Australian operator completes $25m funding round to support US expansion
PlayUp seeks to gain access to additional states beyond New Jersey and Colorado
Australian operator PlayUp has completed a $25m capital raise to fund its expansion efforts in the US.
The funds were raised via a non-renounceable entitlement offer and attracted a broad international investor profile.
The operator appointed former Sportradar deputy president Dr Laila Mintas as US CEO in July and has so far gained market access in New Jersey and Colorado.
PlayUp group CEO Daniel Simic said the oversubscription of the fundraising effort reflected the operator’s enormous potential.
“This raise allows us to build on an already established footprint,” Simic said.
“We have access in two 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,” he added.
The firm has also developed an in-house technology stack supporting real-money betting and DFS. PlayUp aims to offer its scalable products in the States later this year, using its betting platform and risk and trading teams.