M&A activity is heating up in the betting industry with a bidding war breaking out for one ASX All Ords stock.

The stock in question is PointsBet Holdings Ltd (ASX: PBH), which has previously accepted a $1.06 per share takeover offer from MIXI.

However, that offer now pales in comparison to one that has been tabled by its largest shareholder, Betr Entertainment Ltd (ASX: BBT), which itself only merged with BlueBet less than 12 months ago. It also completed the acquisition of TopSport earlier this month.

What offer is being made for this ASX All Ords stock?

According to the release, Betr has submitted a new all-in proposal to acquire 100% of PointsBet at $1.33 per share. This values the company at $360 million and is a sizeable premium to the offer from rival suitor MIXI.

The deal includes $260 million in cash and $100 million in Betr scrip, giving PointsBet shareholders a chance to maintain exposure to the combined business.

The release notes that Betr already owns a 19.9% stake in PointsBet after acquiring shares from two of its largest holders. It has also confirmed it will vote against the MIXI proposal, arguing that its own offer delivers superior value through greater scale, deeper synergy opportunities, and a more compelling growth strategy.

For example, Betr expects to unlock more than $40 million in annual cost savings by consolidating brands, platforms, and operations. It is also confident in its ability to migrate PointsBet's customer base, pointing to its recent integration of TopSport and Betr clients.

To fund the offer, Betr has lined up $120 million in financing from National Australia Bank Ltd (ASX: NAB), a proposed sale of PointsBet Canada, and a fully underwritten $130 million equity raise. It is also offering to complete due diligence within three weeks to fast-track the deal.

Commenting on the offer, Betr's chair, Matthew Tripp, said:

Our Offer represents a clearly superior proposal for PointsBet shareholders to realise significant value. We have fully addressed the concerns raised by PointsBet in its Letter to Shareholders on 3 April 2025, including enhancing our funding certainty, synergy realisation, and due diligence timing.

Our proposal is supported by materially enhanced funding security, and as the largest shareholder in PointsBet, we now intend to vote our holding against the current MIXI proposal, reducing its likelihood of success. I am confident PointsBet shareholders will recognise the benefits of our proposal as we work towards again becoming leaders in the Australian wagering market.