MIXI Australia completed its acquisition of PointsBet for US$430 million, gaining 66.43% of the company’s voting power. The transaction was confirmed on September 12th, after months of bidding among competitors. Therefore, the final offer, of AU$1.25 per share, cemented MIXI as the majority shareholder and changed the balance of power within the company.
Prolonged dispute over share control
According to the official notice of change of interest of the substantial shareholder (pdf), MIXI now controls 230,893,535 shares. This move secured the company control of PointsBet, one of the largest online sports betting and casino operators.
However, the process was not without resistance. Betr Entertainment, which held 19.9% of the shares, rejected the proposal. Even so, MIXI maintained the final price at AU$1.25, as the expected increase to AU$1.30 did not materialize.
The dispute began in late 2024, when speculation about a foreign buyer arose. Although Betr expressed interest, PointsBet’s board rejected its offer. In early 2025, MIXI launched a proposal of AU$1.06 per share, which received the board’s green light. Thus, an intense bidding war began.
Betr responded with a AU$360 million offer, including cash and shares. Initially considered superior, this offer lost traction in the face of MIXI’s counteroffer, which raised the price to AU$1.20 per share.
At that point, nearly 96% of shareholders approved MIXI’s proposal. Even after Betr attempted to increase its influence with a AU$1.40 per share offer, the board remained steadfast in its support for MIXI, emphasizing its stability and security.
Betr’s allegations and vote recount
During the process, Betr questioned the impartiality of the vote, alleging the exclusion of proxy votes. Computershare, responsible for the share transfer, confirmed that the failure was due to a system error. After a recount, 70.48% of the votes favored MIXI, a result that still demonstrated majority support.
Despite the criticism, MIXI strengthened its position. The company acquired an additional 16.8 million shares on the market, increasing its stake to 66.43%. As a result, the board reinforced its guidance for shareholders to accept MIXI’s final offer, which was considered safer than Betr’s.
Impact and future of PointsBet
The acquisition marks a turning point in PointsBet’s trajectory, now under the governance of MIXI Australia, a subsidiary based in Japan. The end of the dispute also opens the way for strategic synergies and opportunities for international expansion.
The majority stake puts MIXI at the center of PointsBet’s decisions. Therefore, experts, regulators, and competitors are closely monitoring its next steps. How MIXI conducts its operations will define PointsBet’s future in the global market.
