PlayUp Limited, a leading sports betting and provider, announced Monday that it is exploring various strategic options. The company is also preparing to launch its proprietary platform, allowing it to participate in markets in the United States.
PlayUp Limited Esports/Sports Betting Activity
The PlayUp platform unites the world’s best online betting products, such as fixed-odds sports betting, esports, and daily fantasy sports. It also hosts Australia’s most significant prize pools in peer-to-peer online betting and is known for its competitive nature.
PlayUp operates in various jurisdictions, including Australia, New Zealand, and India. The company is currently focused on expanding its offerings by launching Racebook, which will allow it to provide sports betting in more states in the US. It also has a variety of instant win games and slots in its Slots+ product and an iGaming platform which it plans to launch in New Jersey later this year.
Reasons PlayUp is Looking For Alternatives
The Board of Directors of PlayUp has initiated a process to explore various strategic alternatives. These include a potential sale of the company or partnerships with other entities. Innovation Capital, LLC, an investment banking firm, will serve as the exclusive financial advisor to the Board of Directors.
Daniel Simic, the company’s global CEO, commented on the launch of the Racebook, noting that it is an integral part of the company’s strategy to capitalize on the growing horseracing industry. He also stated that the company is well-positioned to deliver a product allowing its shareholders to benefit from the ever-increasing betting sector.
Over the past twelve months, PlayUp has also made significant strides in the expansion of its access to US markets. This will allow it to continue providing its customers with more convenient and innovative iGaming experiences.
The company is also pleased with the progress of its US market entry, and Daniel commented that the company’s recent investment by FTX will allow it to accelerate its growth in the country.
Key Takeaways & Potential Outcome
PlayUp is a leading provider of next-generation technology , allowing its customers to enjoy the best possible iGaming experience. Through its innovative BEST solution, the company will be able to create a product experience to meet its customers’ needs.
According to an industry analyst, the US market for iGaming is expected to reach around $8 billion by 2025. PlayUp will continue to expand its sports betting offerings by adding iGaming once the necessary framework is in place.
PlayUp’s strategy is to create a product offering to provide its customers with the best possible gaming experience.