Nevada court rules in favour of Laila Mintas in PlayUp legal battle
Australian-based online betting and gaming operator PlayUp attempted $450 million takeover by the now-defunct cryptocurrency exchange FTX, but the deal never materialized. When negotiations broke down, PlayUp sued its then-CEO, Laila Mintas (pictured above), alleging she was to blame for the failed takeover. The latest court ruling dismissed PlayUp’s claims against Mintas, marking a victory for her.
PlayUp’s attempted acquisition by FTX
In 2021, the Australian-based online gaming operator PlayUp was deep in talks with FTX over a $450 million takeover. The transaction promised to increase PlayUp’s presence and broaden FTX’s reach in the gaming industry. However, negotiations broke down as both parties blamed one another for the failed deal.
After the takeover’s failure, PlayUp sued then-CEO Laila Mintas, alleging that she had intentionally derailed the deal. The company stated that Mintas had issued comments that impacted FTX’s decision-making, causing the takeover to fail. The allegations hinted that Mintas’s behaviour lost PlayUp a potentially worthwhile acquisition.
Laila Mintas’s counterclaims against PlayUp
Mintas strongly denied these allegations, turning the tables on PlayUp and its CEO, Daniel Simic. She argued that PlayUp itself was responsible for the failed deal due to internal conflicts and mismanagement. Additionally, Mintas claimed that the lawsuit had harmed her career, making companies hesitant to work with her.
As reported by NEXT.io, a source close to Mintas stated, “We now have two rulings on two continents confirming that these claims were baseless. It was Simic who sabotaged everything. Now, we can focus on securing her rightful compensation and finally putting this behind her.”
The court’s ruling in favour of Mintas
After years of legal back-and-forth, a Nevada judge, Gloria M. Navarro, ruled in favour of Mintas. The court dismissed all of PlayUp’s claims, effectively clearing her name. However, some of Mintas’s counterclaims, including accusations of defamation and contract breaches, were allowed to proceed to trial.
Although the court ruled that Mintas had a basis for claiming damages, she is now claiming $100 million in damages under defamation and issues of compensation. Interestingly, a significant portion of her claims focuses on comments by PlayUp’s legal representation and CEO that damaged her professional reputation.
The same internal source stated, “Companies were hesitant to work with her while it was still unresolved, which is understandable. But with this ruling, she can finally move forward professionally and leave it all behind.”
PlayUp’s struggles post-lawsuit
As a result of this court struggle, PlayUp underwent major operational hassles. Its U.S. operations were shut down, and it was reportedly struggling to fulfil payroll requirements. PlayUp halted accepting bets in New Jersey and Colorado in mid-2023, which prompted the regulators from New Jersey to suspend its operating licence within the state.
