Momentum within the US legal sports betting industry has hit a fever pitch with high-end providers, both domestic and foreign looking to get a piece of the exploding scene.
The latest provider to express an interest in expanding their US reach is PlayUp, which entered the US market via the Bull Durham Casino in Blackhawk, Colorado earlier this year and has since looked for opportunities to grow their US presence.
Their opportunity came with an agreement June 8 with Caesars Entertainment, an elite US betting brand that announced a partnership with PlayUp to grant the Australian-based operator market access in Indiana, Iowa, and New Jersey.
PlayUp will be brining its sportsbook chops to Indiana and Iowa and their iGaming products to the top market in the nation – New Jersey.
“In most of the states, the amount of available licenses is very limited. And they are, of course, in high demand, as operators from all over the world are trying to get access to the US market – which is said to become the largest legal sports betting market in the world.
So, I couldn’t be more excited to share with you that PlayUp has continued to acquire market access,” said Laila Mintas, US CEO of PlayUp. “Now through a deal with Caesars Casino which is a very strong brand. The deal gives us immediate access into Indiana and Iowa and iGaming New Jersey.”
A Bit About Playup
PlayUp is an online and mobile sportsbook that started in Australia with the acquisition of a few top-tier existing Australian sports betting brands. The PlayUp mobile app offers pregame and in-play sports betting for the usual menu of betting options within the global market.
The company also owns their own Daily Fantasy Sports (DFS) platform that will come in handy in the US market.
The company boasts innovative proprietary online betting technologies and promises to deliver world-class user experiences through a world-class user platform. They currently have operations in Australia, New Zealand, India and the U.S.
A betting Heavyweight in their native Australia, the company has held their own so far in the competitive Colorado market since their March 8 launch and is looking to build on their US momentum with moves into Indiana and Iowa and New Jersey.
A Coup for Playup
Not only is it good news for PlayUp to partner with Caesars Entertainment, one of the unquestioned legal sports betting Heavyweights in the US market, but the states that they are about to launch in has to be seen as a win for the Australian-based company.
“These three states are the next phase of our growth in the U.S.,” Laila Mintas, chief executive officer of PlayUp USA, said in the release. “Getting to add iGaming in New Jersey will usher in a new product offering for us that will help us guide and drive our continued success.”
Statistic released have PlayUp walking into markets that generated a combined $500+ million in April alone. The Indiana sports betting market produced a $236 million handle, Iowa’s sports betting scene saw $118 million in bets and the iGaming market in New Jersey saw $108 million in legal sports betting during April.
What Comes Next?
The announcement of the partnership between PlayUp and Caesars is just step in the process of going live in the three states mentioned. PlayUp will still have to gain regulatory approval in all three before launch, which is hoped will come later this year, possible in time for the start of the NFL season.
More market access will likely follow Indiana, Iowa and New Jersey. The company reported $17.5 million in net revenue during the fiscal year ending on June 30, 2020 and raised an estimated $12.5 million from private investors earlier this year.
Some of that money has been earmarked for future expansion plans “on a state by state basis, throughout the USA,” according to the company
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