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PlayUP to Relaunch

Tuesday August 2,2016 : CONTROVERSIAL SPORTS MEDIA COMPANY TO RELAUNCH
 
This time around PlayUP will include online sports gambling licensed by Australias Norfolk Island Gaming Authority.
 
A failed sports media company that became a source of political contention in Australia is soon to be re-launched, this time offering online sports betting licensed by the Norfolk Island Gaming Authority.
 
The name PlayUP may be familiar to readers following allegations that in 2012 the current Australian prime minister Malcolm Turnbull - then shadow minister of communications - was accused of a conflict of interest in his investment of A$1.3 million in the venture.
 
Turnbull contended that the media company was not involved in online gambling and there was no conflict, a position contradicted by others associated with the company.
 
The company, along with the firm behind it, Revo Pty Ltd, failed after losing around A$100 million, sparking renewed controversy when it transpired that Turnbull, who was by then the governments communications minister, had sold his interest in PlayUP before it got into difficulties, taking advantage of an "unusual" arrangement in which the company converted his investment into a loan that allowed him to ultimately recover hundreds of thousands of dollars while other investors and employees went unpaid, according to a report in the Sydney Morning Herald.
 
Media reports are that the remainder of the loan was ceded to Turnbulls son Alex - a hedge fund manager in Singapore - soon after Turnbull became prime minister of Australia last year. Alex then sold the debt to Wiser Capital, a company backing PlayUPs new owner, Fantasy Sports Global.
 
The soon-to-be resurrected PlayUP makes no pretensions regarding its intention to offer online gambling, with Sydney-based owner Fantasy Sports Global confirming it has bought the failed enterprise from the receivers.
 
FSG founder Daniel Simic says he plans to launch a mobile app offering exclusive sports content and betting on Australian and international sports, including AFL and NRL. A Chinese arm of the business will be led by the Ho family, a billionaire gaming dynasty in the region.
 
Simic expects to build PlayUP into a multi-billion business, especially in the Asian market subject to legal approvals.
 
Interestingly, the Sydney Morning Herald reminds readers that in an unrelated move, the Turnbull government this year barred the Norfolk Island Gaming Authority from granting or renewing gaming licences after it was found to have effectively opened the Australian racing and betting industry to one of worlds biggest illegal bookmakers.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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