PlayUp exploring potential sale of business as it inches closer to proprietary betting platform launch in U.S.

Sports betting and iGaming technology company PlayUp Limited announced Monday it is evaluating strategic alternatives, including a potential sale of the company. The announcement comes as the business inches closer to the launch of its proprietary Betting, Entertainment and Sports Technology Platform (BEST) in the United States markets.

PlayUp is currently working through completion of the certification process by testing lab GLI, an essential step for the business to earn approval to launch its BEST platform. Concurrently, PlayUp's Board of Directors has initiated a process to evaluate strategic alternatives, including strategic partnerships, a sale of the company or other possible transactions. Innovation Capital, LLC has been retained as its exclusive financial advisor to assist with the strategic review process.

PlayUp describes itself as a "next-generation entertainment and technology company" offering online sports betting and iGaming in the United States; and online betting, Daily Fantasy Sports and eSports throughout Australia. The company developed its BEST solution "to be a highly scalable and robust online betting platform that provides an integrated product experience."

The BEST platform will allow users to have a single account, single wallet and single app in the United States or Australia to make bets across all supported betting products. All BEST intellectual property is self-developed and owned by PlayUp, a press release explains.

PlayUp is already live in the United States (New Jersey and Colorado with sports betting and across more than 25 States with Slots+) and has positioned itself for growth by capitalizing on its experience as an Australian operator since 2017 and having solid market access in the United States: 11 online sports betting and/or iGaming market access agreements across 8 states.

The company has also assembled an experienced in-house risk management team that trades all United States and Australian sports, as well as racing.