SYDNEY, Oct. 18, 2021 /PRNewswire/ -- The New Jersey
Division of Gaming Enforcement granted full operational licensure
for PlayUp this week, adding the largest sports betting market in
the US to the company's growing list of jurisdictions.
The New Jersey launch comes
after PlayUp was granted approval in Colorado, where it has been operational since
March. New Jersey quickly became
the next priority for the operator who started the arduous process
of getting its platform, processes, and procedures approved. PlayUp
announced a partnership with the New Jersey Devils at the start of
last season in an effort to boost its brand awareness in the
state.
Dr Laila Mintas, PlayUp US CEO,
said "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."
With its regulatory approval in New Jersey PlayUp can now target
customers in a state that has seen huge growth in handle since
opening its doors to the sector in 2018. Recently the state
announced its August sports wagering handle was $664 million, with nearly $613 million of it coming from online platforms.
The August numbers give New Jersey
year-to-date handle of $6.13 billion,
surpassing what was generated in handle for the entire year in
2020.
Mintas said PlayUp is already 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 company is confident that it
will be able to parlay its horse racing roots into an appealing
product for New Jersey
residents.
Longtime horseracing industry veteran Dennis Drazin sits on PlayUp's board and is
bullish on the future of fixed-odds wagering for the racing sector.
Drazin was instrumental in the repeal of PASPA and helped create
the legislation in New Jersey that
eventually led to the U.S. Supreme Court overturning the law and
opening up the sports betting market. Drazin is also a member of
the US Sports Betting Hall of Fame.
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 U.S. as the
market grows."
Media Contact:
media@playup.com
About PlayUp
PlayUp is a next generation entertainment and technology group
that enriches the lives of people through entertaining, rewarding
and responsible online betting. The company develops innovative
betting technologies in-house to power brands and deliver
world-class user experiences. PlayUp's energies are focused on
fulfilling the needs of dedicated and passionate users who seek a
deeper connection to the games they play.
PlayUp unifies the world's favourite online betting products
including Fixed Odds Sports Betting, Fixed-Odds Racing (Horses and
Greyhounds), Esports and Daily Fantasy Sports (DFS) where it host
Australia's largest and indeed
some of the globe's largest prize pools in competitive peer-to-peer
online betting.
The company holds online betting licenses in multiple
jurisdictions and currently operates in Australia, New
Zealand, India and in the
US.
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SOURCE PlayUp