Playup, an Australian Betting Platform Developer, Is Set to List on Nasdaq via SPAC Merger

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After entering into a business combination agreement with a particular purpose acquisition company (SPAC) IG Acquisition Corp (IGAC), PlayUp Limited, an Australian betting technology firm, will soon be listed on the NASDAQ

IGAC revealed its decision to enter into a strategic partnership with PlayUp after more than two years of study of possible merger partners, which it deemed the most likely to succeed in the long run. The deal is anticipated to be completed in 1Q23 and values PlayUp at $350 million.

Gross revenue for PlayUp increased by 56% in 2022, and the company aggressively continues to expand its online betting services globally. The organisation holds current licenses in Australia, New Zealand, India, and several States within the US; however, they are not stopping there.

“Currently, no platform exists that allows easy access to every type of betting product with only one sign-on,” said Christian Goode, Chief Executive Officer of IGAC.

“Our company’s shared vision is to combine the global online betting industry into one app with the most comprehensive suite of traditional and innovative products from all over the globe. The transaction is expected to provide us access to fresh capital to keep expanding our original vision for a true single destination of online betting.”

Playup Spac

Goode will become the co-CEO of the newly combined company while retaining her title as CEO of Draftstars, with Simic continuing to hold his current position as PlayUp’s CEO. Bradley Tusk, chairman of IGAC, will also have a role within the new business.

“PlayUp thinks that this transaction will enable us to continue investing in our unique technology and satisfy our objectives of being the future’s unrivaled entertainment and betting platform,” Simic said.

“We see a future where our players may enhance their gaming experience by betting on the items they already enjoy and interacting with the next generation of immersive wagering products that incorporate new technologies such as AR and VR.”

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