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HeadsUp resurfaces with igaming acquisition in “final stages”


HeadsUp Entertainment – the former owners of the Canadian Poker Tour – said it is in the “final stage” of negotiations to acquire an online betting and gaming business.

In the business’ first update in three years, it revealed that is in the final stages of a deal to acquire between 50% and 100% of the shares of a “a licensed online sportsbook and online casino platform”. It aims to sign a letter of intent related to the acquisition in the coming two weeks.

While it has not yet named the business in question, it described it as an operator that “has processed over $110.0m in wagers and reported over $5.2m in revenue in the past four years”.

In addition, HeadsUp said its management has targeted a second possible acquisition as well as a licensing agreement with a global media partner.

The business has also completed its financial statements for all years up to 2020 and said it is preparing its latest quarterly statements for filing. Despite being publicly listed, HeadsUp had not published any statements since its quarterly report for the third quarter of its 2016-17 financial year, which ended on 31 October 2016. During that quarter, HeadsUp made revenue of just $15,000 and reported a loss of $22,238.

The business had previously organised the Canadian Poker Tour. However, this is now organised by a business named Enteractive Media, led by former HeadsUp president and chief executive Kelly Kellner.

HeadsUp also previously intended to purchase fantasy sports business FanLogic for stock worth $3.6m and rebrand under that name in 2016.

However, the deal fell through in December of that year after HeadsUp said, “certain conditions in the Asset Contribution Agreement were not met and neither party could meet the objectives of the other based on current financing status and business plan requirements”.

HeadsUp has retained law firm Dickson Wright PLLC as new securities counsel for several matters including compliance with the regulatory bodies in the US and Canada as well as representation in the acquisitions and a licensing agreement.

The business added that “new members of the management team will be announced soon”.