PlayUp Ltd and 123Gaming dissolve acquisition deal

SYDNEY, Jan. 23, 2019 /PRNewswire/ -- PlayUp has decided to terminate its acquisition of US gaming platform 123gaming.

PlayUp held concern over the ownership of IP, commercial viability, supplier agreements, payment gateways, and profitability.

PlayUp Ltd CEO Mr Daniel Simic provided the following comment on dissolution of the deal:

"We'd like to thank 123gaming for its honesty and openness in its dealing with us. Unfortunately, the deal could not be completed having regard to the best interests of the key stakeholders in PlayUp.

PlayUp submitted alternative proposals to 123gaming which included offering PlayUp stock options to 123gaming shareholder, however 123gaming declined. We wish them all the best in their business endeavours moving forward."

CEO of 123gaming - Rob Earle said, "Clearly, we are very disappointed by the collapse of this deal, but we very much still believe in the concept and will be moving on to seek out other opportunities that can properly fulfil the promise of a universal gaming token and integrated platform that we can utilize in the US marketplace."

About PlayUp:

PlayUp Limited is a Universal Gaming Platform offering Daily Fantasy Sports, sports and race betting, fantasy stables, eSports, and casino table games. PlayUp makes up the team behind the PlayChip and operates PlayUp.com, ClassicBet, Draftstars, Betting.Club, TopBetta, and MadBookie. PlayUp Limited will deliver the world's first fully-integrated, blockchain enabled global fantasy sports, online sports betting and gaming ecosystem.

SOURCE PlayUp

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