MIXI Australia has gone on the offensive in the PointsBet takeover battle, lifting its cash offer to AU$1.25 per share and stripping out all conditions.

The Japanese tech and entertainment firm’s move comes as rival bidder Betr Entertainment faces a new challenge, with the Takeovers Panel, a government body tasked with resolving M&A disputes, stepping in to halt its latest all-scrip play.

What’s been happening?

PointsBet had already knocked back Betr’s bid in July, calling the 3.81-shares-per-PointsBet deal “materially inferior” to MIXI’s earlier A$1.20 cash offer. 

Betr claimed its pitch was worth $1.22 per share; the board put the real figure closer to A$1.03, citing share volatility and a risky VIP-heavy model.

At the end of that month, Betr then returned with an improved offer, giving 4.219 of its shares for each PointsBet share, valuing the deal at about $1.35 per share. But the board remained doubtful, and then the regulator stepped in. 

Furthermore, PointsBet accused Betr of misleading shareholders with an $80m selective buy-back and raised concerns about the Chairman Matthew Tripp’s voting disclosures. The Takeovers Panel acted quickly, blocking Betr’s bid and forcing the company to revise it.

Meanwhile, MIXI quietly built its stake to around 25%, overtaking Betr’s 19.6%. Its new $1.25 per share offer values PointsBet at about $418m (£310.4m/€358.6m), with payment promised by 29 August or within 10 business days of acceptance.

MIXI now says that the offer price is “best and final” – unless it passes 50% ownership, in which case early acceptances would share in any increase. Meanwhile, MIXI Australia currently has an interest in 28.2% of PointsBet shares.

The future of PointsBet’s Canadian business is still a key issue. Betr wants to sell PointsBet Canada to Hard Rock Digital for $29.6m. MIXI, which has secured approval for its bid from the Gaming and Alcohol Commission of Ontario (AGOC), isn’t saying much but might be interested in Alberta’s new market in 2026.

With the board’s support, a strong cash offer, and regulators slowing down Betr, MIXI is in the lead. But Betr hasn’t given up, so this takeover clash isn’t over yet.

A test for Australia’s betting sector

The fight over PointsBet is one of the biggest and most-watched in Australia’s growing sports betting scene.

It raises concerns about how these companies operate and if their business models can hold up with tougher rules and growing competition.

Concerns about customer risks, especially surrounding VIP programs, and how companies manage growth with responsible practices remain at the centre.

With expansion into markets like Canada and Japan, how PointsBet’s new owners handle these issues could shape the company’s future, as well as the direction of the whole industry.