PlayUp Limited, an online sports betting operator, is combining with IG Acquisition Corp. ($IGAC), a special purpose acquisition company (SPAC), to become a publicly traded company. PlayUp will list on the NASDAQ via a newly-formed Irish company (“Parent”).
The deal values PlayUP at $350 million and is expected to close in the first quarter of 2023.
About the newly formed company
In a statement, IGAC Chief Executive Officer Christian Goode said, “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,” Goode said.
PlayUp is a global sports, entertainment and betting operator with several gaming options in its portfolio. Some, but not all, include daily fantasy sports, online casino games, Esports, lottery and sports betting.
Benefits for PlayUp and the company
This isn’t the first time a US online gaming operator has joined with an SPAC. One of the most high-profile mergers was the $2.7 billion merger between DraftKings and Diamond Eagle Acquisition Corp.
Daniel Simic, CEO of PlayUp Limited, said the deal would put the company in a unique position moving forward.
“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,” Simic said.
Simic will continue as Global CEO of the combined company. IGAC chairman Bradley Tusk will become chairman of the company’s Board and Goode will serve as President of PlayUp’s US 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 Tusk.
PlayUp is well established in Australia, New Zealand, and India. Additionally, the company has sports betting operations in Colorado, New Jersey, Indiana, and Iowa. The company also has a pending application in Ohio.