Australian betting operator PlayUp has secured a $25m capital raise through a non-renounceable entitlement offer which, it says, will position the firm for rapid expansion into the multi-billion dollar US market.
The capital raise, which was oversubscribed, was underwritten by Investorlink Securities and commands a broad investor profile from Australia and internationally.
PlayUp has already successfully secured online sports betting market access in New Jersey and Colorado and claims to have demonstrated its ability to win competitive commercial partnerships in its quest to acquire more online sports betting licenses across the USA.
As part of its push into the American market, PlayUp appointed Dr Laila Mintas as CEO of US operations in July 2020. With a background in law across the sports, media and tech industries, she was previously Deputy President of Sportradar and a Professor for Global Sports Law at the University of Columbia in New York.
CEO Daniel Simic commented: “The oversubscription of our $25m 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 platform in 2015, PlayUp has become the number one Australian DFS provider by all metrics.
“Our online betting footprint has also grown rapidly with the acquisition and consolidation of several tier two Australian wagering brands. We now have over 300,000 registered clients and generate in excess of AUD$270m in turnover annually.”
He added: “This raise allows us to build on an already established footprint. 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.”
Mintas stated: “We have made great progress in the US; the market is being legalized 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. The raise allows PlayUp US to rapidly progress our business.”
By way of thanks to investors, Simic said: “Our investors are incredibly supportive and, importantly, they are endorsing our vision with their money and bring significant international business networks that allow us to deliver on our business goals.”