BlueBet Holdings (ASX:BBT) said its nonbinding offer to acquire 100% of the shares of PointsBet Holdings (ASX:PBH) via a scheme of arrangement for a total consideration of AU$340 million to AU$360 million is "clearly superior" to a competing all-cash offer from Mixi, according to a Thursday Australian bourse filing.

BlueBet said its bid offered PontsBet shareholders an illustrative value of AU$1.28 per share, compared with AU$1.06 per share under the rival proposal.

It said it expects to realize over AU$40 million in potential cost synergies, driven by a move to a single brand and technology platform.

It also said its offer is expected to be highly earnings-per-share accretive for existing BlueBet shareholders and will speed up its path to a market share of 10% to 15%.

BlueBet secured underwriting support letters to conduct a AU$160 million equity raise for the bid, and it is securing AU$100 million of debt funding, the filing said.

PointsBet shares rose past 2% in early trading on Thursday.