Australian sportsbook and fantasy sports operator PlayUp has secured $25 million through the completion of an oversubscribed capital placement.
PlayUp said that it has secured the $25 million funding on terms related to a “non-renounceable entitlement offer” underwritten by Investorlink Securities AFS, which the company will use to launch its US wagering proposition.
Targeting expansion within the $17 billion US sports betting market, PlayUp added that it has secured “market access” within the regulated states of Colorado and New Jersey. As part of its US launch, PlayUp also confirmed the appointment of former Sportradar US Deputy President Dr Laila Mintas as its US CEO.
“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,” Laila Mintas said.
“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,” Daniel Simic, founder and CEO of PlayUp, said.