Betr Pty Ltd has tabled a formal acquisition offer to purchase PointsBet Holdings for AU$360 million. The proposed deal consists of AU$260 million in cash and AU$100 million in Betr shares, valuing PointsBet at approximately AU$1.33 per share. If successful, the acquisition could position Betr as one of the top four sports wagering operators in the country.
Funding Strategy Backed by Major Investors
Betr’s proposal is underpinned by a robust financing structure. The company has already launched a fully underwritten AU$130 million equity raise, with early commitments of AU$20 million from founder and executive chairman Matthew Tripp and other key stakeholders.
Furthermore, the National Australia Bank has approved a AU$120 million credit facility to help facilitate the purchase. To streamline the acquisition, Betr also plans to divest PointsBet’s Canadian business, having received a non-binding offer from Seminole Hard Rock Digital for an undisclosed amount.
Strategic Motives and Industry Impact
Betr believes the acquisition would create operational efficiencies, with projected annual cost savings of over AU$40 million. By integrating PointsBet’s advanced technology stack and customer base, Betr is aiming for a 10–15% market share in Australia’s sports betting market. This would allow it to compete with dominant players like Sportsbet, Ladbrokes, and TAB.
A Competitive Twist
Notably, Betr currently owns a 19.9% stake in PointsBet, making it the largest shareholder. The company has publicly stated its intention to block a competing bid from Japanese firm Mixi, claiming Betr’s offer is more financially compelling and strategically aligned with PointsBet’s long-term interests.
If approved, the acquisition would mark a significant milestone in Betr’s aggressive growth strategy, reshaping Australia’s wagering ecosystem for years to come.
