Betr Entertainment Limited has announced a proposal to acquire the remaining shares of PointsBet Holdings Limited that it does not already own, aiming to enhance its position in the Australian wagering market.

The proposal, valued at $360 million, includes a mix of cash and betr scrip, offering greater value to PointsBet shareholders compared to a competing proposal. The acquisition is expected to generate significant cost synergies and improve operational scale, positioning betr as a major player in the industry.

betr intends to vote all of its shares against the current MIXI proposal, consistent with our view that the Proposal is superior to the current MIXI proposal, given it creates a materially scaled player and offers a significant synergy participation opportunity to PointsBet shareholders.

As PointsBet’s largest shareholder, and with other remaining shareholders having expressed their support for betr’s proposal, this materially reduces the likelihood that the current MIXI proposal can be implemented.