Sydney-based sportsbook and fantasy sports operator PlayUp has secured $25 million through the completion of an oversubscribed capital placement.
PlayUp said that it has secured the $25 million funding on terms related to a ‘non-renounceable entitlement offer’ underwritten by Investorlink Securities AFS, which the company will use to launch its US wagering proposition.
Targeting expansion within the $17 billion US sports betting market, PlayUp added that it has secured ‘market access’ within the regulated states of Colorado and New Jersey.
As part of its imminent US launch, PlayUp also 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: “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, where it has become the market-leading real-money fantasy sports operator, registering 300,000 customers and 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 added: “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.”