PlayUp Ltd and 123Gaming dissolve acquisition deal

SYDNEY, January 23, 2019 – PlayUp has decided to terminate its acquisition of US gaming platform 123gaming.

PlayUp held concerns over the ownership of IP, commercial viability, supplier agreements, payment gateways, and profitability.

PlayUp Ltd CEO Mr Daniel Simic provided the following comment on dissolution of the deal:

“We’d like to thank 123gaming for its honesty and openness in its dealing with us. Unfortunately, the deal could not be completed having regard to the best interests of the key stakeholders in PlayUp.

PlayUp submitted alternative proposals to 123gaming which included offering PlayUp stock options to 123gaming shareholder, however 123gaming declined. We wish them all the best in their business endeavours moving forward.”

CEO of 123gaming – Rob Earle said, “Clearly, we are very disappointed by the collapse of this deal, but we very much still believe in the concept and will be moving on to seek out other opportunities that can properly fulfil the promise of a universal gaming token and integrated platform that we can utilize in the US marketplace”.

About PlayUp

PlayUp is a next generation entertainment and technology group that enriches the lives of its clients by providing an entertaining, rewarding, and responsible online betting service. At its core, PlayUp develops innovative betting technologies in-house to power its brands and deliver world-class user experiences. Its energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.

PlayUp’s mission is to unify online betting into one platform inclusive of Sports Betting, Fixed-Odds Racing (Horses and Greyhounds), iGaming, Esports and Daily Fantasy Sports (DFS) where it now hosts Australia’s largest and indeed some of the world’s biggest prize pools in competitive peer-to-peer online betting.

The company holds online betting licenses in multiple jurisdictions and currently operates in Australia, New Zealand, India and several regulated USA states.