Acquires 123gaming Limited
Sydney, Aug 6, 2018 AEST (ABN Newswire) - PlayUp Limited has announced it has signed an agreement to acquire 123gaming Limited. 123gaming was founded in New Zealand in 2006 and today is a multi-award winning gaming company based in the UK & USA. The business is licensed in numerous states in the USA including a license in Washington State.
- Builds on a strong year of acquisition for PlayUp Limited
- 123gaming shareholders to receive PlayChip Utility Tokens
- Establishes strong US foothold for PlayUp
123gaming operates 123bet.com a pari-mutuel horse race wagering platform and 123gaming's propriety product '123racing Fantasy Wager', an innovative skill-based fantasy racing platform. PlayUp will also bring 123gaming's platforms and products into PlayChip's global gaming ecosystem.
123gaming has a significant base of shareholders ranging from major punters, professional sports personalities and horse traders in the UK. The strategic acquisition will see 123gaming shareholders swap shares for PlayChips, currently being offered via Initial Coin Offering (ICO) at US$0.01 per token on www.playchip.global. The PlayChip is set to list on multiple crypto-exchanges later this year.
Developed in Australia, the PlayChip Utility Token is a crypto-token built on the Ethereum blockchain. Its mission is to become the universal gaming token of choice and is already part of an ecosystem with over 900,000 users. The many benefits of the PlayChip include; instant payouts, security of funds, better odds, bigger prize pools, network incentives and rewards.
The acquisition will allow PlayUp to rapidly expand into the online US market and disseminate its suite of products which include fantasy sports and traditional sports betting as it regulates within each US state. Founder and CEO of 123gaming, Rob Earle will take up a pivotal role at PlayUp and head up their North American operations.
Daniel Simic, PlayUp Limited CEO said "We are extremely pleased to have secured a deal with 123gaming and to leverage their foothold in the US to bring our extensive range of online wagering and gaming products to market. 123gaming have established a strong credibility in the US with strategic partnerships and has a loyal fan base of its proprietary online fantasy horse racing platform that it has been operating for over 12 years for major US racetracks such as Monmouth Park and the Meadowlands," said Simic.
123racing Fantasy Wager is a popular pool based wagering platform fully integrated with the US tote network and available for tracks and off-track betting customers. This wager allows Fantasy Players (known as Handicappers in horse racing) to pick selections within a set number of live races and accumulate points to compete. Players can track their progress on live national wager leaderboards displayed online and on-screen at tracks and betting terminals. Players simply have to score the most points to win the pool prize.
The PlayChip Utility Token
Developed in Australia, the PlayChip Utility Token is a crypto-token built on the Ethereum blockchain and is set become a universal payment and rewards system for the gaming and wagering industry.
PlayUp.com will be the world's first platform to integrate the PlayChip and it will form the foundation to facilitate the decentralisation of the wider PlayUp ecosystem and gaming platforms, allowing sports fans to connect, compete and collect, irrespective of their location. Its other brands such as ClassicBet, Draftstars, Betting.Club, TopBetta and MadBookie will also integrate the PlayChip into their current payments and rewards systems.
As announced on 09 April 2018, PlayUp has agreed to merge with Mission NewEnergy Limited (ASX:MBT) (MNELF:OTCMKTS), subject to the approval of the ASX and NASDAQ and regulatory approval requirements. Upon the completion of the merger it is anticipated that the company's securities will seek to re-comply with both ASX and NASDAQ listing rules resulting in the trading of shares on the NASDAQ stock exchange and the ASX.
Established in 2006, 123gaming was the recipient of the eGaming Review Startup Operator of the Year and Skill Gaming Operator of the Year. Based in the UK and USA, the businesses US licenses include North Dakota and Washington State.
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.