The mobile games and betting company Playstudios announced recently that it plans to go public with stock through a special purpose acquisition company (SPAC), Acies Acquisition Corp., and holds an estimated evaluation of $1.1 billion.
According to the report, the MyVegas slots and social casino game brand has a deal with Acies, a SPAC on Nasdaq. The SPAC’s chairman, Jim Murren, is the MGM Resorts International CEO, one of the most successful businesses in the world.
Playstudios will receive up to $150 million in cash and over 89.1 million shares of Acies common stock. Because of the nature of the global pandemic, online casinos and games betting use increased and Playstudios wants to take advantage of that.
“As you look across the landscape, there are other companies also finding their way into the market. So it’s certainly the time for gaming,” said Playstudios cofounder and CEO Andew Pascal in an interview with GamesBeat.
$1.1 Billion Value by SPAC
This SPAC deal estimates Playstudios at a valuation of $1.1 billion. Taking a unique approach to betting via a mix of real-life gambling and online social casinos, Playstudios has a strong formula for continued success. By rewarding users with points and loyalty program rewards to redeem at actual MGM casinos, the online pandemic gives an opportunity for many players to earn rewards.
“We’ve been at it for just over nine years with a totally differentiated model,” Pascal said. “From the outset, we latched on to this notion to offer these free to play games with people who enjoy them to accumulate real-world rewards. As we look at how we want to leverage what is a proven model, we’ve continued to evolve and develop into other categories, in partnership with other companies or through acquiring or assimilating other companies. Becoming public is really just going to position us to amplify our growth.”
Factors like how much longer COVID-19 remains a problem and the changes from taking its stock public can change Playstudios’ growth but it looks unlikely. Fans will have to wait and see where the social casino goes and how its mobile gaming platform improves.
Written by Justin Amin
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