PlayUp has been granted full operational licensure by the New Jersey Division of Gaming Enforcement, meaning the sports betting entertainment and technology firm has entered the largest sports betting market in the US.
The New Jersey launch follows PlayUp being granted approval in Colorado, where it has been operational since March.
The firm has had a presence in the Garden State since announcing its partnership with the New Jersey Devils at the start of last season.
Dr Laila Mintas, PlayUp USA CEO, commented: “This is a huge milestone for our business. New Jersey doesn’t just represent the largest market in terms of revenue for any operator, but it also is an indicator showing the market, both consumers and investors, that we have cleared the most stringent regulatory standards in the world.
“We have aggressive growth plans for our jurisdictional footprint in 2022 and going into other states with New Jersey approval in our back pocket is a positive sign for other regulators.”
PlayUp can now target customers in New Jersey, a market that has seen a huge growth in handle since opening its doors to the sector in 2018.
As a 100% online sports betting operator, it is primed to excel in the state with such a huge percentage of the state’s handle coming from online bettors. From August’s $664.7m in bets, $612.9m were made online, representing 92.2% of the statewide handle.
Mintas added that PlayUp is working on adding an igaming product offering in New Jersey and hopes to have regulatory approval in the future. The state recently added fixed-odds horse racing and the firm is confident that it will be able to parlay its horse racing roots into an appealing product.
Horse racing industry veteran Dennis Drazin sits on PlayUp’s board and is bullish on the future of fixed-odds wagering for the racing sector. He helped the repeal of PASPA, as well as create the legislation in New Jersey that eventually led to the US Supreme Court overturning the law and opening up the sports betting market.
Drazin said: “The future of gaming will be to offer every type of wagering on an app 24/7. Horse racing offers a unique opportunity to offer content on racing around the world. PlayUp intends to enter the fixed odds wagering market in New Jersey and throughout the US as the market grows.”