The battle to buy PointsBet largely concerns the operator’s sports betting operations in its home country of Australia. But in Canada’s only regulated iGaming market (for now), online casino is king. Ontario is the only place where PointsBet offers iCasino, and it has been riding the wave.
In its results for the Australian fiscal year 2025 (July 1, 2024 to June 30, 2025), PointsBet reported that its total Ontario market revenue rose 26% year over year to A$42.9 million (C$38.5 million). Gross profit rose 27% and segment EBITDA climbed 24%.
In keeping with the Ontario market’s general pattern, those gains were driven by iCasino. PointsBet’s Ontario online casino handle rose 27% year over year, breaking the $1 billion barrier to reach more than A$1.13 billion (C$1.02 billion). In comparison, Ontario sports betting handle for the Australian FY25 was A$354.9 million (C$318.8 million), although that was a 39% annual rise.
PointsBet Canada’s online casino gross win in Ontario surged 34% YOY and its iCasino net win rose even more, by 39%. Those figures were both 11% for online sports betting.
CEO Sam Swanell noted on a call on Aug. 28 that PointsBet nearly quadrupled the number of online casino content suppliers it works with in Ontario over the 12 months, from four to 15, and grew its games catalogue exponentially to more than 1,000 games. PointsBet’s number of active players in Ontario increased 30%, and Swanell noted a growing number of customers are playing both sports betting and online casino.
“Our Canadian business finishes the year with a reduced reliance on high-stakes clients, a more diversified revenue base and revenue growth momentum,” Swanell concluded.
Alberta timeline now April-June?
Soon, PointsBet will likely be offering both online sports betting and online casino in another province. Just how soon remains uncertain.
Swanell briefly referenced Alberta’s upcoming iGaming market on Thursday’s call. The most recent public estimates from U.S. operators had been that the market would launch in the first quarter of the 2026 calendar year, and Minister Dale Nally said at the Canadian Gaming Summit in June that the target was “early” next year.
However, Swanell seemed to hit the brakes on that suggestion, stating that PointsBet expects Alberta to go live in Q4 of the Australian FY26. That would be Q2 of the calendar year, April to June.
PointsBet’s Canada-specific CEO, Scott Vanderwel, told Canadian Gaming Business last year that the company intends to offer a full casino product from day one of the Alberta market, as well as sports betting. “We see Alberta as not just another market, but as a critical region that can help shape our future,” he said.
‘Very strong likelihood’ of MIXI controlling PointsBet
Meanwhile, on Aug. 29, PointsBet disclosed that Japanese entertainment company MIXI now holds more than 50% of the voting power of PointsBet due to acceptances it has received from shareholders. As such, the closing date of MIXI Australia’s offer has automatically been extended by 14 days, from Aug. 29 to Sept. 12.
MIXI has been locked in a battle for months with Australian sportsbook Betr in its efforts to buy PointsBet. Betr owns around 19% of PointsBet, and both MIXI and Betr have publicly stated that they would not accept the other’s offer for their PointsBet shares.
“Given the current status of the offers for PointsBet, there is a very strong likelihood that MIXI Australia will have effective, if not actual, control of PointsBet at the conclusion of its offer,” Swanell said on the call, before MIXI’s holding exceeded 50%. “Given that PointsBet and MIXI Australia are not competitors, PointsBet intends to offer MIXI Australia representation on the PointsBet Board commensurate with their shareholding.”
All PointsBet directors have accepted MIXI’s takeover offer and have reiterated time and time again that MIXI’s all-cash proposal is their preferred option over Betr’s share-based bid, which Swanell called “hostile and unsolicited.” Swanell labeled Betr’s business “very inferior” to PointsBet’s and advised shareholders that receiving Betr shares in return for an effective reduction in holding in PointsBet would be an unwise economic decision.
Betr’s proposal to take over PointsBet includes a provision to sell PointsBet Canada operations to Hard Rock Digital for around C$40 million. It is unclear whether MIXI has any intentions to alter PointsBet Canada’s business if it gains control.
