Founded in 2014, PlayUp is a global sports, entertainment and betting operator that develops its own proprietary technology to power its brand and offering. The overall betting sector has grown at an unprecedented rate in the last few years due to updated legislation and consumers broadening their adoption of betting online.
IGAC believes PlayUp is uniquely positioned to build the first fully integrated technology platform where consumers can engage in broad forms of betting - daily fantasy, sports betting, slots, table games, casino games, Esports, lottery, sweepstakes and more - from one platform, one account, one digital wallet, anywhere in the world where it's legal. PlayUp's gross revenue has grown 56% YoY (FY21/22).
After almost two years of looking at a vast number of industry players, the IGAC team concluded that PlayUp was the company most likely to succeed over the long term. Given that the hardest part of establishing a global betting product is regulation and licensing, IGAC believes that its principals' expertise in shaping regulation, combined with PlayUp's proprietary and advanced platform, creates a compelling partnership.
"Currently, there is no platform that allows consumers to access every type of betting product through one single sign on. Generally, industry competitors have chosen to focus on one product or another. IGAC and PlayUp have the same shared vision: to bring the global online betting industry the most comprehensive suite of traditional and innovative betting products from all over the globe together into one app. The transaction is expected to provide PlayUp with access to fresh capital to continue expanding its vision of a true single destination for the future of online betting," said
"PlayUp believes this transaction will enable us to continue investing in our proprietary technology and deliver on our aspirations to be the unrivaled entertainment and betting platform of the future. We envision a world where our players can enhance their experience betting on the products they already love plus interact with the next generation of immersive betting products that embrace newer technologies such as AR and VR," said
As part of the transaction,
"We are excited about this transaction because we believe PlayUp is the closest to achieving our shared vision for the future of online betting - a platform that offers consumers any type of digital betting they want, from one app and one digital wallet, anywhere in the world where it's legal," said
PlayUp holds online betting licenses in multiple jurisdictions and currently operates in
Transaction Overview
The transaction values PlayUp at
The transaction was unanimously approved by the IGAC board of directors and unanimously approved by the board of directors of PlayUp. The transaction is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions, including the approval of the shareholders of
Concurrent with the signing of the business combination agreement, Parent has entered into a
Advisors
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About PlayUp:
PlayUp is a next generation entertainment and technology group that enriches the lives of its clients by providing an entertaining, rewarding, and responsible online betting service. At its core, PlayUp develops innovative betting technologies in-house to power its brands and deliver world-class user experiences. Its energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.
PlayUp's mission is to unify online betting into one platform inclusive of Sports Betting,
The company holds online betting licenses in multiple jurisdictions and currently operates in
About
Contact:
jane.morgan@playup.com
T: +61-405-555-618
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