PlayUp Australia raises m to begin US journey
Sydney-based sportsbook and fantasy sports operator PlayUp has secured $25 million through the completion of an oversubscribed capital placement.
PlayUp states that it has secured its $25 million funding on terms related to a ‘non-renounceable entitlement offer’ underwritten by Investorlink Securities AFS in which the company will proceed to launch its US wagering proposition.
Targeting expansion within the $17 billion US sports betting market, PlayUp confirms that it has secured ‘market access’ within the regulated states of Colorado and New Jersey.
As part of its imminent US launch, PlayUP has confirmed the appointment of former Sportradar US Deputy President Dr Laila Mintas as its US CEO, leading the firm’s multi-state growth strategy.
Mintas commented on developments: – “PlayUP has made great progress in the US, as the market is being legalised state by state. 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.”
PlayUp has operated in the Australian gambling market since 2015, becoming the market-leading real-money fantasy sports operator, registering 300,000 customers, generating an annual turnover of AUD $270 million.
Beyond Australia, PlayUP has established its DFS platform for the Indian sports market, with the US now earmarked as the company’s next growth market.
Company founder and CEO Daniel Simic commented on the transaction “This raise allows us to build on an already established footprint. We have access in 2 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.”
Source: SBC News
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