Betr Entertainment (ASX:BBT) revised its takeover bid for PointsBet Holdings (ASX:PBH) and launched an equity raise to fund the proposed deal in an attempt to address concerns raised by the latter, according to a Tuesday filing with the Australian bourse.

The new offer implies an equity value of AU$360 million, comprised of AU$260 million in cash and AU$100 million in Betr scrip, the filing said.

The potential value outcome for PointsBet shareholders is AU$1.33 per share. Betr said the new proposal offers "significantly greater value" than the current bid of rival MIXI, per the filing.

To fund the takeover offer, Betr will raise AU$130 million through a placement and an accelerated entitlement offer.

New shares under the offer will be issued at AU$0.32 apiece, representing a 6.7% premium to Betr's last closing price, the filing stated.

Betr now owns 19.9% relevant interest in PointsBet to become the company's largest shareholder.

PointsBet previously said Betr's original offer could not reasonably be characterized as "fully funded."