-driven offers generally prevailing over more speculative, stock-based proposals,
- Regulatory clearance is a defining hurdle that can reshape deal-making speed and outcome, and
- Operator adaptability evidenced by PointsBet’s and Betr’s recent consolidation and expansion moves remains critical in a market where scale, product flexibility, and localized expertise are rewarded.
PointsBet’s recent results highlight the importance of balancing regional strategy (with strides in both Australia and Canada) while adapting to industry disruptions, such as advertising reform debates and regulatory change. Mixi’s majority control cements its status as a serious trans-Pacific betting stakeholder and signals that further integrations or improvements may follow.
Looking at future consolidation
While Betr’s leadership remains adamant that further opportunities for M&A-driven growth await, its inability to secure PointsBet underscores the competitive pressures smaller or newer entrants face when confronted by well-funded, international bidders. Expect to see continued jockeying for position, particularly in Australian and Canadian markets, where regulatory regimes are stable enough to facilitate large-scale acquisitions.
This battle has also illustrated the premium that investors and boards place on deal certainty, transparent financing, and proven operational results. With Mixi on track to complete the PointsBet acquisition, the market will be watching closely to see how the integration unfolds both for PointsBet’s existing business and for the broader industry, where deal activity shows no signs of slowing down.
For the time being, Mixi’s win signals a mature, cash-centric approach to iGaming consolidation, marking a new chapter for both companies and providing a roadmap for others hoping to navigate the dynamic betting landscape.
