When you sign-up through links on our site, we may earn an affiliate commission. Learn more >
PlayUp announced that they will be exiting the US market after selling their business to an un-named publicly traded company. That means the PlayUp Sportsbook will soon be leaving Colorado and New Jersey. The small operator failed to gain a solid foothold in the US market, leading them to seek a deal.
PlayUp had a $350 million deal done with IG Acquisitions Corporation, which would have made them a publicly traded company. Unfortunately, the agreement between IG and PlayUp fell apart in January. IG claimed they did not receive the proper financial documentation, while PlayUp contended that the corporation did not have the capital to complete the deal as promised.
“Despite SPAC’s repeated requests for [PlayUp’s] Financial Statements, the Company has failed to deliver the Company Financial Statements and has provided no indication of when the Company Financial Statements will be delivered or if they will be delivered at all,” IG Acquisitions shared upon terminating the deal.
The new deal will involve a massive restructuring, leading to layoffs of all but seven US employees. The acquisition was supposed to be finalized in June but is now set to close by the end of July.
Before FTX’s notorious collapse, they were close to completing a deal with the Australian-based operator. PlayUp received a $35 million investment from FTX, while the two companies discussed a potential $450 million acquisition. PlayUp blamed then-CEO Dr. Laila Mintas for the deal falling through, alleging that she bad-mouthed her employer to FTX. Things got ugly as they took Mintas to court before FTX eventually went under. The company's collapse was global news, putting a magnifying glass on the embarrassing failure.
PlayUp’s exit from the US market means Colorado will lose their fifth sportsbook in the last two years. Maverick Sportsbook and Sky Ute Sportsbooks have both announced their intentions to leave the Centennial State, following TwinSpires and Elite Sportsbook. Bally Bet has also paused operation in the state but is expected to revamp and return with a better platform.
Colorado has one of the lowers tax rates in the country at 10%, meaning they should have no trouble replacing the existing sportsbooks.
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.More info on Michael Savio
© Rebel Penguin ApS 2023 (a subsidiary of Gaming Innovation Group Inc.)
We support responsible gambling. 21+ Only. Gambling problem? Call 1-800-Gambler.
WSN.com is run by iGaming Cloud Inc (a Gaming Innovation Group Subsidiary) and is registered with the New Jersey Division of Gaming Enforcement (DGE) under affiliate vendor ID 89744, with the Indiana Gaming Commission (IGC) under certificate of registration number SWR-000148, approved by the Pennsylvania Gaming Control Board as a gaming service provider, under certificate registration number 117656-1, possesses a Vendor Minor sports betting license from the Colorado Limited Gaming Control Commission (account number 94414163), granted a vendor registration number VR007603-20-001 by the Michigan Gaming Control Board, an interim Sports Wagering Supplier license, under license number SWS 066, issued by the West Virginia Lottery Commission, a sports betting vendor registration, under registration number #100400, issued by the Director of Gaming Licensing and Investigations of the Virginia Lottery to operate in the State of Virginia, and a Vendor Registration issued by the Sports Wagering Committee of the Tennessee Education Lottery Corporation.
Advertising disclosure: WSN contains links to online retailers on its website. When people click on our affiliate links and make purchases, WSN earns a commission from our partners, including ESPN and various sportsbooks.