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Markets  + Direct Investment  + Financial Advisory  + SPACs  |  October 31, 2022
PlayUp, an online betting startup, To Go Public Via $350M SPAC Deal with IG Acquistion
Joe Palmisano
By: Joe Palmisano

PlayUp To Go Public Via $350M SPAC Deal with IG Acquistion  

Despite a challenging environment for SPAC deals, Australian-based sports betting platform developer PlayUp, Ltd. is looking to go public via a special purpose acquisition company (SPAC) merger with IG Acquisition Corp (IGAC). 

The transaction values the company at $350 million. The deal is expected to close in the first quarter of 2023. PlayUp will list on the NASDAQ via a newly formed Irish company called Parent. A fund managed by Yorkville Advisors Global has agreed to invest an additional $70 million in the business. 

Daniel Simic, CEO of PlayUp, will stay on as Global CEO of the combined company. Industry veterans Bradley Tusk, Chairman of IGAC, and Christian Goode, CEO of IGAC, will join the new combined company. 

Many sports-betting operators have seen sharp declines in their share prices over the past year. DraftKings Inc., which went public in a $3.3 billion SPAC deal in 2020, has fallen 39% this year, while PENN Entertainment, formerly Penn National Gaming, has fallen more than 67% during the same period. 

PlayUp has recently entered the US market with operations in Colorado, New Jersey, Indiana and Iowa and has a pending application in Ohio.  

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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