Betr responds to PointsBet claims, frees takeover conditions

Betr Entertainment Limited has released its Fourth Supplementary Bidder's Statement and a Notice of Status of Conditions regarding its off-market takeover offer for PointsBet Holdings Limited. Betr addressed claims made in PointsBet’s second supplementary target's statement, confirming it has secured NAB's consent for the Selective Buy-Back and YAST Investments Pty Ltd's consent for debt subordination. Betr also clarified its FY25 negative free cash flow of A$25 million was influenced by one-off migration costs and US operations closure, not a deterioration from FY24's A$17 million negative cash flow.

Furthermore, Betr countered PointsBet's assertion of a A$6.5 million cash loss between June 30 and September 5, 2025, stating it reflects normal working capital movements and not operational decline. Betr’s corporate cash position stood at A$87.4 million at the end of August 2025. Betr also refuted claims of an inability to repay NAB, expressing confidence in its repayment or refinancing capabilities.

In a separate filing, Betr declared that it has freed itself from three key conditions of the Offer: the 'AGCO Approval Condition,' the 'IGO Approval Condition,' and the 'PointsBet Employee Incentives Condition.' As of September 15, 2025, Betr's voting power in PointsBet is 20.50%.