Newly established sports betting operator NextBet has acquired PlayUp as it looks to create a new betting experience for Australians.
The deal follows NextBet’s acquisition of CrossBet late last year and will see existing PlayUp accounts and cash balances migrated to the NextBet platform on 1 March.
The daily fantasy sports platform Draftstars, which is owned by PlayUp, also forms part of the acquisition and will sit under the NextBet umbrella.
The PlayUp and Draftstars apps and websites will be taken offline at the end of February, while Crossbet’s app and website will be shut down on 26 February.
Draftstars contests scheduled for Sunday 1 March will not be posted until migration is finalised, with several events likely to be impact, including the NRL season opener, Knights v Cowboys.
The acquisition marks the final chapter for PlayUp, which has faced a tumultuous few years marked by regulatory fines, a failed sale to now-defunct crypto exchange FTX, a failed business combination with then Nasdaq-listed SPAC IG Acquisition Corp, and the revocation of its licences in the United States.
NextBet is licensed and regulated in Australia by the Northern Territory Racing and Wagering Commission (NTRWC).