Billionaire Stake founders in favour of MIXI bid for PointsBet

Japanese entertainment giant MIXI has been battling Betr for control of PointsBet. It may have found supporters of the bid in Stake.com owners Ed Craven and Bijan Tehrani.

Ed Craven (right) and business partner Bijan Tehrani are understood to be in favour of the Mixi bid for PointsBet. Picture: Instagram

The billionaire owners of global gambling business Stake.com are understood to be among the shareholders backing Japanese giant MIXI’s $402m takeover bid for ASX-listed bookmaker PointsBet.

Ed Craven, Australia’s youngest billionaire, and his American business partner Bijan Tehrani are likely in favour of the bid, sources have told The Australian, rather than a rival proposal from Betr Entertainment.

Mr Craven and Mr Tehrani’s privately-held Easygo Entertainment hold a 5 per cent shareholding in PointsBet, which on Monday formally rejected Betr’s cash and scrip offer to take it over.

Betr has attempted to stymie MIXI’s takeover proposal for PointsBet, which has been endorsed by PointsBet’s board, including buying a 19.9 per cent PointsBet holding in April.

As previously revealed by The Australian, MIXI had been mulling a tilt for PointsBet since at least last November before making a formal $353m bid in February.

That was followed by Betr’s proposal, and then share buying, before MIXI upped its bid to $401m under a scheme of arrangement. It also said it would proceed with an acquisition of PointsBet via an off-market takeover bid with a 50.1 per cent minimum acceptance if the scheme — to be voted upon next week — is not approved by shareholders.

Mr Craven and Mr Tehrani, whose Stake crypto and fiat currency online casino business had gross revenue of more than $7bn in 2024, invested in PointsBet in 2023 when the share price was below $1 and upped their holding to about 5 per cent last year. Stake did not comment.

PointsBet CEO Sam Swanell said MIXI’s proposal was superior to Betr’s bid. Picture: Stuart McEvoy

In an announcement to the ASX on Monday, PointsBet said its board had unanimously rejected Betr’s bid, labelling it “materially below” the value of MIXI’s $1.20 per share offer.

“MIXI’s proposal remains the superior path forward for PointsBet, is in the best interest of shareholders and the board unanimously recommends that shareholders vote in favour of the scheme,” PointsBet chief executive Sam Swanell said.

“MIXI are offering PointsBet shareholders a fully funded $1.20 per share cash. At close of trading on 13 June the value of the Betr cash and scrip offer was $1.05 per PointsBet share.

“Following a detailed review, the board and management agree that the Betr proposal simply doesn’t measure up to the value and certainty MIXI’s all-cash offer delivers for our shareholders.”

Betr chairman Matthew Tripp previously said its cash and share offer was superior to the MIXI proposal and would oppose it in the scheme vote.

“As the largest shareholder in PointsBet, we now intend to vote our holding against the current MIXI proposal, reducing its likelihood of success,” Mr Tripp said in April.

Betr chairman Matt Tripp has taken a 19.9 per cent stake in PointsBet. Picture: Aaron Francis

But, PointsBet announced on Monday it was entering into a Bid Implementation Deed with MIXI and MIXI Australia “pursuant to which MIXI Australia has agreed to make an off-market takeover bid for all of the issued share capital of PointsBet at $1.20 cash per PointsBet share conditional on the MIXI Scheme not proceeding”.

The offer would come within three days of the Scheme vote on June 25.

A MIXI spokesperson said the company “is strongly committed to acquiring PointsBet”.

Betr shares fell 7.9 per cent on Monday to 29c, while PointsBet stock remained unchanged at $1.19.

Originally published as Billionaire Stake founders in favour of MIXI bid for PointsBet