PointsBet Board Accepts US$220 Million Takeover Bid

Posted on: February 27, 2025, 05:03h. 

Last updated on: February 28, 2025, 09:32h.

Mark Keast Read More
Expertise: Canadian Gaming, iGaming, Las Vegas, Sports Betting, NFL, Boxing, UFC.
  • Company had also received competing bid from BlueBet
  • Deal comes as PointsBet issues H1 FY 2025 report
  • Total net win in Canada (sportsbetting and igaming) up 18%

PointsBet’s board has announced the company is accepting a takeover bid by Japanese consumer technology company MIXI Inc., the same week it released financial results for the first half of fiscal year 2025.

PointsBet has announced board approval of a takeover bid by MIXI. (Image: Unsplash)

PointsBet shareholders will receive $1.06 per share, amounting to CA$318 million (US$220 million) in the takeover. The deal is contingent on shareholder approval.

PointsBet Holdings Ltd. CEO San Swanell said during an earnings call Tuesday that the board believed the offer from MIXI was “a compelling opportunity for PointsBet shareholders to realize immediate and certain cash value at a premium to the recent trading prices and at a high implied FY25 EBITDA model.”

US$220 Million Deal

PointsBet issued a statement regarding a takeover bid from BlueBet that the company had received on February 18. The statement followed media reports that two larger PointsBet investors wanted to accept the BlueBet offer.

BlueBet issued a statement on Wednesday detailing its bid, which featured a combined equity value of CA$306 million (US$212 million) to CA$325 million (US$225 million).

“At the time of receiving the [BlueBet] Proposal, PointsBet was subject to exclusivity arrangements with MIXI Inc. in connection with its now announced scheme of arrangement incorporating a fully funded cash price of $1.06 per share for PointsBet shareholders,” the company said in a statement.

Two PointsBet Shareholders May Look to Reject MIXI Offer

“The PointsBet Board considered the Proposal and with the input of advice from the Company’s financial and legal advisors, the Board determined that the Proposal could not reasonably be expected to lead to a superior proposal to that announced earlier today from MIXI,” the company said

A number of factors were at play, according to PointsBet in the statement, including the fact the BlueBet proposal was unfunded, subject to BlueBet raising $100 million in debt and a large upfront capital raise.

PointsBet operates in Australia (sportsbook only) and Ontario (sportsbook and digital casino). Last year the company sold its US arm to Fanatics.

Canada H1 FY25 Results

Casino.org reached out to PointsBet Canada CEO Scott Vanderwel for comment, but didn’t hear back by the time of this story’s publication.

In its H1 FY25 announcement, PointsBet reported an 18% increase in total net win in Canada for both sports betting and iGaming (CA$16.5 million). Total handle on sports betting through the first six months of FY2025 was CA$152.4 million (45% year-over-year increase) and on the iGaming side, it was CA$487.2 million (39% year-over-year increase).