BlueBet Plc has proposed a counter-offer to acquire the business of ASX rival PointsBet Holdings, stating it is “superior in value” to the deal accepted with MIXI Australia.

The board of BlueBet has entered a ‘scheme arrangement’, securing funding to put forward an AU$1.28 per share deal to acquire the Australia/Canada betting group PointsBet outright.

Its offer is above the AU$1.06 per share offer tabled by MIXI Australia, which the board of PointsBet had accepted on 26 February.

BlueBet has priced PointsBet at a valuation of AU$360m (€215m), in which its offer allows investors flexibility regarding the reward of options.

The AU$1.28 per share valuation in BlueBet’s proposal represents a 21% premium to the MIXI deal and provides PointsBet shareholders with a flexible payout structure, offering all-cash, all-scrip, or a combination of both, unlike the all-cash alternative from MIXI.

The ASX-listed BlueBet seeks to consolidate its Australian position, believing that the acquisition of PointsBet will lead to an “annualised turnover projected to reach ~$4 billion with a 10% online market share.”

The board of PointsBet previously rejected an early approach by BlueBet, deeming the terms of how it would finance the deal as unclear. Instead, it chose to endorse an AU$350m all-cash deal put forward by Japanese entertainment firm MIXI Inc, which seeks to build its Australian subsidiary.

In response, BlueBet has clarified that it has reached a funding arrangement, under which it will secure AU$160m via an equity raise and a further AU$100m through a new debt-funded agreement.

Should the new deal be accepted, BlueBet expects to unlock AU$40 million in cost synergies by integrating operations under a single brand, app, and technology platform, with efficiencies identified across marketing, technology, labour, and corporate overheads. The integration process is expected to be swift, with customer migration set to be completed within three months of the transaction.

In 2025, BlueBet continues to seek opportunities to expand its Australian market share, having acquired Northern Territory bookmaker and racebook TopSport (TopSport.com.au) for AU$15m (€10m) funded via an approved equity raise.

BlueBet CEO Andrew Menz said: “Our innovative transaction structure provides flexibility to all PointsBet shareholders to mix and match between their preferred combination of cash and scrip.

“Those opting to take scrip will gain exposure to significant potential upside, driven by an expected $40m cost synergy prize and further organic and inorganic growth as we consolidate the Australian wagering market.”

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