Global online betting operator PlayUp has entered into a business combination agreement with SPAC company IG Acquisition Corp to list on NASDAQ via a newly-formed Irish company at a $350 million value.
Founded in 2014, PlayUp builds its own integrated technology platform where consumers can engage in various forms of betting, including daily fantasy, sports betting, slots, table games, casino games, Esports, lottery and sweepstakes.
PlayUp’s gross revenue has grown 56% year-on-year as of June 30.
After almost two years of looking at a vast number of industry players, the IGAC team concluded that PlayUp was the company most likely to succeed over the long term. Given that the hardest part of establishing a global betting product is regulation and licensing, IGAC believes that its principals’ expertise in shaping regulation, combined with PlayUp’s proprietary and advanced platform, creates a compelling partnership.
PlayUp holds online betting licenses in multiple jurisdictions and currently operates in Australia, New Zealand, India and several regulated states in the US PlayUp intends to continue to aggressively pursue its expansion strategy in the US and around the globe.
The transaction is expected to close in the first quarter of 2023.
