PointsBet reduces net loss in FY25, MIXI edges closer to takeover
Summary
PointsBet reported a stronger FY25: group revenue hit a record AU$261.4m (up 6% year‑on‑year), normalised EBITDA turned positive for the first time at AU$11.2m, and net loss narrowed to AU$18.2m.
Australia remained the largest market with AU$218.5m in revenue despite a 14% fall in player spend, while Canada delivered 26% revenue growth driven by both sports betting and iGaming. Rolling annual cash active players reached an all‑time high of 295,757.
Separately, MIXI Australia has moved past 50% voting power in PointsBet, triggering a two‑week extension of its takeover offer acceptance period to 12 September. MIXI’s bid sits at AU$1.25 per share (rising to AU$1.30 under a >90% outcome); rival bidder Betr has continued to table competing proposals, most recently an all‑share offer valuing PointsBet at AU$1.40 per share.
Key Points
- FY25 revenue: AU$261.4m, a 6% increase on FY24 and a new record for PointsBet.
- Normalised EBITDA positive for the first time: AU$11.2m (excluding share‑based payments and one‑offs).
- Net loss reduced to AU$18.2m from AU$42.3m in FY24; pre‑tax loss AU$18m.
- Australia revenue AU$218.5m (up 3%) with net win margin improving to 10.4% and six consecutive quarters of margin growth.
- Canada revenue (sports betting + iGaming) rose 26% to AU$42.9m; iGaming revenue up 41% to AU$28.1m.
- Rolling annual cash active players reached 295,757 — an all‑time high.
- MIXI now controls over 50% voting power, extending its takeover offer acceptance window to 12 September; takeover battle with Betr continues.
Why should I read this?
Short version: PointsBet looks like it’s finally heading the right way — real revenue growth, its first ever normalised EBITDA profit and a much smaller net loss. Add in takeover drama and you’ve got a story that matters if you watch betting stocks, M&A in gaming, or market consolidation in Australia and Canada. Read the detail if you care about who ends up owning PointsBet or want the numbers behind the turnaround — fewer surprises, clearer direction.
Context and relevance
This result signals a potential turning point for PointsBet — operational improvements (margin growth and higher net win) plus cost discipline have produced profitability metrics investors have long awaited. The concurrent takeover tussle between MIXI and Betr adds strategic significance: ownership change could speed consolidation, shift product or market priorities, and affect shareholder value. For anyone tracking the Australian sports‑betting sector, international iGaming expansion or takeover activity, these results and the takeover developments are directly relevant to short‑ to medium‑term strategy and valuation.