Acquisition Delivers Incremental Gross Gaming Turnover of $200m to PlayUp
Sydney, April 13, 2018 AEST (ABN Newswire) - PlayUp Australia Pty Limited has acquired Sydney-based ClassicBet, in a deal that will immediately increase PlayUp's annual gross gaming turnover by more than AUD$200M. The deal will complete once licensing approvals are granted in either the Northern Territory Racing Commission or Harness Racing NSW
ClassicBet is mid-tier, well renowned wagering operator and this latest acquisition forms a key part of PlayUp's growth strategy, which is to acquire and roll up multiple Australian wagering and global fantasy sports businesses into a single group that is seeking to be dual listed on the ASX and NASDAQ* (refer to notes below). PlayUp recently acquired the Draftstars fantasy sports platform from CrownBet.
All key ClassicBet operational staff and the current COO Luke Coward will join the PlayUp Limited team immediately.
ClassicBet COO Luke Coward said: "Having been involved in the early stages of the Australian arm of both Betfair and Bet365 and having seen firsthand the benefits of wagering acquisitions in the sector including Bookmaker to Ladbrokes and Betezy to what became Crown, none are as exciting as the opportunity PlayUp presents. Now as part of PlayUp's rapidly growing ecosystem we have an opportunity to provide PlayUp with decades of experience to grow its wagering division in other global jurisdictions."
PlayUp CEO Daniel Simic commented: "ClassicBet has enjoyed a strong track record of success in the Australian sports and racing wagering market. ClassicBet's users are loyal and regularly transact on the Classicbet.com.au website, wagering on both racing and multiple sports. PlayUp is committed to growing the ClassicBet business beyond Australian shores and will integrate the 'PlayChip' as a new currency option within its platform."
PlayUp is seeking acquisitions of cash-based fantasy sports betting platforms as well as other wagering operators globally recognizing the opportunity that is emerging within the global online sports and gaming sector. PlayUp will then integrate a new turnkey universal gaming currency solution known as the 'PlayChip' into these and other independent gaming platforms. PlayChip will be the world's largest fully integrated blockchain enabled and cryptocurrency for gaming and wagering.
About Mission NewEnergy Limited
Mission NewEnergy Ltd (ASX:MBT) (OTCMKTS:MNELF) is an Australian Securities Exchange ("ASX") listed company.
PlayUp is a next generation entertainment and technology group that enriches the lives of its clients by providing an entertaining, rewarding, and responsible online betting service. At its core, PlayUp develops innovative betting technologies in-house to power its brands and deliver world-class user experiences. Its energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.
PlayUp's mission is to unify online betting into one platform inclusive of Sports Betting, Fixed-Odds Racing (Horses and Greyhounds), iGaming, Esports and Daily Fantasy Sports (DFS) where it now hosts Australia's largest and indeed some of the world's biggest prize pools in competitive peer-to-peer online betting.
The company holds online betting licenses in multiple jurisdictions and currently operates in Australia, New Zealand, India and several regulated USA states.
Mission NewEnergy Limited