MIXI Australia has officially concluded its off-market takeover of PointsBet, acquiring a dominant 66.43% of the company’s voting power. This milestone comes after months of competitive bidding, with the final share acquisition made on September 12, 2025. MIXI’s winning bid of AU$1.25 per share was initially presented in August, and its offer was reinforced with a final acquisition, securing the majority of PointsBet’s outstanding shares.

A Long-Running Battle for Control

As stated in the official Notice of change in interests of substantial holder (pdf), the takeover represents a significant shift in ownership for PointsBet, a major online sportsbook and casino operator. As of September 12, MIXI now holds 230,893,535 shares in PointsBet, placing it firmly in control of the company. However, despite the successful conclusion, MIXI’s bid faced considerable opposition from Betr Entertainment, which holds a 19.9% stake in PointsBet and declined to accept the offer. As a result, the price of AU$1.25 per share remained the final offer, as the expected increase to AU$1.30 per share did not materialize.

The takeover saga began in late 2024, with speculation surrounding potential overseas interest in acquiring PointsBet. While Betr was one of the first companies to express interest, their bid was quickly dismissed by PointsBet’s board. However, MIXI’s initial offer in early 2025, valued at AU$1.06 per share, was approved by PointsBet’s board, setting the stage for an ongoing bidding war.

Betr, determined to assert its influence, submitted a competing offer worth AU$360 million, including both cash and scrip components. PointsBet’s board initially considered Betr’s offer superior but soon rejected it in favor of an improved proposal from MIXI, which raised its cash offer to AU$1.20 per share. At this point, the takeover process began to tilt in MIXI’s favor, with nearly 96% of shareholders voting in support of the offer.

Despite Betr’s persistent attempts to sway the outcome, including an all-share offer of AU$1.40 per share, PointsBet’s management remained loyal to MIXI’s proposal, citing the stability and certainty that MIXI’s offer provided.

Betr’s Accusations and PointsBet’s Investigation

Betr raised concerns about the fairness of the voting process, claiming that their proxy vote had been improperly excluded from the final tally, skewing the results in favor of MIXI. Following an investigation by PointsBet’s stock transfer company, Computershare, it was confirmed that the exclusion had been due to a system error. A recount was conducted, and the results showed that 70.48% of votes supported the MIXI offer, just shy of the required majority.

However, despite the dispute, Betr’s chances continued to dwindle as MIXI strengthened its position. By September, it had successfully acquired an additional 16.8 million shares through market purchases, bringing its overall stake to 66.43%. The PointsBet board reiterated its support for MIXI’s offer, urging shareholders to accept the final bid, which was deemed to provide more financial certainty compared to Betr’s competing offers.

The takeover by MIXI marks a decisive moment in PointsBet’s journey, signaling the start of a new chapter under the governance of the Australian subsidiary of Japan-based MIXI. Following the conclusion of the offer, MIXI’s controlling interest now positions it as the key decision-maker in PointsBet’s future direction.

The shift in control ends a lengthy and complex bidding war, which included multiple rounds of counteroffers and shareholder votes. MIXI’s acquisition is expected to have significant implications for PointsBet’s strategic operations, with the company poised to capitalize on the synergies and opportunities that come with its new ownership structure. The completion of the deal is also a clear indication that the PointsBet board’s decision to endorse MIXI’s proposal over Betr’s offers has reshaped the landscape of the Australian gaming sector.

As MIXI moves forward with its new majority stake, the company’s next steps will be closely monitored by industry analysts, regulators, and competitors. The influence of its ownership is set to play a pivotal role in shaping the future of PointsBet’s operations and growth strategies, both in Australia and internationally.