GME3: PointsBetting on a Deal?, Guardian Takes an ‘X-it’ Route & The Onion Peels Away Infowars

This week in the GME3 we’re looking at rumours circulating around a potential buyout of PointsBet, the departure of a significant media corporation from the social media platform X, and the acquisition of Alex Jones’ media company, including the divisive brand Infowars, by satire site The Onion. Read on for the full stories!

Gambling

PointsBetting on a Deal?

Reports surfaced that PointsBet might be in takeover talks, involving potential buyers, including one from Asia. These rumours boosted PointsBet’s stock, which surged up to 13.3% above its opening price, reaching $0.98. Despite this, PointsBet quickly issued a statement denying any discussions, emphasizing its commitment to transparency in line with the requirements of the Australian stock exchange.

This speculation follows PointsBet’s sale of its U.S. operations to Fanatics for $225 million last June. Since then, takeover rumours for its Australian and Canadian divisions have persisted. News Corp-backed Betr was once speculated to be interested but was later acquired by BlueBet. Additionally, Stake.com’s founders, Ed Craven and Bijan Tehrani, recently acquired over 5% of PointsBet shares, marking a trend of interest in real-money gaming assets.

PointsBet’s recent financial results reveal a strong start to FY2025, with the total net win (the amount wagered on games, minus the total amount paid to players for winning wagers) up by 12% to $65.3 million. Sports betting accounted for $60.7 million, a 10% increase, with notable growth in both Australia and Canada—Canada’s net win alone jumped by 77%. iGaming saw a 50% boost, primarily from Canada, contributing to a 62% total increase in Canada’s net win.

For the full fiscal year, PointsBet anticipates revenues between $280 million and $290 million, marking a 6.7% increase over FY2024, driven by robust performance in Australia and Canada. Earning projections suggest a range of $11 million to $16 million, a significant improvement from last year’s $1.8 million loss.

Media

Guardian Takes an ‘X-it’ Route

The Guardian, a prominent British news publisher, has decided to stop posting on X (formerly Twitter), citing an increase in “disturbing content” such as racism and conspiracy theories on the platform. With over 10 million followers, the Guardian is the first major UK media outlet to pull back from X since Elon Musk took over in 2022. The Guardian expressed that it sees fewer benefits from being active on X, believing resources could be better used to promote its journalism elsewhere. In response, Musk dismissed the Guardian’s decision, labelling the outlet as “irrelevant.”

Former CNN anchor Don Lemon also announced his departure from X, sharing his disappointment in the platform’s direction, stating that it no longer fosters open and transparent discussions. Earlier in the year, Musk ended a partnership with Lemon and his “Don Lemon Show” following an interview between them that covered topics ranging from SpaceX to the presidential election.

This move aligns with growing concerns in the UK over X’s content moderation, particularly after far-right misinformation reportedly led to public unrest. Other British organizations, including police forces, charities, and educational institutions, have either left X or are reconsidering their presence on the platform. While the British government still posts on X, it refrains from paid advertising there, favouring platforms like Facebook and Instagram for its official outreach.

Entertainment

The Onion Peels Away Infowars

Satirical news site The Onion has acquired Alex Jones’ media empire, including Infowars, in a bankruptcy auction. Jones, a well-known conspiracy theorist, announced the sale on social media, revealing he had been informed of Infowars’ closure that morning. The Onion intends to reformat Infowars with contributions from humour writers, effectively ending its previous focus on conspiracy theories.

Jones built his brand by promoting controversial and unfounded theories, with Infowars becoming a central platform for his content. However, following defamation lawsuits by the families of Sandy Hook victims, who Jones falsely claimed were involved in a government hoax, he faced significant financial penalties. Courts awarded these families nearly $1.5 billion, and Jones filed for bankruptcy in 2022, prompting the liquidation of his assets.

With support from Sandy Hook families, The Onion’s purchase aims to dismantle Infowars’ influence. An attorney for the families lauded the sale as a step toward public accountability and harm reduction. Anti-violence group Everytown for Gun Safety will be the exclusive advertiser for The Onion’s revamped site, focusing on gun accountability messaging.

Under CEO Ben Collins, The Onion has diversified its content with subscriptions, events, and physical editions, hinting at potential new directions for the Infowars platform. As Jones contemplates alternative broadcasting options, he has criticized left-leaning opponents and the prospective closure of his brand. The auction marks a pivotal moment in the Infowars saga, potentially bringing closure to Jones’ controversial media influence.