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Under Ohio\u2019s process, the hearing will allow PlayUp and the state to offer evidence and question witnesses on both sides. The presiding judge will then issue a report and the OCCC commissioners will then take action.<\/p>\n<\/div>\n
The hearing could happen in January, although it\u2019s uncertain when the judge\u2019s report will be completed.<\/p>\n
Should the OCCC decide to deny PlayUp, it could impact the company\u2019s suitability in other states where it is licensed or may be applying.<\/p>\n
Richard Schuetz has worked as both a gaming executive and a regulator. He told Casino.org<\/em> that states require licensees to reveal material events in another jurisdiction.<\/p>\n\u201cThat\u2019s what can trigger the dominoes,\u201d he said.<\/p>\n
Ohio Issue PlayUp’s Latest Woe<\/h2>\n A pending denial in Ohio is not PlayUp\u2019s only concern.<\/p>\n
Three months ago, PlayUp announced plans to merge with a special purpose acquisition company (SPAC) in an effort to become a publicly traded company. On Dec. 8, that SPAC, IG Acquisition Corp. (IGAC), filed an 8-K report with the US Securities and Exchange Commission that noted the parties signed an amended agreement that allows IGAC to explore opportunities with other companies.<\/p>\n
\nThe reason for the entry into the Amendment Agreement is because of the delay in obtaining the Company\u2019s (PlayUp\u2019s) audited financial statements and other materials, as well as market conditions that have made it difficult to obtain financing necessary to consummate the transactions,\u201d <\/strong>IGAC said in the filing. \u201cUnless the Company is able to deliver its audited financial statements and obtain the necessary funding, IGAC intends to seek to locate an alternative target company and potentially pursue the consummation of a business combination with such alternative target company.\u201d<\/strong><\/p>\n<\/blockquote>\nIn November 2021, PlayUp had a $450 million purchase offer from FTX, the now-collapsed cryptocurrency exchange currently making headlines after its founder was arrested in the Bahamas this past week. That deal fell through, and has since become a key issue in a lawsuit and countersuit between PlayUp and Dr. Laila Mintas, PlayUp\u2019s former US division CEO.<\/p>\n
This past January FTX agreed to invest $35 million<\/a> in PlayUp.<\/p>\n","protected":false},"excerpt":{"rendered":"What possibly happens in Ohio could have repercussions elsewhere in the country for PlayUp. The Australian-based gaming company has taken down an online slot-like game after the Ohio Casino Control Commission announced during its Wednesday meeting that it intended to deny the operator a sports betting license. The commission sent PlayUp a letter on Dec. […]<\/p>\n","protected":false},"author":45,"featured_media":248466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1074],"tags":[81911,81945,80968],"acf":[],"yoast_head":"\n
PlayUp's Pending License Denial in Ohio May Lead to Other Issues<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n