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Pointsbet Holdings Ltd ASX:PBH

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 4 managers in total.

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20252026

6 Jan 2025 to today

Commentary Showing 2 of 7

DateManagerActionSummary

14 Jan 2026Seneca Financial SolutionsExitSeneca Financial Solutions exited their investment in PointsBet Holdings after the company received an initial takeover approach from Japan's Mixi, ahead of a subsequent and unresolved bidding war involving BlueBet. The fund's exit followed the emergence of competing takeover interest in the online wagering business.

Article, price recorded $0.94

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30 Jun 2025Forager FundsHeldForager Funds continues to hold PointsBet Holdings Ltd as the stock is subject to a competitive takeover process between Japan's MIXI and Australian bookmaker Betr, with MIXI's latest cash offer of $1.20 per share appearing difficult to beat. Forager Funds describes the investment as a wonderful outcome, noting the fund's initial purchases ranged from $1.55 to $1.72 per share, with $1.39 per share subsequently returned as capital — reducing the adjusted cost base to approximately $0.28 per share — making the current offer highly attractive.

M&AQuarterly Report, price recorded $1.19

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5 more comments on PBHPro shows every comment, with a link to each source document.

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Price at first mentionThe share price recorded when each of 4 managers first commented on PBH.

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Articles

30 Jun 2025Pointsbet Holdings PBH Fund Manager Commentary and Investment Thesis

About Pointsbet Holdings Ltd

Consumer Discretionary, Hotels, Restaurants and Leisure

PointsBet (ASX:PBH), the online wagering company, became the subject of a takeover contest that prompted Seneca Financial Solutions to sell. In January 2026, Seneca reported it exited its position after PointsBet received an initial takeover approach from Japanese technology company Mixi, ahead of a subsequent, unresolved bidding war involving rival BlueBet. PointsBet operates in the Consumer Discretionary sector within the Hotels, Restaurants and Leisure industry, and Thesis Tracker has captured 7 comments from 4 fund managers, including Seneca Financial Solutions. Founded in 2015 and headquartered in Cremorne, Melbourne, PointsBet provides online sports and racing betting through its cloud-based platform in Australia, after selling its US business to Fanatics, and has been focused on improving profitability in the competitive Australian wagering market against larger operators such as Sportsbet and TAB. The takeover interest from Mixi and BlueBet reflects consolidation pressures in Australian online wagering.

Market cap: $278m
Price to earnings: Loss-making
Return on equity: 469.4%
Dividend yield: 0.0%
Price to book: -18.51x
Net margin: -14.3%
52-week range: $0.76 to $1.12

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Pointsbet Holdings Ltd (ASX:PBH)?

Fund managers including Forager Funds, Wilson Asset Management, Harvest Lane Asset Management and Seneca Financial Solutions have invested in Pointsbet Holdings Ltd (ASX:PBH).

What opportunities or catalysts do fund managers highlight for Pointsbet Holdings Ltd?

Seneca highlights takeover interest from Mixi and a competing approach involving BlueBet, which provided an opportunity to realise value.

What are the key risks to the Pointsbet Holdings Ltd investment thesis, according to fund managers?

Seneca exited during the bidding contest, and PointsBet faces intense competition from larger wagering operators and an uncertain takeover outcome.

What does Pointsbet Holdings Ltd (ASX:PBH) do?

PointsBet Holdings Ltd, founded in 2015 and headquartered in Cremorne, Australia, provides cloud-based sports and racing betting services. The company operates through three segments: Australian Trading, providing sports and race betting to Australian customers; Canada Trading, offering sports betting and iGaming to Canadian clients; and Technology Trading, which manages B2B services via PointsBet Europe and intercompany licensing fees. Founded by Sam Swanell, Nick Fahey, and Andrew Fahey, PointsBet delivers its product suite directly to consumers via a proprietary technology platform.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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