Ontario gaming authorities approve Mixi–PointsBet deal
Japanese technology firm Mixi is close to finalising its acquisition of PointsBet, a major operator in the Australian and Canadian online betting markets. The deal progressed following regulatory approval from Ontario’s gaming authorities. The acquisition is expected to influence the global sports betting industry, potentially reshaping ownership structures and expanding market reach.
Deal overview
Mixi’s acquisition of PointsBet is valued at AUD 294 million (approximately USD 402 million). The offer is an off-market, all-cash bid of AUD 1.20 per share, representing a 44.6 percent premium over PointsBet’s share price prior to the announcement.
To complete the transaction, Mixi must obtain approval from at least 50.1 percent of PointsBet shareholders. With regulatory clearance from Ontario already secured, shareholder approval remains the final major requirement.
Regulatory approvals
Regulatory approvals have progressed steadily. In March 2025, the Northern Territory Racing and Wagering Commission granted its approval, followed by clearance from Australia’s Foreign Investment Review Board (FIRB) in June. Ontario’s gaming authorities gave their approval in July 2025. The remaining steps include the shareholder vote and any potential legal proceedings.
Ontario’s Alcohol and Gaming Commission (AGCO) and iGaming Ontario (iGO) approved the acquisition following a background review of Mixi’s suitability. Earlier approvals from Australian regulators indicate alignment across jurisdictions. No further gaming regulatory reviews are required for the deal to proceed.
Strategic importance of Canada
Canada, particularly Ontario, is viewed as a key market due to its recently regulated and rapidly evolving online gambling framework. Unlike other bidders who reportedly planned to divest PointsBet’s Canadian operations, Mixi intends to retain and expand this segment, signalling a long-term strategic interest in the region.
Dispute with rival bidder Betr
Betr, a rival bidder, was initially considered a potential acquirer. However, a shareholder vote recount excluded its influence, prompting the company to challenge the outcome. Betr alleged its vote was improperly disregarded and indicated it may pursue legal action. PointsBet responded by stating the claims were “factually inaccurate and without basis” and confirmed the recount was conducted independently.
Financial and shareholder position
Mixi’s offer of AUD 1.20 per share represents a 44.6 percent premium over PointsBet’s pre-announcement share price. Betr’s offer details were not fully disclosed and lacked the regulatory approvals Mixi had already secured.
More than 95 percent of non-Betr shareholders have expressed support for Mixi’s proposal. The company’s transparent approach and commitment to retaining key assets, such as PointsBet’s Canadian operations, have contributed to shareholder confidence.
The final step is securing approval from at least 50.1 percent of PointsBet shareholders. If successful, the acquisition will proceed. While Betr has raised objections to the vote process and may pursue legal action, no court ruling has been issued to date.
