Hard Rock Digital could acquire PointsBet’s Canadian business via Betr deal

Betr has submitted an improved proposal for a prospective takeover of Australian operator PointsBet, which would include Hard Rock Digital flexing its own M&A muscles in the process.

The new bid submitted to the PointsBet board is for A$360m ($230m), which is comprised of A$260m in cash and A$100m worth of Betr shares.  

In order to fund the cash part of the bid, National Australia Bank (NAB) has issued Betr with credit-approved terms for a A$120m acquisition financing facility. 

Part of the proposal will see Betr sell certain aspects of PointsBet’s Canadian operations to Hard Rock Digital for A$29.6m, a move which the US operator has agreed to, should the deal go through.  

The sale is still subject to closing conditions, due diligence checks, and approval from the Hard Rock Digital board of directors. 

If the deal is backed by PointsBet, which has insisted it will only progress with a bid from Japanese conglomerate MIXI link, it would represent another M&A deal for Hard Rock Digital.

The Seminole Tribe-owned business took on evoke’s US B2C assets last year in an undisclosed deal, bolstering its presence outside of its Floridian monopoly.

The move will reduce the amount of equity Betr needs to raise from A$160m to A$130m, with A$20m already pre-committed by investors including Betr chair Matt Tripp, former BlueBet chair Michael Sullivan, and the conversion of a A$15m loan note into equity.  

The total value of the deal will leave PointsBet shareholders with a price of A$1.33 per share. 

Betr alleged that its proposal represents “significantly greater value to PointsBet shareholders” compared to the proposal offered by MIXI.  

MIXI gave PointsBet shareholders an offer of A$353m, equivalent to A$0.68 per share.  

Betr is currently PointsBet’s largest stakeholder, owning a 19.9% of the company. 

Moving forward, Betr has vowed to use its status as majority shareholder to vote against the current MIXI proposal.  

A Betr statement read: “Betr intends to vote all of its shares against the current MIXI proposal, consistent with our view that the [Betr] 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.” 

Earlier this month, PointsBet dismissed a takeover bid from Betr in favor of the MIXI offer, believing that the Betr’s bid wasn’t fully funded.

PointsBet shareholders were originally scheduled to vote on MIXI’s proposal in June 2025.

Tripp said: “Our offer represents a clearly superior proposal for PointsBet shareholders to realize significant value. We have fully addressed the concerns raised by PointsBet, including enhancing our funding certainty, synergy realization, and due diligence timing.  

“Our proposal is supported by materially enhanced funding security and, as the largest shareholder in PointsBet, we now intend to vote our holding against the current MIXI proposal, reducing its likelihood of success.  

“I am confident PointsBet shareholders will recognize the benefits of our proposal as we work towards again becoming leaders in the Australian wagering market.” 

BlueBet, which acquired Betr last year, was behind US-facing operator ClutchBet, which shuttered in 2024.