Straight Shorts is a rolling news update service on the biggest stories in racing, wagering and breeding. Today's coverage starts with two offers for Australian gambling firm PointsBet.
PointsBet in Japanese takeover offer, BlueBet counter bid
BlueBet has made a $340 million to $360 million counter offer to acquire PointsBet, which had announced on Wednesday it was preparing to be sold off to Japanese company Mixi for a similar amount.
The Mixi deal, announced to the ASX on Wednesday, would see shareholders receive $1.06 cash per PointsBet share, a 27.7 per cent increase on the company’s closing price.
It comes unanimously recommended by the board and PointsBet chief executive Sam Swanell said it was a compelling offer.
“The price appropriately reflects the value of PointsBet’s world-class technology assets and reputation for wagering excellence in both Australia and Canada,” Swanell said.
Mixi is represented by bookmaker BetM in Australia. PointBet's shares jumped from 82 cents to $1.10 on the announcment.
However, BlueBet has stepped in with an offer of $340 million to $360 million through a cash pool of $240-$260 million and scrip consideration of $100-$120 million.
BlueBet, which operates the betr brand, sent a letter to PointsBet on Tuesday outlining why it was a more compelling offer.
“We understand you may be in discussions with another party regarding a potential acquisition of PointsBet. However, we continue to believe that our offer, which has a combined equity value of $340-$360 million and with identified synergies expected to be at least $40 million annually, presents a highly attractive offer for PointsBet shareholders,” the letter said.
“Our proposal offers compelling strategic and financial benefits for PointsBet shareholders. The transaction offers betr immediate additional scale, access to important technology assets and key marketing contracts, all of which will accelerate our growth ambitions.”
PointsBet shareholders would receive $1.14 per share under the BlueBet deal.
BlueBet has emphasised that it believes shares would be worth up to $1.50 of value given access to the synergies between the two companies.
PointsBet‘s gross profit and customers jump
On the same day PointsBet confirmed a takeover offer from Japanese-based Mixi, it announced its half-yearly results with gross profit from its Australian business up 11 per cent to $55.8 million and the number of active Australian customers increasing 8 per cent on last year at 235,000.
While Australian turnover was down 22 per cent on the same time in 2024, gross win margin grew from 10.4 per cent to 13.4 per cent, helping deliver growth in Australian revenue of 4 per cent.
The overall first-half EBITDA position across the Australian and Canadian businesses improved by $10 million to an overall loss of $3.3 million.
“We finished H1 having improved our EBITDA position by $10 million versus the PCP and remain on track to deliver EBITDA of between $11 and $14 million for full year 2025,” PointsBet Group CEO Sam Swannell said.
Tassie racing mourns The Inevitable
Tributes have flowed for Tasmanian star The Inevitable, who sadly died during the Hellova Street Stakes on Launceston Cup day.
The pint-sized eight-year-old was euthanised after suffering a serious injury during what was to be his 44th and final start.
The champion, who began his career in the stables of Scott Brunton and was then transferred to John Keys, won 18 of his 44 starts, including 10 stakes races. He won over $2 million in prize money.
Minister rules out freehold transfer of NSW racecourses
NSW Lands Minister Stephen Kamper has categorically ruled out Racing NSW getting freehold title on any of the five racetracks it was granted crown land management over last year.
Racing NSW is now Crown Land Manager (CLM) over racecourses at Port Macquarie, Inverell, Coffs Harbour, Queanbeyan and Armidale.
There had been suggestions in correspondence with the clubs before the CLM status was granted that there was an intention that this would lead to freehold title over the tracks.
However, speaking in parliamentary estimates, Kamper denied that was the case.
“We're not in the business of transferring land to anyone, as I said earlier, only when it's in the greater interest of the state, of the community, would we ever consider that, only on a very rare occasion,” he said.
“And whatever commentary was in that email you were referring to, as I said, fanciful.”
Bren O’Brien
Kamper confirmed that a detailed review was underway into the process surrounding the approval of Racing NSW as CLM for Queanbeyan and a result in that review was expected within weeks.
The announcement on Racing NSW’s CLM of the five tracks was made via the parliamentary gazette in May last year and not disseminated to the broader public by a media release or the like.
Kamper said given the interest it had generated his department would review that approach in any future decisions to grant Racing NSW land management status.
Price-Kent Jr 3YO earns NZB Kiwi berth
Public Attention has been catapulted onto the second line of betting for the $NZ3.5 million NZB Kiwi after connections completed a deal to run in New Zealand’s richest race.
Trained by Mick Price and Michael Kent Jr, Public Attention will fill the slot that belongs to prominent Australian owner Ozzie Kheir.
Confirmation of Kheir’s slot runner completes the NZB Kiwi field of 14 runners.
Public Attention is a Written Tycoon colt raced by a Coolmore-headed syndicate and he has figured in most of Australia’s best three-year-old races this season.
Public Attention sits outside them but still proves too strong in the Asahi Super Dry Eskimo Prince Stakes at Royal Randwick 🏇🏇@SchofieldChad @MickPriceRacing pic.twitter.com/MdgBwhL6d8
— Australian Turf Club (@aus_turf_club) February 8, 2025
He finished fifth in the Caulfield Guineas and resumed with a win at Group 3 level in Sydney before his fourth placing behind Broadsiding in the Group 2 Hobartville Stakes at Rosehill last Saturday.
Bookmakers have listed Public Attention as a $4 chance for the race to be run at Ellerslie on March 8.
Distrustful Award takes honours in Launceston Cup
Outsider Distrustful Award and his unheralded trainer Peter Luttrell have upstaged one of Australian racing's superpowers in winning the $250,000 Launceston Cup.
Distrustful Award ($21) settled last after missing the start before producing a spirited finish to run down the Ciaron Maher-trained favourite Promises Kept ($1.65).
It was a dream result for Luttrell, who trains at nearby Longford, and jockey Anthony Darmanin.
“I honestly can’t believe he won,” Luttrell told Sky Thoroughbred Central.
A son of Shamus Award, Distrustful Award arrived at Luttrell’s small-scale stable after starting his career with Paul Preusker in Victoria before a short-lived stint in Western Australia under Grant and Alana Williams.
He has now won four races for Luttrell, graduating from a restricted victory in Hobart in December to his Group 3 success on Wednesday.
It's a local victory in the G3 Launceston Cup! 🏆
— SKY Racing (@SkyRacingAU) February 26, 2025
Distrustful Award takes out the Tassie feature for Peter Luttrell and Anthony Darmanin - and it's a winning treble for Darmanin 🙌@TasracingAus pic.twitter.com/YtqYLRNrnB
In other black-type races at Launceston, Darmanin warmed up for his Cup-winning ride when Geegees Mistruth won the Vamos Stakes. Darmanin rode a treble at the meeting.
Durazzo gave syndicator Star Thoroughbreds and trainer Barry Campbell a double in claiming the Hellova Street Stakes after they teamed up with unbeaten Stratosphere filly Sanniya in the Gold Sovereign Stakes.
The day has a sad post-script with news of the death of Tassie champ The Inevitable.
Nikki Clarkson appointed as VRC’s Chief Marketing Officer
Former Southern Cross Austereo executive Nikki Clarkson will join the VRC as its new Chief Marketing Officer.
Clarkson brings with more than 25 years’ experience in brand management, digital strategy, content creation and media commercialisation to the role and will lead the VRC’s marketing, communications, content, digital, production and social media function.
“We are thrilled to appoint Nikki to the role of Chief Marketing Officer. Nikki has extensive experience in understanding the wants and needs of customers, the power of media and content and the importance of storytelling,” VRC CEO Kylie Rogers said.
“Nikki shares our enthusiasm for the future of Flemington Place and recognises the huge opportunities that lie ahead for the VRC. She will be an asset for our club, VRC partners and the wider racing industry.”
New Zealand Weanling Sale date finalised
New Zealand Bloodstock has confirmed that the National Weanling Sale will be held on Thursday June 26 at Karaka.
It will be held jointly with the NZB Standardbred National Weanling Sale, with the thoroughbred session getting underway in the morning and the standardbred weanlings selling later that afternoon.
“Both industries are in great shape at the moment, and the positivity from stakes increases and new initiatives across both codes is encouraging,” NZB Managing Director Andrew Seabrook said.
“It’s certainly given domestic buyers more confidence which was seen with the Kiwi spend up at both respective yearling sales recently.”
All thoroughbred weanlings purchased are eligible for the Karaka Millions Series.
