Sydney-based betting operator PlayUp is going to be listed on the NASDAQ after the company struck a business combination partnership with IG Acquisition Corp (IGAC). The $532-million deal is expected to go through and be finalized in the first quarter of 2023.
IGAC, a special purpose acquisition company, said that it was looking for a merger partner for nearly two years. It concluded that PlayUp ticked all the boxes and a merger with the Australian bookmaker was the most likely to succeed in the long term.
Accessing All Betting Products with a Single Sign On
In addition to operating in Australia and New Zealand, PlayUp has wagering licenses in other jurisdictions, such as India, and is also busy entering the regulated US market.
The betting operator’s gross revenue improved by 56% compared to last year, and that was one of the reasons why IGAC picked PlayUp over other bookmakers.
Another thing that impressed IGAC was the fully integrated betting experience punters were getting with PlayUp. The special purpose acquisition company said that the Australian bookie was “uniquely positioned to build the first fully integrated technology platform” that would allow customers to engage in a wide range of wagering products, from sports betting and daily fantasy games to placing Esports wagers and playing casino games.
PlayUp punters can engage in all of these forms of betting via one platform and account and can use one digital wallet wherever betting is regulated and legal.
IGAC CEO Christian Goode was delighted that they entered into a business combination with the only bookie on the market that allowed customers “to access every type of betting product” with a “single sign-on.”
Mr Goode said that it was common practice for competitors in the betting industry to focus only on one product to get an edge over the competition. He claimed that IGAC and PlayUp would be different from their rivals, as they aimed to deliver “the most comprehensive” and “innovative betting products” from across the globe “into one app.”
The IGAC CEO added that with the money they were putting into the merger, PlayUp would be able to have “access to fresh capital” so that it continues to grow and becomes “a true single destination” for bettors.
Investing in Proprietary Betting Technology
When the transaction is concluded, PlayUp CEO Daniel Simic will become the Global CEO of the new companyand will work together with Christian Goode and IGAC Chairman Bradley Tusk.
Simic said that the people at PlayUp believed that the IGAC business partnership would enable the company to stay on the same course of investing in its own technology and would also help with the bookmaker’s aspirations of offering a “betting platform of the future” and “unrivalled entertainment” to customers.
The PlayUp chief said that they envisioned a world where their customers would be able to engage in products they knew and loved but would also have the chance to experience “the next generation of betting products,” hinting at innovative betting solutions such as AR and VR being next on the agenda for the Australian bookie.
