PointsBet expects revenue to be at lower end of FY25 guidance
Australian betting company, PointsBet Holdings Limited, has announced that it expects its full year 2025 revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) to be at the lower end of its previously announced guidance. The company reiterated the previously announced guidance of A$260 million to A$270 million ($169 million to $175.5 million) and EBITDA guidance of A$11 million to A$14 million.
PointsBet has announced that it now estimates that both revenue and EBITDA will likely be at the lower end of the projected guidance. This comes on the back of PointsBet’s ongoing assessment of market conditions and operational performance as it prepares for the upcoming fiscal year. The announcement comes as PointsBet is in the middle of a takeover battle between Japanese tech conglomerate MIXI and sports gaming platform Betr Entertainment. Recently, the battle to acquire PointsBet intensified, with the company reaffirming its support for Japanese firm MIXI’s takeover offer ahead of a crucial shareholder vote on 25 June 2025.
Takeover battle for PointsBet
The move came as rival bidder Betr Entertainment continued its efforts to challenge MIXI’s offer. In a recent development, Betr submitted a revised proposal aimed at rivalling Mixi’s bid. However, PointsBet indicated that this latest proposal is unlikely to proceed in its current form. In a statement issued on 23 June 2025, PointsBet made its position clear: “At present, there is only one transaction capable of acceptance by PointsBet shareholders, which is the MIXI scheme.” The company added that it remains open to reviewing Betr’s offer if formal and detailed terms are submitted.
Currently, MIXI’s bid values PointsBet at A$1.20 per share, compared to Betr’s A$1.14 per share offer. Although PointsBet had previously suggested that Betr’s bid might have been “superior”, the board has since raised concerns over the structure and certainty of Betr’s proposal. Betr’s latest offer involves an all-scrip deal, giving shareholders equity in the merged entity, alongside a potential buyback option for those seeking immediate cash. However, PointsBet has criticised this structure, arguing that the buyback lacks certainty. The buyback requires approval from Betr’s shareholders, but Betr reserves the right to waive this condition and proceed regardless. PointsBet describes Betr’s claims of “immediate liquidity” as “clearly misleading” given the lack of guaranteed cash availability.
FIRB’s approval for MIXI takeover
In mid-June, Pointsbet received written approval from the Australian Commonwealth Government for its proposed acquisition by MIXI. This regulatory nod from the Foreign Investment Review Board (FIRB) comes under the scrutiny of the Foreign Acquisition and Takeovers Act 1975. The approval, issued under Australia’s stringent foreign ownership laws, signals that the government does not view the acquisition as a threat to national interests. While one of the significant hurdles has been cleared for the buyout to move forward, the deal is still subject to Ontario approval.
MIXI’s offer currently values the Australian-based betting operator at A$402 million. The sweetened offer firmly positions MIXI as the frontrunner in a competitive bidding war for PointsBet’s non-U.S. operations, which span Australia, Canada, and Ireland. The Japanese firms’ enhanced offer of $1.20 per share means a 44.6 percent premium over PointsBet’s closing price of $0.83 on February 25, when MIXI first entered the fray with an initial bid of $1.06 per share. Crucially, MIXI’s revised proposal comes with no financing conditions, offering a high degree of certainty to PointsBet shareholders.
