He says PlayUp is in talks with other SPACS (special purpose acquisition companies) about a deal, as well as other gambling companies as it continues to target the huge US market opportunity.
“We want to be in the US market for integrity purposes, and to trade where we will get the most value for our shareholders,” he said.
Meanwhile, PlayUp’s Australian operations are now breaking even with the company recording positive earnings before interest, tax, depreciation and amortisation (EBITDA) for the first time, according to Simic.
He acquired the PlayUp assets in 2016 with ambitions to make it a global player in the fantasy sports/online wagering market. The company was in liquidation at the time, having burnt through $100 million in funding from high-profile investors like the Turnbull family.
Other investors included pokies billionaire Bruce Mathieson, former Telstra chairman Bob Mansfield, as well as cricketers Steve Waugh and Adam Gilchrist were also creditors to the collapsed owner of PlayUp. Former NSW Premier Nick Greiner was the group’s chairman.
The announcement of the Nasdaq listing via IGAC suggested a bright future for PlayUp with a joint announcement in September saying the overall betting sector has grown at an unprecedented rate in the last few years due to updated legislation in the US and consumers broadening their adoption of betting online.
“IGAC believes PlayUp is uniquely positioned to build the first fully integrated technology platform where consumers can engage in broad forms of betting — daily fantasy, sports betting, slots, table games, casino games, Esports, lottery, sweepstakes and more — from one platform, one account, one digital wallet, anywhere in the world where it’s legal,” said the acquiring entity when the deal was announced.
PlayUp has also its own cryptocurrency, PlayChip. It was initially designed for the fantasy platform to allow players in different countries to play using the same currency but is now in use across its gambling platforms as well.
“Our crypto model is to get the people who are in crypto world to come and gamble on our sites,” Simic said in 2019.
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