Latest news with #Pointsbet
The Guardian
23-07-2025
- Business
- The Guardian
Australian bookmaker Betr accused of drawing more than half of January gambling profits from 20 customers
A major Australian bookmaker has been accused of generating more than half of its gambling profits from just 20 customers in January. The accusation was made to the Australian Stock Exchange by the gambling company Pointsbet, which is resisting a hostile takeover bid by rival company Betr, which was previously partly owned by News Corporation. On Wednesday, Pointsbet's directors rejected Betr's offer and encouraged shareholders to instead accept a competing bid from the Japanese company, Mixi. During early states of negotiations, Pointsbet and Betr agreed to conduct due diligence and share financial and operational details. Sign up: AU Breaking News email After assessing that information, Pointsbet told the ASX that Betr had a 'less valuable and volatile VIP heavy customer base' and that shareholders would be exposed to Betr's existing operations if the bid were accepted. In April, Betr was reported as having around 340,000 customers. Around 150,000 were considered active. Pointsbet alleges that more than 50% of Betr's net win in January came from a tiny percentage of that customer base. Betr and Pointsbet were both contacted for comment. Both companies declined to clarify whether the January 2025 figures cited by Pointsbet were representatives of Betr's longer term financial and operational position. Pointsbet declined to state whether the January figures were an outlier. In its note to the ASX, Pointsbet told shareholders there were 'meaningful risks associated with a VIP-heavy customer base' including greater 'compliance and regulatory risks'. In May, Pointsbet was fined $500,800 by the Australian media regulator and subjected to enforceable undertakings after breaching breaching spam and self-exclusion laws. The Australian Communications and Media Authority accused Pointsbet of sending 508 marketing messages to people who had self-excluded themselves from gambling. Two years ago, a landmark report by an inquiry led by the late Labor MP Peta Murphy said gambling companies maintained 'VIP programs to incentivise people they regard as high value customers.' Financial Counselling Australia, which represents people who have been harmed by the gambling industry, told the inquiry that high value customers are often individually managed by bookmaker staff and encouraged to keep gambling. The group did not name Betr in its submission. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion The Murphy inquiry also recommended the federal government ban all gambling advertising after a three-year transition period. So far, the federal government is yet to formally respond to that recommendation. The Albanese's government's plan to restrict gambling advertising was delayed until after the election in the face of strong opposition from sporting codes and broadcasters. On Wednesday, the communications minister Annika Wells told parliament the government had resumed consultation with broadcasters, major sporting groups and some harm reduction advocates. 'I know the minister for social services [Tanya Plibersek] and myself have been working together on this and we are committed to continuing the work of the previous ministers from the first term,' Wells told question time. So far, sources familiar with the consultation say it has focused on identifying the main objections and testing support for compromises. They say the government intends to act by the end of the year. Wells did not commit to implementing Murphy's recommendation to phase out all advertising for online gambling, but said 'the work continues' on the government's agenda to address gambling harms. Lobbyists for major gambling firms have also been seen in Parliament House this week.
AU Financial Review
30-06-2025
- Business
- AU Financial Review
Master of the market comes in from the cold
The farrago around Pointsbet's $402 million sale to Japanese social media company Mixi has drawn its fair share of rubberneckers. Computershare botched tallying the shareholder vote last week, and missed rival Betr's attempts to block the deal. Betr wants to buy Pointsbet for itself. The brainchild of the bookmaker is the country's most famous bookmaker (and Melbourne Storm chairman) Matthew Tripp. And by swallowing up the ASX-listed Blue Bet last year, Betr became a public company.
Perth Now
25-06-2025
- Business
- Perth Now
Major Aussie bank soars as ASX trades flat
Australia's sharemarket swung between gains and losses throughout Wednesday's trading as market heavy Commonwealth Bank Australia's (CBA) new record high was offset by falls among the major miners. The benchmark ASX 200 traded virtually flat, up just 3.70 points or 0.04 per cent to finish trading at 8,559.20. Meanwhile the broader All Ordinaries also eked out a tiny gain, up 5.10 points or 0.06 per cent to 8,779.90. The Aussie dollar is up 0.06 per cent and is now buying 64.98 US cents. Seven of the 11 sectors dropped during Wednesday's trading. NewsWire / Gaye Gerard. Credit: News Corp Australia Seven of the 11 sectors finished in the red, with strong gains from the financials offset by a 1.25 per cent fall in the materials sector. CBA continued its record breaking march, hitting an intra day high of $192 before closing up 1.7 per cent to $191.4. The other major banks also finished in the green with ANZ surging 1.8 per cent to $29.10, NAB trading 0.75 per cent higher to $40.05 and Westpac finishing 0.73 per cent higher to $34.54. But the gains out of the bourse's heavy financials was offset by Australia's major iron ore producers. The price of the underlying commodity dipped just under $US93 a tonne on Tuesday, before recovering slightly on Wednesday. BHP shares slipped 1.01 per cent to $36.11, Rio Tinto is down 0.61 per cent to $104.30 and Fortescue Metals slumped 2.30 per cent to $14.88. The financial sector traded higher as the odds of a July rate cut increased on the back of weaker than expected inflation figures. Gains in the banking sector was offset by the major miners. NewsWire / Max Mason-Hubers Credit: News Corp Australia Data released by the ABS showed the CPI rose by 2.1 per cent for the 12 months to May 2025, beating expectations of 2.3 per cent. The all-important trimmed mean inflation rate, which the Reserve Bank considers when making decisions about the cash rate, came in at 2.4 per cent. HSBC chief economist Paul Bloxham said both headline and trimmed mean indicators showed disinflation. 'While the jobs market has remained resilient, GDP growth in Q1 was sluggish, and today's data points to further disinflation,' he said. 'The global backdrop also continues to pose significant risks. Our central case sees the RBA cut by 25bp in Q3, with today's data meaning that a cut in July is likely.' In company news, Japanese entertainment giant Mixi plans to take over wagering company Pointsbet is a step closer after the company announced it has secured enough shareholder support to buy the business. Shares in Pointsbet closed up 1.27 per cent to $1.20. ASX listed Betr, who is also trying to acquire Pointsbet shares fell 5.17 per cent to $0.27. Defence business DroneShield announced its largest ever deal, a $61.1m contract with a major European military power. The company said the latest deal surpasses the entire 2024 revenue of $57.7m. Bally's is one step closer to acquiring Star Entertainment. NewsWire / Glenn Campbell Credit: News Corp Australia Shares in Humm Group rallied 8 per cent after it was confirmed the buy now pay later operator had received a takeover offer from the family office of chairman Andrew Abercrombie. Star Entertainment is also one step closer to having its rescue package secured, with shareholders approving two items on the agenda of the meeting that would allow US gaming giant Bally to take control of the business.
AU Financial Review
25-06-2025
- Business
- AU Financial Review
Pointsbet's $400m scheme-meeting blow-up looks like a fat-finger farce
Bad blood, big egos and apparent user error have turned the contested takeover of ASX-listed bookmaker Pointsbet into a $400 million farce. Somehow, despite making legally binding 'truth in takeovers' statements – which require market participants to be accountable for their public statements made during a takeover bid – plucky rival Betr did not vote against a rival $1.20 a share bid, notionally sending the business into the arms of Japanese mobile games company Mixi.
West Australian
04-06-2025
- Business
- West Australian
ASX closes on brink of record high, as CBA continues to soar
Australia's stock market soared to within one per cent of a record high as investors factored in interest rate cuts and the Commonwealth Bank became the first Australian company to surpass the $300bn market cap. The benchmark ASX 200 index gained 75.10 points or 0.89 per cent to 8,541.80 points while the broader all ordinaries also finished higher up 79.30 or 0.91 per cent to 8,770.20. The Australian dollar slid 0.09 per cent and is now buying 64.56 US cents. Wednesday's trading was dominated by CBA, which saw Australia's largest bank pass $181 a share for the first time. VanEck senior portfolio manager Cameron McCormack said CBA's 'remarkable' rally continued as the major bank passed a $300bn market cap, thanks to weaker resources stock. 'Particularly offshore investors looking at the Australian market are more likely to prefer the local banks as they tend to outperform when resources underperform,' he said. 'We are not looking at a reverse of that trend.' But CBA was not alone, with Westpac shares also rallying 1.47 per cent to $33.10 even though ASIC made the decision to start legal proceedings against subsidiary RAMS for alleged systemic misconduct. NAB also jumped 1.07 per cent to $38.60 and ANZ rose 0.95 per cent to $29.64. On an overall positive day, nine of the 11 sectors finished in the green led by energy, consumer discretionary and financial stocks. Woodside Energy rose 2.89 per cent to $22.80, Santos gained 0.92 per cent to $6.59 and Yancoal Australia added 1.93 per cent to $5.29. Wesfarmers shares gained 0.59 per cent to $84.60, JB Hi Fi rallied 2.05 per cent to $112.24 and Harvey Norman jumped 2.98 per cent to $5.53. Australia's share market followed a late rally on Wall Street overnight on better than expected US job openings which showed businesses were looking for 7.4 million staff members in April. A strong lead in from Wall Street and worse than expected ABS data which showed Australia is back in a GDP per capita recession helped boost the local market. Mr McCormack said the market reacted positively to a GDP print showing economic growth of just 0.2 per cent for the quarter or 1.3 per cent for the year. 'The market is starting to price in more rate cuts on the back of some of the softer data coming through, including the weaker export data,' he said. In company news Virgin Australia announced plans to return to the ASX via a $685m initial public offering. The IPO priced at $2.90 per share and if the shares are fully subscribed will re-list at a market value of around $2.3bn. Japanese entertainment giant MIXI has upped its bid to buy Australian gambling company Pointsbet and is now offering $402m to take over the company. Shares in Pointsbet rallied 10.60 per cent to $1.20. Fashion-forward jewellery and accessories brands Lovisa announced a change in leadership with Mark McInnes moving into the role of executive deputy chairman. Shared surged 9.10 per cent to $32 on the announcement. DroneShield shares marched higher up 12.50 per cent to $1.58 on news the UK government is planning on spending GBP 2bn or $AU4.2bn to boost its drone technology in an effort to boost its military capabilities.
