{"id":280919,"date":"2023-07-12T14:08:23","date_gmt":"2023-07-12T19:08:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=280919"},"modified":"2023-07-13T13:20:03","modified_gmt":"2023-07-13T18:20:03","slug":"playup-close-to-selling-us-unit-for-undisclosed-sum","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/","title":{"rendered":"PlayUp Reportedly Close to Selling US Unit to Public Company"},"content":{"rendered":"

Australia-based PlayUp is close to selling its US operations to an unidentified public company, and will embark upon a significant restructuring, including sizable layoffs.<\/p>\n

\"PlayUp\"
The PlayUp logo. CEO Daniel Simic said the company is close to selling its US operations. (Image PlayUp)<\/figcaption><\/figure>\n

Legal Sports Report\u2019s<\/em> Matthew Waters broke the news on Wednesday, citing PlayUp CEO Daniel Simic. As was the case with PointsBet\u2019s<\/a> (OTC: PBTHF) recently announced sale of its US business, PlayUp\u2019s Australian operations won’t be affected by the upcoming transaction.<\/p>\n

\n

Simic didn\u2019t mention a sale price for PlayUp\u2019s US unit in the interview. But he noted it\u2019s likely that just seven staffers will make the transition to the acquiring firm. The operator had 38 US employees six months ago, but that number declined to 18 as of June 30, according to Legal Sports Report<\/em>. PlayUp offers online sports betting in Colorado and New Jersey.<\/p>\n<\/div>\n

Simic added that the deal was originally scheduled to close at the end of the second quarter, and that he believes it will be concluded at some point in July.<\/p>\n

End of Long Saga for PlayUP in US<\/h2>\n

Should PlayUp consummate a deal to sell its US operations, it would mark the end of a soap opera-esque saga for the gaming company in this country.<\/p>\n

\n

In early 2022, the company landed $35 million<\/a> in funding from now-defunct cryptocurrency exchange operator FTX. There was talk that FTX was mulling a $450 million acquisition of PlayUp — a deal that supposedly collapsed because then-CEO Dr. Laila Mintas wouldn\u2019t stay on with the firm following the acquisition. PlayUp later filed litigation in federal court against Mintas, alleging she bashed her former employer to FTX.<\/p>\n<\/div>\n

FTX ultimately collapsed last November amid allegations that CEO Sam Bankman-Fried and others defrauded investors, sparking liquidity and solvency concerns that were eventually proven accurate.<\/p>\n

Last September, PlayUp announced plans to go public via a reverse merger with IG Acquisition Corp., a special purpose acquisition company (SPAC) controlled by Bradley Tusk. That deal fell apart in January<\/a> after IG Acquisition claimed PlayUp failed to provide material financial documents in the previous month. The offer valued the gaming company at $350 million.<\/p>\n

What Buyer Gets with PlayUp US<\/h2>\n

As Simic acknowledged to Legal Sports Report<\/em>, in the US, PlayUp isn\u2019t DraftKings or FanDuel. But he believes the company can add value for its suitor because of its established competencies in the wagering industry,<\/p>\n

\n

As for what the unidentified buyer is getting with PlayUp\u2019s US operations, there are the aforementioned Colorado and New Jersey sports wagering operations, as well as market access agreements in Indiana, Iowa, and Pennsylvania. Additionally, the gaming company holds internet casino rights in Iowa, New Jersey, and Pennsylvania.<\/p>\n<\/div>\n

In April, PlayUp settled a case<\/a> with the Ohio Casino Control Commission (OCCC), paying a $120K penalty while agreeing to not apply for a gaming license in that state for four years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australia-based PlayUp is close to selling its US operations to an unidentified public company, and will embark upon a significant restructuring, including sizable layoffs. Legal Sports Report\u2019s Matthew Waters broke the news on Wednesday, citing PlayUp CEO Daniel Simic. As was the case with PointsBet\u2019s (OTC: PBTHF) recently announced sale of its US business, PlayUp\u2019s […]<\/p>\n","protected":false},"author":46,"featured_media":198783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1074],"tags":[81903,81966,80968],"acf":[],"yoast_head":"\nPlayUp Close To Selling US Unit For Undisclosed Sum<\/title>\n<meta name=\"description\" content=\"PlayUp CEO Simic says company is close to selling its US unit to unnamed buyer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PlayUp Close To Selling US Unit For Undisclosed Sum\" \/>\n<meta property=\"og:description\" content=\"PlayUp CEO Simic says company is close to selling its US unit to unnamed buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-12T19:08:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-13T18:20:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-21-at-1.26.27-PM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/\",\"url\":\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/\",\"name\":\"PlayUp Close To Selling US Unit For Undisclosed Sum\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-21-at-1.26.27-PM.png\",\"datePublished\":\"2023-07-12T19:08:23+00:00\",\"dateModified\":\"2023-07-13T18:20:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"PlayUp CEO Simic says company is close to selling its US unit to unnamed buyer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/playup-close-to-selling-us-unit-for-undisclosed-sum\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-21-at-1.26.27-PM.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-21-at-1.26.27-PM.png\",\"width\":2400,\"height\":1500,\"caption\":\"The PlayUp. 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