PointsBet has changed its public tune on the takeover attempt by fellow Australian gaming operator Betr, formerly known as BlueBet.

On Monday, the online sportsbook and (in Ontario) online casino operator said it now believes the latest non-binding acquisition offer from Betr “could reasonably be expected to lead to a ‘superior proposal'” when compared to the competing offer from Japanese entertainment company MIXI.

The company proposed “a form of mutual due diligence” be undertaken by PointsBet and Betr as the two firms continue to evaluate the potential for an acquisition.

PointsBet said that, as is customary, it will drill into the financials of the deal, noting that the implied value of the proposal for shareholders is heavily dependent on the value of synergies and Betr scrip, wherein shares are offered partly or wholly in place of cash. The latest Betr offer would be funded 57% by cash and 43% by scrip.

Betr’s bid is worth AU$360 million ($321.5 million CAD) and Betr said earlier this year it also expects synergies of at least $40 million annually.

However, in the meantime, the board noted that as of May 12, it remains committed to and unanimously recommends the offer from MIXI and encourages shareholders to vote for that deal “in the absence of a superior proposal.”

The MIXI offer was announced earlier in 2025 and involves MIXI acquiring 100% of PointsBet’s issued shares through a court-approved scheme of arrangement. MIXI’s deal, which PointsBet previously suggested was a safer bet, is worth approximately AU$353 million ($315.3 million CAD).

Betr bid could significantly affect PointsBet Canada

PointsBet offers sports betting in Australia and both online sports wagering and online casino in Ontario’s regulated market. Executives have stated on multiple occasions in the past that they have a keen interest in entering Alberta when that province opens up its own commercial online gambling market.

But in an update two weeks ago, Betr specified that one way in which it would raise the cash portion of the funding to buy out PointsBet would be divesting some of PointsBet’s Canadian assets to Hard Rock Digital. Hard Rock would acquire those assets for $29.6 million USD (equating to $41.4 million CAD as of the time of writing). Betr Chair Matthew Tripp said the assets in question largely comprised a player database.

That sale would be subject to conditions including Hard Rock receiving a licence to operate in Ontario, as well as approval by Hard Rock’s board of directors. And, of course, it is dependent on PointsBet accepting Betr’s bid.

None of PointsBet, Hard Rock Digital or Betr commented on that aspect of the offer when asked by Canadian Gaming Business. The Alcohol and Gaming Commission (AGCO) told CGB that as of May 5, Hard Rock Digital had not applied for registration with the gaming regulator.

Betr now PointsBet’s largest shareholder

Even while the PointsBet board publicly championed MIXI’s offer, Betr has maintained all along that its own proposal is the better one.

The company (not to be confused with the U.S. fantasy sports and betting operator co-founded by Jake Paul) recently acquired 19.9% of PointsBet shares via a share purchase agreement with two prominent PointsBet investors. It said it will undertake an equity raising of $130 million to partially fund both the acquisition and a buyout of the remaining 80.1% of shares.

Tripp said last month that as the largest single shareholder in PointsBet, Betr intends to vote its holding against the MIXI proposal, “reducing its likelihood of success.”

PointsBet needs the support of more than 50% of shareholders voting and at least 75% of the shares cast on the resolution to ratify one of the takeover offers.