PlayUp plans to use the funds to accelerate its expansion into the US market, where it has already secured access in Colorado and New Jersey.
Australia.- Sports betting operator PlayUp has raised US$25 million in capital through a non-renounceable entitlement offer subscribed by Investorlink Securities.
The funds will be destined to position the company for a rapid expansion into the US market, where it has already seccured sports betting access in New Jersey and Colorado.
The company estimated the US sports betting market is poised to grow to over US$17 billion. It plans to continue its acquisition of more online sports betting licenses across the country.
CEO Daniel Simic said: “The oversubscription of our US$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. We now have over 300,000 registered clients and generating in excess of AU$270 million (US$193.3 million) in turnover annually.”
As part of its push into the American market, PlayUp appointed Laila Mintasas CEO of US operations in July. Mintas was previously deputy president of Sportradar and a professor of global sports law at the University of Columbia in New York.
She commented: “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.”