Betr responds to ‘misleading’ claims made by PointsBet
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The news: Online bookmaker Betr has hit back at critical claims made about its business by takeover target PointsBet after preferred bidder Japanese entertainment business MIXI secured a controlling stake in the company.
The context: After taking control of the company through its off-market all-cash takeover offer, MIXI announced on 8 September that it would block any representation for fellow shareholder Betr on the PointsBet board and would not coordinate with Betr’s operations.
On 10 September, PointsBet issued a supplementary target’s statement outlining issues with Betr’s financial position and takeover offer. The PoinstBet board continues to recommend that shareholders reject PoinstBet’s off-market all-scrip offer.
In a fourth supplementary bidder’s statement issued on Monday, Betr said it was “inaccurate and misleading” of PointsBet to describe the larger negative fee cash flow in FY25 than FY24 as a "deterioration".
Betr explained the performance as being impacted by “one-off migration costs associated with the Betr/BlueBet and TopSport acquisitions and costs incurred in closing Betr’s operations in the United States”.
Similarly, Betr said that a $6.5 million cash reduction between 30 June 2025 and 5 September 2025 was reflective of “normal intra-period movements in working capital”.
Betr also rebuked PointsBet’s claim that it has “no apparent ability” to repay a NAB facility as “speculative, incorrect and misleading” and said it is “confident” it could “repay or refinance the NAB facility if and when require”.
Betr also said that it has already received consent from NAB to proceed with a selective buy-back it plans to undertake after the close of its offer period.
