In a bold move set to reshape Australia’s increasingly competitive online wagering landscape, NextBet has reportedly acquired PlayUp, marking one of the most significant consolidations in the sector in recent years. The formation of the new entity brings together two once-separate players — one an ambitious challenger brand, the other a pioneer in digital betting innovation — and signals a fresh chapter in the nation’s gambling industry.
PlayUp: A Rollercoaster History
Founded as an ambitious online sports betting and gaming platform, PlayUp has grown through both innovation and acquisition. Over the past decade, the company expanded its footprint by buying several tier-two wagering brands such as ClassicBet, BestBet, Betting.Club, TopBetta and MadBookie, bolstering its user base and technology stack.
PlayUp also made strategic moves outside the core sportsbook space, acquiring Draftstars, Australia’s largest daily fantasy sports platform. In 2023, its proprietary integrated sportsbook, racebook and DFS platform was launched to offer a unified betting experience across markets.
However, the company’s journey has not been without turbulence. A failed US expansion — including the loss of its New Jersey license — and legal battles over a collapsed $450 million sale of its US division highlighted operational challenges in recent years. PlayUp also faced regulatory setbacks at home - in 2024 it was fined nearly $600,000 for illegal advertising practices in New South Wales.
These difficulties, combined with market consolidation pressures, made PlayUp an attractive target for acquisition.
NextBet’s Entrance and M&A Strategy
NextBet entered the Australian market in late 2025 via its acquisition of CrossBet, a Brisbane-based bookmaker with a focus on racing and sports markets.
That deal — the first in what NextBet has described as an ambitious M&A strategy — positioned it as a challenger in the tier-two segment, aiming to roll up smaller operators under a unified, tech-enabled brand.
While CrossBet itself was rumoured earlier to be in merger talks with PlayUp, that deal ultimately evolved into broader discussions involving NextBet’s growing appetite for assets.
The PlayUp Acquisition Deal
According to industry sources and market reports, NextBet’s acquisition of PlayUp represents the culmination of this M&A strategy. While neither company has released full official details, information sent to affiliates suggest that NextBet’s launch in Australia will arrive on March 1st 2026 and will integrate PlayUp’s technology, customer base and brand heritage into a new, state-of-the-art wagering platform.
PlayUp’s established software and user ecosystem are expected to provide a robust foundation for NextBet’s future growth ambitions, both domestically and potentially abroad.
What This Means for the Market
The potential consolidation of PlayUp under the NextBet banner comes amid a wave of M&A activity in Australia’s bookmaker sector. Larger operators have been seeking scale to withstand tightening margins, regulatory scrutiny and rising compliance costs — a trend that has already seen several other sites change ownership.
For punters, the combined NextBet-PlayUp platform could offer expanded product offerings and improved technology; however, the industry will be watching closely how regulatory bodies treat the consolidation of market share among fewer, larger operators.
Looking Ahead
If the deal goes through as currently described in market sources, NextBet’s acquisition of PlayUp could mark a defining moment in Australian online gambling — a turning point that signals not just consolidation, but the emergence of new strategic players vying for prominence.
Analysts believe further deals may follow, as competitors reassess their positions and smaller operators consider whether to merge, sell, or refocus their business strategies in a rapidly evolving landscape.
