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NEWS 19 April 2018

PlayUp acquisition spree continues with ClassicBet

By Harrison Sayers

The fantasy sports company PlayUp Australia Limited has announced that it has acquired the online gaming operator ClassicBet during a month of multiple acquisitions, according to a recent press release.

Reportedly, CEO Daniel Simic is looking to list the company on both the Australian and American stock exchange. All acquisitions represent the same strategic purpose of adding gross gaming revenue and expanding PlayUp’s portfolio before the potential dual listing.

ClassicBet will reportedly add AUD $200m ($155m) in annual gross gaming revenue to PlayUp.

TopBetta, an Australian bookie, was also acquired in April 2018 for a reported AUD $6m and 800 million PlayChips.

Fantasy sports operation DraftStars rounded up PlayUp’s acquisitions for the month. Crownbet sold the company for an undisclosed fee.

Simic, commenting on the acquisition said: "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."

ClassicBet COO, Luke Coward, added: "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."

The ClassicBet deal is subject to approval of a gaming license being approved by either the Northern Territory Racing Commission or Harness Racing NSW.

RELATED TAGS: Online | Mergers & Acquisitions
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