Crownbet sells DraftStars to PlayUp
News on 13 Apr 2018
News on 13 Apr 2018
Australian online gambling group CrownBet has confirmed that it has offloaded its daily fantasy sports venture DraftStars for an undisclosed consideration to up-and-coming local company PlayUp.
According to a media statement, PlayUp will use the acquisition to accelerate its international growth plans. The deal will also enable CrownBet to focus on its core sports.
Sydney based PlayUp is described as the developer, owner and operator of technologies focused on live sports entertainment in the online gaming and daily fantasy sports sector.
It is involved in blockchain-enabled Fantasy Sports, Sports Betting, Wagering and Online Gaming, and has plans to integrate its cybercurrency.‘PlayChip’, built on the Ethereum blockchain, into DraftStars.
The company will retain the well-established Draftstars branding as it seeks further acquisitions.
Draftstars is Australia’s largest daily fantasy sports (DFS) platform, boasting over 100,000 active users and providing opportunities to wager on daily fantasy sports games spanning major local and international sporting codes such as the AFL, NRL and NBA.
Draftstars was founded by Matt Tripp and the James Packer backed CrownBet in April 2015 with Seven West Media, Fox Sports and the AFL becoming shareholders in the venture.
Commenting on the sale, Matt Tripp said in a media statement:
“PlayUp’s innovative strategy to grow Fantasy Sports and create global liquidity in cash and cryptocurrency via its ‘PlayChip’ will be an exciting journey. We are glad that Draftstars now forms part of PlayUp’s offering and that the effort put into growing the Draftstars brand and client base will add to PlayUp’s success.”
PlayUp CEO Daniel Simic said: “Draftstars is an ideal acquisition for PlayUp delivering immediate and significant growth in our Australian user base and a highly recognisable daily fantasy sports brand that we will continue to grow and enhance. Over time, we will integrate the PlayChip within Draftstars as an additional currency.”
