Gaming platform provider PlayUp has decided to terminate its proposed acquisition of US gaming platform 123gaming because of concerns over the ownership of IP, commercial viability, supplier agreements, payment gateways, and profitability.
PlayUp CEO Daniel Simic confirmed the news, saying: “We’d like to thank 123gaming for its honesty and openness in its dealing with us. Unfortunately, the deal could not be completed having regard to the best interests of the key stakeholders in PlayUp.
“PlayUp submitted alternative proposals to 123gaming which included offering PlayUp stock options to 123gaming shareholders, however 123gaming declined. We wish them all the best in their business endeavors moving forward.”
News of the acquisition first broke in July last year when PlayUp signed an agreement to buy the firm with a view to expanding its online US gaming presence. Founder and CEO of 123gaming, Rob Earle was due to take up a pivotal role, heading up North American operations. 123gaming operates 123bet.com a pari-mutuel horse race wagering platform and 123gaming’s proprietary product ‘123racing Fantasy Wager’, a skill-based fantasy racing platform.