PointsBet isn’t biting on Betr’s takeover pitch. The board says thanks but no thanks to the share-swap deal and is throwing its full support behind the MIXI Takeover Offer instead. For shareholders, it’s all about clarity and cash and the MIXI Takeover Offer delivers both.

  • The PointsBet board has unanimously decided to reject Betr’s unsolicited offer of 3.81 shares for every one PointsBet share. They’ve called it “materially inferior” to the all-cash $1.20-per-share proposal from MIXI.

  • According to PointsBet, Betr’s offer is riddled with uncertainty — from needing shareholder approval to waiting on Ontario gaming regulators. And since it’s a scrip deal, the value swings with the market and there’s no guaranteed cash-out for investors.

  • A big red flag for PointsBet is Betr’s VIP-heavy business model. More than 50% of its January net win came from just 20 high rollers. That’s risky territory, with unpredictable margins and greater compliance exposure.

  • PointsBet also knocked Betr’s product mix, noting its heavy lean toward racing, accounting for 85% of net win through April 2025. That’s a concern since sports betting is where the real growth (and higher margins) are right now.

  • The board pointed out that Betr’s customers tend to churn faster, despite higher spending on incentives. From February to April 2025, Betr’s churn rate was 17% higher than PointsBet’s, even with a 64% higher bonus spend.

  • Betr’s pitch around cost savings doesn’t hold up either, according to PointsBet. They believe the claimed synergies are overstated and would be hard to achieve without full ownership, which the current offer doesn’t guarantee.

  • PointsBet flagged that 65% of total turnover and 61% of net win comes from users with accounts on both platforms. A previous merger between BlueBet and Betr saw net win from crossover customers drop by around 50%.

  • There’s also concern about carving out PointsBet’s Canadian business, which Betr assumes can happen cleanly. PointsBet disagrees, warning that such a move could leave behind operational and financial mess.

  • Then there’s the proposed buyback, a separate deal from Betr’s offer that PointsBet shareholders won’t even get to vote on. The board says the buyback is uncertain and could be reduced at Betr’s discretion.

  • MIXI, meanwhile, already owns 9.15% of PointsBet and has kicked off its takeover bid. The board’s advice to shareholders is clear: take the cash and accept the MIXI Takeover Offer, unless a better offer shows up.

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