MIXI Australia Pty Ltd, a subsidiary of Japanese tech conglomerate MIXI, Inc. has secured majority ownership of PointsBet, raising its stake to 51.59 percent as of as of 7.00 pm Melbourne time on 5 September, effectively ending rival bidder Betr’s chances of gaining control of the Australian sports betting operator. The acquisition now makes PointsBet a subsidiary of MIXI, closing a takeover contest that has been running since February. MIXI confirmed that its all-cash offer will remain open until 12 September, with shareholders who accept before that date to be paid in line with the current proposal.
MIXI rejects Betr collaboration
In a statement, MIXI dismissed suggestions of working with Betr following the deal. “MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet,” MIXI said. “We do not intend to engage in any such collaboration with Betr.”
The development comes after PointsBet’s board consistently backed MIXI during the bidding war. In August, directors recommended shareholders accept MIXI’s offer of AU$1.25 ($0.81) per share, which would rise to AU$1.30 if MIXI reached ownership of more than 90 percent of shares. That outcome now seems unlikely, as Betr controls 19.9 percent and has refused to tender its shares.
Betr’s failed bids
Betr made several counteroffers throughout 2025, the latest being an all-share deal worth AU$1.40 per share. However, the proposal was rejected after PointsBet urged shareholders on 22 August, maintaining its support for MIXI’s cash offer.
Betr’s executive chairman Matthew Tripp defended the company’s position, telling investors on 28 August that their proposal was “superior” in long-term value. Despite this, Betr’s share-based structure was seen as riskier compared to MIXI’s straightforward cash deal. PointsBet board has been quick to dismiss Betr’s offer as less attractive, citing concerns around its conditionality and lack of cash certainty.
PointsBet board confirms MIXI backing
Earlier updates confirmed that PointsBet’s board had unanimously recommended MIXI’s offer, with every director already tendering their shares. MIXI initially had ownership of 33.71 percent of the operator. The ownership was later raised to 36.72 percent, before crossing the majority threshold.
PointsBet posted the update on its investor relations page, noting that MIXI’s offer remains the only valid recommendation unless a superior proposal emerges. Following this, PointsBet cancelled a shareholder meeting with Betr, initially scheduled for 18 August, that would have approved a selective buy-back linked to Betr’s offer. The cancellation effectively signalled the end of Betr’s bid, with MIXI emerging as the definitive controlling shareholder.
The agreement brings much-needed stability and clarity after months of competing takeover attempts. Under MIXI’s control, PointsBet now has a clear ownership structure, which allows it to focus on its operations and future growth in the sports betting market without ongoing distractions. While MIXI has not yet disclosed its operational strategy for PointsBet, analysts suggest the move will give the operator a firmer footing in Australia’s competitive wagering sector.
Timeline of the takeover battle
- February 2025 – MIXI launches its all-cash takeover bid at AU$1.06 per share.
- March–July 2025 – Betr tables multiple counteroffers with share-swap structures valued between AU$1.22 and AU$1.35 per share.
- August 2025 – PointsBet directors reaffirm support for MIXI; Betr raises its bid to AU$1.40 per share.
- 18 August – PointsBet cancels shareholder meeting with Betr.
- 28 August – Betr’s Matthew Tripp insists their bid is “superior.”
- September 2025 – MIXI secures 51.59 percent of shares, officially gaining majority control.
Notably, MIXI’s proposal has already secured regulatory approval from both the Alcohol and Gaming Commission of Ontario and the Northern Territory Racing and Wagering Commission. These clearances allow the company to proceed without requiring repeat permissions—a notable advantage in a time-sensitive acquisition.
