PlayUp rolls on, as NextBet takes ownership

PlayUp’s roller-coaster ride as a consumer-facing betting outlet in Australia is set for another chapter, with the brand to continue despite being absorbed into the newly formed operator NextBet.

PlayUp customers were contacted at the weekend to inform them that NextBet Pty Ltd had acquired PlayUp and that their accounts would be automatically transferred to NextBet when it launches on March 1.

NextBet assumed ownership of CrossBet in 2025 and has stated the aim of rolling up what was described as “undercapitalised lower-tier operators”.

The acquisition of PlayUp, a wagering brand that has undergone extensive changes in ownership and direction since its launch around 12 years ago, has been flagged for some time.  

“We’re writing to let you know that PlayUp is joining forces with NextBet, a new betting brand launching soon,” PlayUp, which operates both a traditional betting service and daily fantasy sports platform DraftStars, said in its email.

“NextBet Pty Ltd has acquired PlayUp. As part of the transition, your PlayUp account will automatically transfer to NextBet, along with your existing cash and bonus balances as well as any pending bets.”

The message stated that PlayUp will continue as a brand, but customers will not be able to access PlayUp or Draftstars for a brief period during the March 1 transfer.

“PlayUp is sticking around too, and you’ll be able to access your account at www.playup.com.au or by downloading the new PlayUp App,” the statement said.

PlayUp was founded in 2014 and entered liquidation in 2016. It was revived by investment from Daniel Simic before it looked to enter the emerging American market.  

It was famously almost part of a $450 million acquisition in 2021, in which it sold its assets to the digital currency exchange FTX. The deal collapsed, as did FTX, and its founder, Sam Bankman-Fried, was subsequently jailed for 25 years.