【code promo stake】BlueBet says PointsBet takeover talks ‘overwhelmingly positive’

Menz also emphasised BlueBet’s excitement about progressing talks with the target company’s board,code promo stake despite PointsBet having rejected BlueBet’s initial offer in late February.

The statement follows BlueBet’s successful acquisition of Topsport, which positions the firm’s platform, operating under the betr brand, for accelerated growth in the Australian sports betting market.

“Repeatable and scalable M&A model”

In an ASX announcement shared today (1 April), Menz highlighted BlueBet’s “repeatable and scalable M&A model.”

“We have successfully completed the acquisition of TopSport, executing an innovative transaction structure that enabled us to migrate TopSport customers onto the betr platform prior to completion,” he said.

“This materially de-risked the transaction and ensured that all anticipated cost synergies were fully realised within just 55 days of announcing the deal, without the need to operate the TopSport brand or wagering platform during the transition.

“Our ability to rapidly execute on the integration and migration with no disruption to our offering remains a key competitive advantage, delivering immediate value for our shareholders.”

BlueBet’s acquisition of TopSport, which included both a cash payment and the issuance of shares, is expected to significantly contribute to betr’s goal of reaching a 10-15% market share in the Australian betting sector.

The company is also optimistic about further inorganic growth opportunities, particularly following its proposal to acquire PointsBet.

“With the successful integration of TopSport, our focus now shifts to further inorganic growth opportunities in the Australian market, including our compelling and fully funded proposal to acquire PointsBet,” Menz said.

In February, PointsBet cited funding uncertainties and execution risks associated with the BlueBet proposal.

Instead, PointsBet’s board unanimously backed a fully funded all-cash acquisition offer from Japanese tech company MIXI, valued at A$353m (€212.8m).

BluBet provided further details

However, in early March, BlueBet provided PointsBet with further details regarding its offer, highlighting that it is designed to deliver a 45% premium to PointsBet shareholders.

BlueBet said its proposal includes the flexibility of a “mix and match” structure, allowing PointsBet shareholders to choose between cash, scrip, or a combination of both.

“The offer is clearly superior to that offered by MIXI, with an illustrative value to PointsBet shareholders of A$1.28 per share compared to A$1.06 under the MIXI proposal.

“The offer delivers upside exposure to the synergy and growth potential of the combined business — something not available in the all-cash MIXI Proposal,” said BlueBet.

The company emphasised it expects to realise over A$40m in cost synergies through a unified brand, app, and technology platform.

This, along with deeper investments in brand, product, and customer intelligence, is expected to drive sustainable growth.

BlueBet chairman Matthew Tripp (pictured) said at the time: “Our offer clearly represents a superior proposal for PointsBet shareholders to realise significant value.

“Unsurprisingly, we have been inundated with support for our offer in preference to the MIXI Proposal, which sees PointsBet shareholders leave meaningful value on the table.”

While PointsBet has not provided any further communication, BlueBet remains confident in the strength of its offer.

The company also said it has secured underwriting support letters for a A$160m equity raise and is well-progressed in securing A$100m in debt funding.

“By providing the flexibility for PointsBet shareholders to choose a mix of cash and scrip, we believe ours is a superior proposal for shareholders to realise value in the short and long term,” Menz reiterated today.

“Our engagement with PointsBet shareholders remains overwhelmingly positive and we look forward to progressing our discussions with the PointsBet board,” he added.