Four years ago, PointsBet took a punt and signed up Shaquille O’Neal to front a massive expansion. The Melbourne-headquartered bookmaker wanted to become a North American sports betting giant. At first, the number of gamblers on its platform grew. Then it tripled. Slowly, the worm turned. Profits were hard, and PointsBet eventually sold its business in the United States, hoping to make good in its home market.

In some ways, this is why it is difficult to fathom how this company has now found itself in the centre of an unusually messy takeover battle: the target of not only its main local rival in ASX-listed Betr but Japan’s Mixi, a company better known for its social media network than its wagering division.