PlayUP acquires another wagering operator, eyes listing

Sports fantasy and betting business PlayUp is eyeing a listing on the ASX and Nasdaq, after a string of acquisitions in the Australian fantasy sports and wagering sector.

On Monday, local media reported that PlayUp had acquired the retail bookmaking assets of Australia-listed TopBetta.

PlayUp paid A$6 million (US$4.7 million) in cash and 800 million in PlayChip coins for the division.

It follows a recent string of acquisitions, including CrownBet’s fantasy sports platform, DraftStars last week.

On Sunday, Daniel Simic, founder of PlayUp said the company could be headed for a float on the ASX, through a reverse takeover of Perth-based Mission NewEnergy, aiming to raise $40 million.

It is also eyeing a listing on NASDAQ in The States.

The tech entrepreneur, which got involved with PlayUp in February 2016, says it should be seeing annual gross gaming turnover of $500 million following its acquisitions, with the business to be valued at more than $700 million.

The company offers daily fantasy sports games and claims to have around 425,000 registered users.

It also launched its own cryptocurrency, the PlayChip Utility Token used as a payment and rewards system for the online gaming industry.

"We'll be doing a cryptocurrency IPO in the middle of the year and then you'll see us doing an reverse listing on the ASX by the end of the year," Mr Simic said.

"The PlayChip is a unique offering [and] we expect that with the successful integration of Blockchain technology and the completion of ASX and Nasdaq listings, our company will be positioned to be a dominant player on the global stage in fantasy sports, online gaming as well as the emerging blockchain technology sector," Simic said.

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