PlayUp valued at as much as $350m in SPAC merger

Australia’s PlayUp is listing on the NASDAQ through a merger with special purpose acquisition corp, IG Acquisition Corp (IGAC).

The transaction is expected to close in the first quarter of next year and values the online operator at as much as $350 million.

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 company’s gross revenue rose 56 percent year-on-year in fiscal 2021/22.

After almost two years of looking at a vast number of industry players, IG said it concluded that PlayUp was the company most likely to succeed over the long term.

PlayUp’s one-stop-shop

“Currently, there is no platform that allows consumers to access every type of betting product through one single sign on,” IGAC CEO Christian Goode said.?

“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,” he said.

Leadership structure

Daniel Simic will retain the title of global CEO of the combined company. Industry veteran Bradley Tusk, Chairman of IGAC, will become chairman of the combined company’s board, while Goode will serve as President of PlayUp’s U.S. business.?

“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 Bradley Tusk, Chairman of IGAC.

PlayUp holds online betting licenses in multiple jurisdictions. It currently operates in Australia, New Zealand, India and several regulated states in the U.S. PlayUp intends to continue to aggressively pursue its expansion strategy in the U.S. and around the globe.

THE 300 SPARTANS:

After triumphing in key locations across Asia and Europe, AGS is flying 300 top affiliates to Malta, for an all-inclusive deluxe trip. The event will happen alongside SiGMA, 14-18th November, during SiGMA Europe.

Read more about the 300 Spartans?here.

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