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PlayUp raises $25m for US launch


Australia-based betting operator PlayUp has raised $25m to fund its entry into the US market.

PlayUp, which is already licensed in New Jersey and Colorado, has completed a $25m capital raise through a non-renounceable entitlement offer.

The funds, raised from a broad investor profile from Australia and internationally, will assist the operator as it pursues betting licences and market entries across the US.

Chief executive Daniel Simic said PlayUp is in an increasingly strong position in North America following the new investment and appointment of PlayUp USA chief executive Laila Mintas.

Simic said: “The oversubscription of our $25m raise reflects the enormous potential of PlayUp. It is an endorsement of our team, our technology and our vision.

“This raise allows us to build on an already established footprint. We have access in two states of America, we have a veteran CEO with enormous experience and we have plans in place to make significant progress in the rapidly growing US market.

“Our investors are incredibly supportive and importantly, they are endorsing our vision with their money and bring significant international business networks that allow us to deliver on our business goals.”

PlayUp, which offers betting and daily fantasy sports products, said it already has more than 300,000 registered clients and generates in excess of AUD$270m in turnover annually.

The operator obtained its licence in Colorado earlier this year, which it will run through a partnership with Bull Durham Casino in Black Hawk. It appointed Mintas, the former deputy president of Sportradar, as its US chief in July.

Commenting on the funding round, Mintas said: “We have made great progress in the US, the market is being legalised state by state and PlayUp will be one of the first movers making sure we secure market access rights from the beginning.

“Through our strong presence and dynamic products, we will shape the future of this market. The raise allows PlayUp US to rapidly progress our business.”