Sports betting technology firm PlayUp has announced receipt of new investment in the firm worth $35m this week, while also strengthening its executive team with the appointment of Art Hamilton as new US CFO.
Hamilton joins the company having previously worked with wagering veteran and PlayUp shareholder Matt Davey at NYX Gaming Group that listed on the TSX, acquired OpenBet and ultimately sold to Scientific Games.
On the strategic investment, PlayUp confirmed that it received $35m from Sam Bankman Fried‘s crypto exchange, FTX in Q4 2021. The financing round will be used, said the firm, primarily to accelerate its US market access.
In addition to its investment in PlayUp, FTX has been actively investing in partnerships and endorsement deals in the sports and esports arena over the past 12 months.
FTX Head of Product Ramnik Arora commented: “We are delighted to have an investment in PlayUp. We believe PlayUp is at a pivotal moment in its corporate journey.”
PlayUp also drew attention to what it described as “significant progress with US market access” over the past 12 months, adding that there are several new deals ready to be announced having been finalised this month.
Global CEO Daniel Simic said: “We are very happy with the progress of our US market entry. The recent investment by FTX will assist PlayUp in accelerating its US market opportunities and grow our global sports betting and wagering presence.”