PlayUp Limited to Go Public via SPAC Merger with IG Acquisition Corp., Targeting NASDAQ Listing

PlayUp Limited, an emerging global online betting and entertainment technology company, has entered into a definitive business combination agreement with IG Acquisition Corp. (NASDAQ: IGAC), setting the stage for a major consolidation in the digital wagering sector. The deal, announced on September 22, 2022, values PlayUp Limited at $350 million, with plans for the combined entity to list on NASDAQ following completion anticipated in the first quarter of 2023.

The Strategic Rationale Behind the Merger

The partnership between PlayUp Limited and IGAC represents a convergence of complementary strengths. PlayUp brings proprietary betting technology and regulatory expertise across multiple jurisdictions, while IGAC provides capital access, NASDAQ listing infrastructure, and leadership experience in navigating the complex regulatory landscape of online gaming in the United States.

CEO Daniel Simic of PlayUp Limited outlined the company’s vision: “This merger positions us to accelerate investment in our proprietary technology platform and realize our long-term ambition to deliver the ultimate entertainment destination for digital betting. We’re building toward a future where customers can seamlessly engage with immersive betting experiences—including augmented and virtual reality innovations—all from a single unified application.”

Bradley Tusk, who chairs IGAC and will assume the role of Chairman in the post-merger entity, emphasized the market opportunity: “PlayUp Limited stands out as uniquely equipped to achieve what we’ve envisioned: a comprehensive betting platform offering every conceivable form of digital wagering—from sports betting and daily fantasy to slots, esports, and lottery products—accessible through one account and one digital wallet, across any legally permissible jurisdiction globally.”

Market Position and Growth Trajectory

PlayUp Limited has demonstrated robust financial momentum, with gross revenue expanding at a 56% year-over-year rate during the fiscal year ending June 30, 2022. The company currently maintains operational licenses and active presence in Australia, New Zealand, India, and select regulated U.S. states, with aggressive expansion plans to penetrate additional American markets and international regions.

The digital betting sector has experienced unprecedented expansion in recent years, driven by progressive regulatory reforms and mainstream consumer adoption of online wagering platforms. IGAC’s leadership team identified PlayUp Limited as the most credible contender to build the industry’s first genuinely integrated multi-product betting ecosystem—a capability that most competitors have failed to achieve due to their narrow focus on individual betting verticals.

Leadership and Governance Structure

The combined organization will retain Daniel Simic as Global Chief Executive Officer, ensuring continuity in strategic direction and product development. Christian Goode, IGAC’s Chief Executive Officer, will transition to President overseeing PlayUp Limited’s U.S. market operations, bringing decades of regulatory and market launch expertise to the American expansion initiative.

This governance arrangement reflects IGAC’s deliberate strategy: combining PlayUp Limited’s proprietary technology infrastructure with the board and management team’s deep experience in U.S. regulatory navigation and market entry execution.

Financial Architecture of the Transaction

The transaction structure includes a $70 million standby equity purchase agreement with Yorkville Advisors Global through its YA II PN, Ltd. fund, providing supplementary liquidity for the post-closing combined entity. This capital commitment underscores investor confidence in PlayUp Limited’s growth potential and market position.

Regulatory approvals required for transaction completion encompass multiple jurisdictions—Australia, New Jersey, and Colorado—reflecting PlayUp Limited’s existing and anticipated operational footprint. Additionally, Australian court approval and an independent fairness determination must be satisfied before closing.

Technology and Product Differentiation

PlayUp Limited’s competitive advantage rests on in-house developed betting technology that powers its branded platforms while delivering sophisticated user interface experiences. The company’s engineering capabilities enable rapid product iteration and the integration of emerging technologies—particularly AR and VR applications—that will differentiate its offering in an increasingly crowded market.

The unified platform strategy represents a fundamental departure from prevailing industry practice. Rather than operating segmented betting products under separate accounts and payment systems, PlayUp Limited’s integrated architecture enables customers to manage all their betting activities through a singular digital identity and financial instrument.

Advisory Support

The transaction benefits from comprehensive advisory representation. Paul, Weiss, Rifkind, Wharton & Garrison LLP serves as legal counsel to IG Acquisition Corp., with Richards, Layton & Finger providing Delaware-specific legal guidance. DLA Piper furnishes legal counsel to PlayUp Limited, while Innovation Capital LLC serves in a financial advisory capacity.

Path to Public Markets

Upon transaction completion in Q1 2023, shareholders will vote on the proposed business combination, following which PlayUp Limited’s parent company will pursue NASDAQ listing. The registered public vehicle will file a Form F-4 registration statement with the U.S. Securities and Exchange Commission, incorporating a detailed prospectus and proxy materials outlining transaction terms, risks, and projected financial impacts.

Successful public market entry will position PlayUp Limited to access capital markets for ongoing product development, geographic market expansion, and potential acquisitive growth opportunities in the consolidating online betting sector.