Announces Exploration of Strategic Alternatives
Sydney, July 12, 2022 AEST (ABN Newswire) - PlayUp Limited ("PlayUp"), a leading, sports betting and iGaming technology company, today announced that it is working through completion of the certification process by GLI and, therefore, is closing in on approval to launch its proprietary Betting, Entertainment and Sports Technology Platform ("BEST") in the United States markets.
As a next generation entertainment and technology company offering online sports betting and iGaming in the United States and online betting, Daily Fantasy Sports and eSports throughout Australia, PlayUp has developed BEST to be a highly scalable and robust online betting platform that provides an integrated product experience. The BEST platform will allow users to have a single account, single wallet and single app in the United States or Australia to make bets across all supported betting products. All BEST intellectual property is self-developed and owned by PlayUp.
PlayUp is already live in the United States (New Jersey and Colorado with sports betting and across more than 25 States with Slots+) and has positioned itself for growth by capitalizing on its experience as an Australian operator since 2017 and having strong market access in the United States (11 online sports betting and/or iGaming market access agreements across 8 states). PlayUp has also assembled an experienced in-house risk management team that trades all United States and Australian sports, as well as racing.
Additionally, PlayUp's Board of Directors has initiated a process to evaluate strategic alternatives. As part of this process, PlayUp intends to consider a full range of alternatives, including strategic partnerships, a sale of the company or other possible transactions. Innovation Capital, LLC has been retained as its exclusive financial advisor to assist with the strategic review process.
PlayUp is a next generation entertainment and technology group that enriches the lives of its clients by providing an entertaining, rewarding, and responsible online betting service. At its core, PlayUp develops innovative betting technologies in-house to power its brands and deliver world-class user experiences. Its energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.
PlayUp's mission is to unify online betting into one platform inclusive of Sports Betting, Fixed-Odds Racing (Horses and Greyhounds), iGaming, Esports and Daily Fantasy Sports (DFS) where it now hosts Australia's largest and indeed some of the world's biggest prize pools in competitive peer-to-peer online betting.
The company holds online betting licenses in multiple jurisdictions and currently operates in Australia, New Zealand, India and several regulated USA states.