PointsBet has officially become a subsidiary of Mixi Australia after the Japanese group succeeded in pushing its ownership past the majority threshold. As of 5 September 2025, Mixi held a 51.86% stake in the bookmaker, ending a lengthy contest with rival bidder Betr Entertainment.
The deal followed a series of revisions to Mixi’s takeover offer throughout August, when it raised its bid and extended deadlines to sway shareholders. By the end of the month, Mixi had moved past the 50% mark, giving it the authority to steer PointsBet’s direction. A final cash offer of $1.25 per share was declared as the last price, with the deadline for acceptance set at 7:00 pm (Melbourne time) on 12 September 2025. Mixi confirmed that this offer will not be extended or increased.
Betr Concedes Defeat
Betr, PointsBet’s competitor on the ASX, acknowledged that the targeted synergies of its all-scrip offer would no longer be attainable once Mixi secured control. While Betr suggested there could still be “scope for potential synergy realisation through collaboration with a MIXI-controlled PointsBet,” that path was quickly shut down.
According to Capital Brief, PointsBet responded directly, stating that “MIXI Australia does not intend to engage (nor to procure that PointsBet engages) in any such collaboration with Betr.”
The bookmaker also emphasized that legal restrictions prevent Mixi from coordinating with other shareholders, explaining that the company “cannot and will not act in concert with Betr or enter into any agreement, arrangement or understanding with Betr in relation to the composition of PointsBet’s board or the conduct of PointsBet’s affairs.”
In the Fourth Supplementary Bidder’s Statement from MIXI Australia Pty Ltd, published on the Australian Securities Exchange (ASX) (pdf), PointsBet disclosed Mixi’s stance on board influence. The company highlighted that: “MIXI Australia notes that having regard to all of the circumstances, including Betr’s status as a competitor of PointsBet, MIXI Australia intends to vote its majority shareholding against any resolution proposed at a general meeting of PointsBet to appoint or approve the appointment of any person affiliated with Betr as a director of PointsBet.”
Mixi confirmed that its representation on the PointsBet board will be proportionate to its shareholding. This majority position effectively blocks Betr from gaining any influence through board appointments.
Next Steps for Shareholders
PointsBet shareholders still have the option to accept the offer by returning the acceptance form, completing the process through the Automic portal, or instructing their broker before the 12 September deadline. However, Mixi’s statement warned that if no competing bid arises before the closing date, the market value of PointsBet shares may fall once the offer expires.
Under the Corporations Act 2001, Mixi will face restrictions on expanding its shareholding further after the offer closes. Specifically, the company will be prohibited from relying on the “3% creep rule” for at least six months, limiting the pace at which it can increase control.
