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. Former NSW Premier Nick Greiner was the group’s chairman. 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. The company was in liquidation at the time, having burnt through $100 million in funding from high-profile investors like the Turnbull family. He acquired the PlayUp assets in 2016 with ambitions to make it a global player in the fantasy sports/online wagering market. 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.
“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. 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.
