In a sharp pivot away from consolidation, Australian betting firm PointsBet has terminated acquisition talks with Betr, the startup led by high-profile gambling executive Matt Tripp and backed by News Corp.
The decision, announced after a period of due diligence, was driven by concerns over Betr’s financial stability and execution capabilities. Andrew Mellor, PointsBet’s CFO, emphasized that shareholder value and long-term viability remain central to the company’s strategy.
This marks another strategic recalibration for PointsBet, following its $225 million sale of U.S. operations to Fanatics. The exit included Banach Technology and proprietary software rights, allowing PointsBet to double down on its Australian and Canadian markets.
Betr, once heralded as a potential disruptor in Australian wagering, has struggled to turn high-profile backing into operational strength. Tripp’s ambitions to grow via acquisition have now suffered a visible setback, raising questions about the startup’s funding capacity.
PointsBet, meanwhile, reported a 16% revenue increase for FY2024 and reiterated its target of cash-flow breakeven. The company remains open to other strategic opportunities, signaling that the sale is not off the table—just off the table for Betr.
This development illustrates a critical shift in industry dynamics: capital strength and execution discipline are non-negotiable in gaming M&A. For PointsBet, walking away may prove to be its most strategic move yet.
