{"id":233799,"date":"2022-09-26T02:01:22","date_gmt":"2022-09-26T07:01:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=233799"},"modified":"2022-09-26T14:47:10","modified_gmt":"2022-09-26T19:47:10","slug":"playup-seeks-to-go-public-through-merger-with-bradley-tusk-company","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/playup-seeks-to-go-public-through-merger-with-bradley-tusk-company\/","title":{"rendered":"PlayUp Seeks to Go Public Through Merger With Bradley Tusk Company"},"content":{"rendered":"

Australian sports betting and online gaming operator PlayUp announced late last week that it entered into \u201ca business combination agreement\u201d with a special purpose acquisition company (SPAC). The company, which is seeking to grow in the US, is now in a move that will make it a publicly traded company on the NASDAQ exchange.<\/p>\n

\"Tusk\"<\/a>
Bradley Tusk, chairman of IG Acquisition Corp., will become the chairman of PlayUp if a $350 million merger between the Australian-based gaming company and Tusk’s special purpose acquisition is approved. The deal would also make PlayUp a publicly traded company on the NASDAQ exchange. (Image: Tusk Venture Partners)<\/figcaption><\/figure>\n

The transaction with Irish-based IG Acquisition Corp. (NASDAQ: IGAC) is set to close early next year, according to PlayUp\u2019s release. Closing is contingent on the typical conditions, which include regulator approval in Australia, New Jersey, and Colorado \u2013 jurisdictions where PlayUp is licensed. An Australian court must sign off on the arrangement, and an outside expert must determine that the merger is in the best interest of PlayUp\u2019s investors.<\/p>\n

The deal values PlayUp at $350 million.<\/strong><\/p>\n

Daniel Simic, CEO of PlayUp, said in a statement that the deal will help PlayUp develop the technology it needs to offer a streamlined online gaming experience.<\/p>\n

\u201cWe 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,\u201d Simic said.<\/p>\n

Besides its Colorado and New Jersey licenses, PlayUp also has market access rights in Indiana, Iowa, and Ohio. If the merger clears, PlayUp said it intends to keep up an aggressive growth strategy in the US and abroad.<\/p>\n

IGAC Sees Bright Future for PlayUp<\/h2>\n

According to the release, executives at IGAC spent two years looking at a slew of sports betting and gaming companies to determine which would be most likely to have long-term success.<\/p>\n

\n

We are excited about this transaction because we believe PlayUp is the closest to achieving our shared vision for the future of online betting \u2013 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,\u201d IGAC Chairman Bradley Tusk said in a statement.<\/p>\n<\/blockquote>\n

Tusk and IGAC CEO Christian Goode will join PlayUp as a result of the deal. Tusk, an entrepreneur and well-connected political advisor, will serve as the joint company\u2019s board chairman. Goode, a former Genting Americas executive, will become the president of PlayUp\u2019s US division.<\/p>\n

Tusk and Goode cofounded Ivory Gaming Group in 2015, and they, along with Edward Farrell, established IGAC five years later, which raised $300 million<\/a> in its IPO.<\/p>\n

Shares of IGAC were priced at $10.015 at the end of trading Friday. That’s a 52-week high for the stock.<\/p>\n

PlayUp v. Mintas Update<\/h2>\n

While PlayUp looks to close its deal with IGAC, its lawsuit with its former US CEO continues in a Nevada federal court.<\/p>\n

On Nov. 30, the company filed a lawsuit against Dr. Laila Mintas, whose contract with the company ended on the same day. PlayUp accused Mintas of making disparaging remarks to a potential suitor that ended up not buying the company. Mintas countersued, claiming Simic tried to extract more from FTX, a cryptocurrency exchange market that considered purchasing PlayUp for $450 million last year.<\/p>\n

While FTX decided not to buy PlayUp, it opted to invest $35 million<\/a> into the gaming business.<\/p>\n

\n

On Friday, Mintas filed her latest motion in the case. Her attorneys asked presiding US District Judge Gloria M. Navarro to compel PlayUp to respond to Mintas\u2019 request to produce a video of PlayUp Chief Human Resources Officer Magdalena Rudzka videotaping Mintas as she spoke at a panel SBC North America in July.<\/p>\n<\/div>\n

The filing stated that event staff approached Mintas to see if she wanted protection from Rudzka and Simic, who sat next to Rudzka during Mintas\u2019 presentation. It also includes a photograph taken from Mintas\u2019 panel that shows a woman holding up her phone during the session.<\/p>\n

PlayUp attorneys, according to Mintas\u2019 motion, have reportedly denied having any video or audio recording of Mintas. They added that even if Rudzka captured any footage, that would not be considered part of the company\u2019s records.<\/p>\n

\u201cThe video recording will support Dr. Mintas\u2019 claim of Intentional Infliction of Emotional Distress by showing PlayUp\u2019s actions to intimidate and harass,\u201d the motion stated.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian sports betting and online gaming operator PlayUp announced late last week that it entered into \u201ca business combination agreement\u201d with a special purpose acquisition company (SPAC). The company, which is seeking to grow in the US, is now in a move that will make it a publicly traded company on the NASDAQ exchange. The […]<\/p>\n","protected":false},"author":45,"featured_media":233800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,20],"tags":[82942,82941,81945],"acf":[],"yoast_head":"\nPlayUp Seeks to Go Public Through Merger With Bradley Tusk Company<\/title>\n<meta name=\"description\" content=\"PlayUp's deal with IG Acquisition Corp. is expected to close in early 2023. 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