By completing an oversubscribed capital placement, Sydney-based sportsbook and fantasy sports operator PlayUp has raised $25 million.
PlayUp said that on terms linked to a ‘non-renounceable entitlement bid’ signed by Investorlink Securities AFS, which the company would use to launch its US wagering proposition, it has raised $25 million financing.
PlayUp added that it has secured ‘market entry’ within the regulated states of Colorado and New Jersey by seeking growth within the $17 billion US sports betting market.
PlayUp also announced the appointment of former Sportradar US Deputy President Dr Laila Mintas as its US CEO as part of its imminent US launch, leading the multi-state growth strategy of the company.
Mintas remarked: “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.”
Since 2015, PlayUp has worked in the Australian gaming industry, where it has been the market-leading provider of real-money fantasy sports, registering 300,000 customers and producing a AUD $270 million annual turnover.
PlayUp has developed its DFS platform for the Indian sports market outside Australia, with the US now assigned as the company’s next growth market.
Founder and CEO of the company 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.”