PointsBet Holdings has received a first strike against its remuneration report after 28.94% of votes cast at its AGM opposed the resolution.
The Australian wagering operator confirmed that the remuneration report was adopted, but opposition exceeded the 25% threshold under the Corporations Act 2001. The poll recorded 236.7 million votes in favour and 96.4 million against.
Under Australia's two-strikes rule, a second remuneration vote of 25% or more against at the following AGM would require shareholders to vote on whether the company's directors should stand for re-election.
The result follows substantial changes to PointsBet's ownership and management. MIXI Australia secured 66.43% voting power following its 2025 takeover bid, while betr Entertainment retained a significant minority holding after its competing acquisition attempt.
PointsBet's FY26 remuneration report covers a shortened nine-month period following its decision to move its financial year-end from June to March to align with controlling shareholder MIXI. The operator recorded AU$186.6m (US$124.5m) in revenue, a normalised EBITDA loss of AU$0.8m and a statutory net loss after tax of AU$26.6m for the period.
At the AGM, Chairman Brett Paton said no STI payments were made to key management personnel because financial thresholds were not met, while no new LTI grants were issued. Existing performance share rights vested in August 2025 following MIXI's change of control.
The management structure also changed during the period. Andrew Catterall became Group CEO in February 2026, replacing Swanell, who moved into an Executive Director and Senior Advisor position.
Swanell's agreement provides base remuneration of AU$310,000 per year alongside potential short-term, long-term and retention incentives.
Shareholders re-elected Swanell to the board, with 98.93% of votes cast supporting the resolution. The AGM filing showed 3.6 million votes against his re-election, representing 1.07% of the poll.
The vote comes as PointsBet faces a changing regulatory environment in its core Australian market. The NSW Government has committed AU$95.2m to gambling reforms covering gaming machines, exclusions and marketing restrictions, while Catterall has warned that broader wagering reforms could increase operating complexity and compliance costs.
PointsBet's FY26 Australian revenue was AU$152m, while Canadian revenue increased 13% to AU$34.6m during the nine-month reporting period
