The Australian online gambling firm Pointsbate has made some shocking claims in filing with the Australian stock exchange, claiming that more than half of the January rival Bates’s profits came from only 20 customers. The operator gained access to the financial and operation of Bates after agreeing to hard work on an acquisition deal.

Bates’s “highly conditional” scrip-based offer rejected

Pointsbet is opposing an hostile acquisition effort from BETR. The company’s board of directors on Wednesday dismissed BETR’s “highly conditional” script-based proposal and recommended that shareholders go from Japanese firm Mixi to AU $ 402M (US $ 266M) cash bid. At least 50.1% shareholders will need to approve the dialect, which is valid till August 25.

Pointsbet investors are concerned about overraction on this small section of VIP players, claiming that it is an unstable way of trading with more regulatory and compliance risks. Bates also has a major slant towards racing, but two sports betting platforms have a significant overlap in customers.