Less than a week ago, we reported that Australian online gambling platform, PlayUp, acquired one of the fan-favorite DFS platforms, Draftstars. Today, we return with the news about not one, but two new acquisitions by PlayUp. This time, Australia’s cryptocurrency gaming operator bought a bookie called ClassicBet and TopBetta, a retail betting company.
TopBetta’s acquisition announcement came on Monday, and the two companies agreed on a rather interesting deal. Instead of paying full price in AUD, PlayUp will issue only $6 million in this currency, and the rest of the contract (800 million) will be funded with PlayChip tokens. These tokens are the official cryptocurrency of PlayUp, and they are based on Ethereum’s blockchain and smart contracts.
On the other hand, the news of ClassicBet’s merger came on Friday, three days before TopBetta acquisition. However, we still haven’t received any info regarding the deal and the amount.
So what’s behind PlayUp’s shopping spree? Will ClassicBet become a Bitcoin betting bookie? And will TopBetta become one of the first retail cryptocurrency casinos?
Well, probably none of this will happen. Instead, PlayUp will focus on integrating their PlayChip tokens into these platforms. The CEO of PlayUp, Daniel Simic said in a recent interview that their goal is to “allow sports fans to connect, compete and collect, irrespective of their location.”
Now that they own a DFS, sports betting, and retail casino platform, PlayUp has a chance to become the first blockchain-based gambling platform. But first, they need to acquire enough funding for this project. As many other crypto startups, PlayUp plans to launch an ICO this summer.
Whether they will succeed at funding their goals or not, we won’t know at least until their ICO closes.