While news about the ongoing presidential elections has been drawing media attention, PlayUp snatched the limelight for a while with its recent announcement. This Australian gaming company will soon be entering the U.S. online sports betting landscape, as the company announced that its $25 million equity offering for its U.S. expansion plans has exceeded expectations.
PlayUp, whose entry to the Australian gaming industry was marked by pioneering the daily fantasy sports in the land down under, takes pride in announcing that the initial offering has been over-subscribed. The report simply denotes that there is overwhelming demand for more sports betting providers not only in Australia but also in the U.S. More so now that about 20 jurisdictions have already passed legislations in support of online sports betting.
To date, Louisiana, Maryland, North Carolina, South Dakota, Virginia and Washington have already passed proposed legislation in support of sports betting. While several others have yet to introduce or pass bills in support of sports betting in their respective state.
Current U.S. Jurisdictions in Which PlayUp will Operate
In the U.S., the Australian gaming operators has already gained access to New Jersey’s online gambling arena, touted as the largest sports betting market as far as sports wagering is concerned. New Jersey after all, through former NJ Governor Chris Christie is the major proponent in the legalization of sports betting in the country, despite strong protests put up by major sports leagues. As the turns of events have it, even the major American sports leagues have embraced sports betting by partnering with leading sportsbook providers.
In addition, PlayUp also boasts of having access to Colorado’s nascent sports betting market. In North Dakota, where a sports betting bill has already been introduced but not yet passed legislative proceedings, PlayUp already made its presence known by acquiring a pari-mutuel license from the ND Racing Commission.
PlayUp CEO Daniel Simic remarked that their acquisition and consolidation of two top-tier Australian betting brands TopBettta and ClassicBets made it possible for PlayUp to grow rapidly, generating more than AUD270 million in yearly turnovers.
Will PlayUp Consider Entering the Asian Online Gambling Market?
While the PlayUp CEO says that they have demonstrated the ability to prevail over competitive sport betting markets, will an entry in the Asian online gambling market be far off? After all, while its neighbors in Asia are seen as “tough nuts to crack” in view of imposed bans on online gambling, Asia’s remote gambling arena is actually the second largest market, ranked next to Europe.
In fact, SBOBET, a UK homegrown sports betting provider has shown considerable success in offering sports betting products in Indonesia through its Judi Online online gaming site. SBOBET operates as a trusted online casino and sportsbook operator in Southeast Asia via the licenses granted by the Isle of Man Gambling Supervision Commission and the Philippine government’s Philippine amusement and Gaming Corp. (PAGCOR).