Acquisition Delivers Incremental Gross Gaming Turnover of $200m to PlayUp
ClassicBet is mid-tier, well renowned wagering operator and this latest acquisition forms a key part of PlayUp's growth strategy, which is to acquire and roll up multiple Australian wagering and global fantasy sports businesses into a single group that is seeking to be dual listed on the ASX and NASDAQ* (refer to notes below). PlayUp recently acquired the Draftstars fantasy sports platform from CrownBet.
All key ClassicBet operational staff and the current COO Luke Coward will join the PlayUp Limited team immediately.
ClassicBet COO Luke Coward said: "Having been involved in the early stages of the Australian arm of both Betfair and Bet365 and having seen firsthand the benefits of wagering acquisitions in the sector including Bookmaker to Ladbrokes and Betezy to what became Crown, none are as exciting as the opportunity PlayUp presents. Now as part of PlayUp's rapidly growing ecosystem we have an opportunity to provide PlayUp with decades of experience to grow its wagering division in other global jurisdictions."
PlayUp CEO Daniel Simic commented: "ClassicBet has enjoyed a strong track record of success in the Australian sports and racing wagering market. ClassicBet's users are loyal and regularly transact on the Classicbet.com.au website, wagering on both racing and multiple sports. PlayUp is committed to growing the ClassicBet business beyond Australian shores and will integrate the 'PlayChip' as a new currency option within its platform."
PlayUp is seeking acquisitions of cash-based fantasy sports betting platforms as well as other wagering operators globally recognizing the opportunity that is emerging within the global online sports and gaming sector. PlayUp will then integrate a new turnkey universal gaming currency solution known as the 'PlayChip' into these and other independent gaming platforms. PlayChip will be the world's largest fully integrated blockchain enabled and cryptocurrency for gaming and wagering.
About Mission NewEnergy Limited
Mission NewEnergy Ltd (ASX:MBT) (OTCMKTS:MNELF) is an Australian Securities Exchange ("ASX") listed company.
PlayUp is a premium betting entertainment and technology group that enriches the lives of people through entertaining, rewarding, and responsible online betting. The company develops innovative online betting technologies in-house to power the brand and deliver world-class user experiences.
PlayUp's energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.
Today, PlayUp successfully operate and power a highly scalable and robust, cloud-based online betting platform that unifies the world's favorite betting products including Fixed Odds Sports Betting, Fixed-Odds Racing (Horses and Greyhounds) and Esports. Additionally, the company offers Daily Fantasy Sports (DFS), a competitive format of peer-to-peer online betting, and hosts Australia's largest - and some of the globe's -- biggest DFS prize pools.
PlayUp holds betting licenses in multiple jurisdictions and currently operate in the U.S., Australia, New Zealand and India.
Mission NewEnergy Limited