BlueBet pleads case to buy Pointsbet

Hot on the heels of an overseas (Japan) company MIXI submitting an offer to acquire online betting company Pointsbet locally owned and operated entity BlueBet/BETR have aslo announced their intent to buy the company.

The announcement read.

BlueBet Holdings Ltd (trading as “betr”) (“betr” or “we”) (ASX: BBT) confirms our offer to acquire PointsBet Holdings Limited (“PointsBet”) through a scheme of arrangement, as outlined in our non-binding indicative offer dated 18 February 2025.

We acknowledge that you may be in discussions with another party regarding a potential acquisition of PointsBet. However, we firmly believe our offer, with a combined equity value of $340 – $360 million and expected synergies of at least $40 million annually, represents a highly attractive opportunity for PointsBet shareholders.

Our proposal delivers significant strategic and financial advantages, providing betr with immediate scale, access to essential technology assets, and key marketing agreements that will drive our growth plans forward.

Under our offer, PointsBet shareholders would receive cash consideration of $240 – $260 million and scrip consideration of $100 – $120 million. The scrip component allows shareholders to benefit from the identified synergies and substantial accretive value.

Additionally, our proposal is subject to minimal conditions, including obtaining required regulatory and third-party approvals (where necessary) and securing committed financing on satisfactory terms.

Based on our discussions with common shareholders of both PointsBet and betr, we believe that over 20% of PointsBet shareholders prefer a transaction that includes a scrip component rather than an all-cash offer.