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Markets  + Direct Investment  + Financial Advisory  + SPACs  | 
PlayUp, an online betting startup, To Go Public Via $350M SPAC Deal with IG Acquistion

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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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