Recently, the Australian sports betting market has been turbulent, with a multi-party struggle for control of the well-known betting platform PointsBet intensifying. What initially seemed like an ordinary acquisition has gradually evolved into a complex game between Betr Entertainment and the Japanese tech giant MIXI, the outcome of which could profoundly affect the competitive landscape of the gambling industry in Australia and the Asia-Pacific region.
Core Competition: The Value and Challenges of PointsBet
Founded in 2015 and headquartered in Melbourne, PointsBet quickly opened up the market with its innovative "PointsBetting" betting model, becoming the only gambling company in Australia to offer this product. The company's business mainly covers Australia and Canada, operating on a self-developed cloud technology platform, achieving a revenue of 245.5 million Australian dollars in 2024, but also a net loss of 42.3 million Australian dollars. Currently, PointsBet ranks fifth in the Australian sports betting market with a share of about 5.73%, behind giants like Ladbrokes and Sportsbet.
Main Competitor Strategies Comparison
Betr Entertainment: Formed by the merger of BlueBet and the original Betr business, it has grown rapidly in recent years. In the fourth quarter of 2025, its turnover increased by 160% year-on-year, reaching 399.5 million Australian dollars. Betr proposed an all-stock transaction to acquire PointsBet, promising an annual synergy effect that could create a value of 40 million Australian dollars, but its loss status and the feasibility of achieving synergy have raised doubts.
MIXI: This Japanese tech company operates across gaming, social networking, and sports betting, with annual revenues of about 1 billion US dollars. Its subsidiary MIXI Australia holds a gambling license in the Northern Territory and operates under the "betM" brand. MIXI proposed an all-cash acquisition, offering 1.25 Australian dollars per share, emphasizing the certainty and immediacy of the transaction, and has already received regulatory approval from Australia and Canada.
Transaction Process and Regulatory Obstacles
The acquisition battle began in early 2024, with Betr's predecessor BlueBet initially offering 340 million Australian dollars. MIXI then joined the bidding, raising its offer to 353 million Australian dollars, and Betr further increased it to 360 million Australian dollars. In June 2025, the PointsBet shareholder vote was temporarily thrown into chaos due to a counting error, eventually leading MIXI to switch to an off-market acquisition. Currently, MIXI has an advantage in regulatory approval, having been approved by the Northern Territory, Ontario, and the Australian Foreign Investment Review Board, while Betr still faces doubts about the credibility of synergy effects and transaction conditions.
Market Background and Future Impact
The Australian gambling market continues to grow, with the total size of horse racing and sports betting expected to reach 7.5 billion Australian dollars in 2025, with an annual growth rate of about 11.7% for online gambling. The Asia-Pacific gambling market size was about 28 billion Australian dollars in 2023, with an annual growth rate of 11.5%. The outcome of the PointsBet struggle will directly affect the market structure: if Betr succeeds, it will create a larger local giant; if MIXI wins, it means that Japanese tech capital is officially entering the Australian gambling market. Regardless of the outcome, market consolidation is inevitable, and smaller operators face greater pressure.
Currently, the PointsBet board leans towards MIXI's cash proposal, considering it more certain. The final decision rests in the hands of the shareholders, whether to choose immediate cash realization or to believe in Betr's long-term vision, which will be key to influencing the future direction of the Australian gambling industry.
