PointsBet Board Accepts US$220 Million Takeover Bid

PointsBet’s board has declared that the company is accepting a takeover proposal from Japanese consumer tech firm MIXI Inc., coinciding with the week it published financial results for the first half of fiscal year 2025. 

PointsBet shareholders will get $1.06 per share, totaling CA$318 million (US$220 million) in the acquisition. The agreement depends on the approval of shareholders. 

PointsBet Holdings Limited. During an earnings call on Tuesday, CEO San Swanell stated that the board felt the proposal from MIXI presented “an attractive chance for PointsBet shareholders to secure immediate and guaranteed cash value at a premium to recent trading prices and based on a strong implied FY25 EBITDA model.” 

US$220 Million Agreement 

PointsBet released a statement concerning a takeover proposal from BlueBet that the firm received on February 18. The declaration came after media reports indicated that two major PointsBet investors were inclined to accept the BlueBet proposal. 

On Wednesday, BlueBet released a statement outlining its offer, which had a total equity value ranging from CA$306 million (US$212 million) to CA$325 million (US$225 million). 

“At the time of receiving the [BlueBet] Proposal, PointsBet was subject to exclusivity arrangements with MIXI Inc. in connection with its now announced scheme of arrangement incorporating a fully funded cash price of $1.06 per share for PointsBet shareholders,” the company said in a statement.

Two PointsBet Shareholders May Look to Reject MIXI Offer

“The PointsBet Board considered the Proposal and with the input of advice from the Company’s financial and legal advisors, the Board determined that the Proposal could not reasonably be expected to lead to a superior proposal to that announced earlier today from MIXI,” the company said

Several factors influenced the situation, as indicated by PointsBet in the statement, including that the BlueBet proposal was not funded, contingent on BlueBet obtaining $100 million in debt and a significant initial capital raise. 

PointsBet functions in Australia (only sportsbook) and in Ontario (both sportsbook and digital casino). Last year, the firm divested its US division to Fanatics. 

Results for Canada H1 FY25 

Casino.org contacted PointsBet Canada CEO Scott Vanderwel for a response, but there was no reply by the time this article was published. 

In its H1 FY25 announcement, PointsBet revealed an 18% rise in overall net win in Canada for sports betting and iGaming (CA$16.5 million). In the first half of FY2025, the total handle for sports betting reached CA$152.4 million, marking a 45% increase from the previous year, while iGaming generated CA$487.2 million, representing a 39% year-over-year growth.