Betr boosts offer for PointsBet, but key shareholder MIXI declines

Betr Entertainment Limited has increased its off-market takeover offer for PointsBet Holdings Limited. The revised offer is 4.375 Betr shares for every PointsBet share, up from the previous 4.219. This translates to $1.40 per PointsBet share based on Betr's recent $0.32 capital raise, or $1.20 per share based on Betr's closing price of $0.275 on 3 September 2025.

However, MIXI Australia Pty Ltd, a significant PointsBet shareholder with a 51.59% voting interest, has confirmed it will not accept Betr's offer, or any subsequent improvements. This commitment from MIXI means Betr can acquire a maximum of 97,194,468 PointsBet shares under the offer, representing approximately 48.41% of PointsBet's voting power.

Betr also announced an increase in its selective buy-back pool from $80m to $90m, funded by existing cash reserves and a $10m loan facility from YAST Investments Pty Ltd. The selective buy-back price remains $0.32 per Betr share, with a maximum of 281,250,000 Betr shares capable of being bought back.