• PlayUp, an online sports betting and Fantasy Sports company out of Australia, has taken a step toward a NASDAQ IPO. PlayUp has recently announced that it has signed a business combination agreement with IG Acquisition, a publicly traded special purpose acquisition company, which will enable PlayUp to list on the NASDAQ through a newly formed company called Parent.
• The transaction, which is valued at $350 million, will close in the first quarter of 2023, pending additional shareholder and regulatory clearances.
• PlayUp was picked by IG Acquisition because of its proprietary platform that offers nearly all types of betting products in a single account.

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PlayUp Acquisition is worth $350 Million

The transaction was unanimously authorized by the boards of directors of both PlayUp and IG Acquisition. The estimate places PlayUp’s value at $350 million. 

The deal is expected to close in the first quarter of 2023, but it must first be approved by the shareholders of both PlayUp and IG Acquisition. Additionally, regulatory clearances must be sought from the jurisdictions where the registered firms are located.

Following the completion of the purchase, the existing CEO of PlayUp, Daniel Simic, will become the CEO of Parent. Bradley Tusk, the chairman of IG Acquisition, will become the chairman of Parent’s board of directors, while Christian Goode, the CEO of IG Acquisition, will become the company’s president of US operations. 

In addition, Parent will enter an equity purchase agreement with Yorkville Advisors Global’s fund YA II PN to gain access to an additional $70 million in liquidity following the execution of the merger agreement between PlayUp and IG Acquisition.

PlayUp now holds online gaming licenses for a number of countries, including Australia, New Zealand, India, and a few states in the United States where online gambling is permitted. 

The corporation has committed to aggressive expansion ambitions in the United States market and in other countries. PlayUp offers a variety of games through its own unique platform and wants to invest in and develop into revolutionary gaming products, such as augmented and virtual reality.

Why did IG Acquisitions decide to partner with PlayUp?

IG Acquisition has searched for a merger partner for nearly two years, and PlayUp’s long-term potential made it stand out. PlayUp’s large variety of gaming alternatives, ranging from sports betting to online casino games and daily fantasy tournaments, is viewed by IG Acquisition as a big advantage.

Christian Goode, the chief executive officer of IG Acquisition, has stated that no other gaming platform on the global market offers such a vast selection of betting items in a single location alongside a single digital wallet.

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