PlayUp, a leading online gambling and betting operator, has announced that it will consider numerous alternatives in its strategic review, with one alternative being selling the business. The review was initiated by the company’s board of directors and Innovation Capital LLC is the review’s financial advisor.
PlayUp Is Currently on a Mission to Expand in the US
Selling the business is not the main priority as potential strategic partnerships are also being considered. At the moment, the operator is live in several states in the US, but it looks to expand its presence with the Betting, Entertainment, and Sports Technology (BEST) platform.
Thanks to this platform, US and Australian users will be able to integrate their wallets into the app and place bets with ease. Additionally, PlayUp stated that it is close to finalizing the Gaming Labs International (GLI) certification.
At the start of the year, PlayUp received a $35 million investment from the cryptocurrency exchange FTX and Daniel Simic, the global CEO of PlayUp noted that the investment will allow PlayUp in “accelerate its US market opportunities.”
FTX was also in talks to purchase PlayUp for a price of $450 million, however, the deal went south. The company put the blame on then-US CEO, Laila Mintas. Reportedly, she told the CEO of FTX, Sam Bankman-Fried, that PlayUp had systematic issues and was not a “clean” company.
In return, PlayUp filed a suit against Mintas and was granted restraining order which was lifted one month later as a judge ruled that PlayUp does not have sufficient evidence to support the claim.
PlayUp Recently Launched Its Online Racebook
In mid-May, PlayUp expanded its global presence by launching its Racebook app, which is free to download on both iOS and Android devices. The pari-mutuel platform accepts bets from key US states, including Kentucky, California, Ohio, and Florida.
The US chairman of PlayUp, Dennis Drazin, stated that he feels that there’s a resurgence in the horse racing industry and noted that as bettors are becoming “more comfortable” with placing mobile bets, it’s natural that they will look into numerous betting options, one of which is horse racing.
Simic also shared his thoughts on the launch of the platform. He said that Racebook comes at a critical and opportunistic time as massive growth in horse racing betting is expected, especially in the US. Equibase industry data showed that the total horse racing betting handle in 2021 was $12 billion and it is fantastic that PlayUp will now be in a position to tap into this vast market and claim its share.
Simic ended by saying that this is an exciting time for both PlayUp’s employees and its shareholders.