PlayUp, The Australian Betting Operator, Plans To Expand In The United States
Posted on November 12, 2020 | 9:16 am
PlayUp, the betting operator based in Australia, has moved forward with its plans to enter the United States online gambling market. The plan was announced in July and now it seems it also has the fuel to push forward as the company received 25 million dollars through an oversubscribed capital placement.
The Australian company also set up a team that is in charge of the company’s expansion in the United States. In July, Dr. Laila Mintas was appointed Chief Executive Officer of the company’s U.S. operations.
Dr. Mintas has a background in Law across the Sports, Media and Tech Industries, and she was previously Deputy President of Sportradar and a Professor for Global Sports Law at the University of Columbia in New York.
The Number One Australian Daily Fantasy Sports Provider
Speaking about the company’s planned expansion into the United States, Daniel Simic, Chief Executive Officer of PlayUp, said: “The oversubscription of our $25 Million raise reflects the enormous potential of PlayUp. It is an endorsement of our team, our technology and our vision.
Since developing Australia’s first pay-to-play Daily Fantasy Sports (DFS) platform in 2015, PlayUp has become the number one Australian DFS provider by all metrics. Our online betting footprint has also grown rapidly with the acquisition and consolidation of several tier two Australian wagering brands. We now have over 300,000 registered clients and generate in excess of 270 million Australian dollars in turnover annually.”
The sports gambling market in the United States has been constantly growing over the past few years, and now it’s worth a hefty 17 billion dollars. PlayUp desires to get a good slice of that pie, but the market is quite crowded and competitive as well.
Dr Laila Mintas, Chief Executive Officer of PlayUp U.S.A, commented: “We have made great progress in the U.S., 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 U.S. to rapidly progress our business.”
A Tough Year For Sports Betting
This year has not been particularly positive for sports betting companies, their revenues in 2020 were deeply affected by the postponement of several major competitions due to the coronavirus pandemic.
In fact, Paddy Power Betfair and FanDuel parent Flutter Entertainment estimated that the cancellation and suspension of sports events would entail a £90-110m decrease to their full-year earnings.
However, PlayUp seems quite confident regarding the future. They currently operate in Australia, New Zealand and India, and the expansion in the United States is a great opportunity for the company’s growth.