PlayUp is now fully live in New Jersey, thus entering U.S.’s largest sports betting market, announced the operator on Wednesday. The company has secured the full regulatory approval needed to launch in the state.
The full operational license was given to PlayUp earlier this week by the New Jersey Division of Gaming Enforcement. The launch comes after PlayUp was granted approval in Colorado, where it has been operational since March.
“This is a huge milestone for our business,” said Dr Laila Mintas, PlayUp USA CEO. "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.”
New Jersey quickly became the next priority for the operator in its growing list of jurisdictions, said the company in a press statement. Shortly after the Colorado approval, PlayUp started an arduous process of getting its platform, processes, and procedures approved.
At the start of last season, the online sports betting and entertainment technology company announced a partnership with the New Jersey Devils. The deal was secured in an effort to boost brand awareness in the state.
“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,” further said Mintas.
Following regulatory approval in the state, PlayUp can now target customers in a state that has seen continued growth in handle since launching in 2018, says the operator. Moreover, the company believes to be “uniquely positioned” in the market as a 100% online sports betting operator, a model that “lends itself nicely” as a high percentage of the NJ handle comes from online bettors.
State handle for August was $664 million: most of it, at $613 million, came from online platforms. August numbers give New Jersey a year-to-date handle of $6.13 billion, surpassing what it generated in handle for the entire 2020 period.
According to Mintas, PlayUp is already working on adding an iGaming product offering to the state, and hopes to have regulatory approval “in the future.” The company is also confident that it will be able to offer an appealing product in horse racing as the state has recently added fixed-odds in this vertical.
The company’s board features U.S. Sports Betting Hall of Famer Dennis Drazin, a longtime horseracing industry veteran who is “bullish on the future of fixed-odds wagering” for the racing sector. The company describes Drazin as “instrumental” in helping create the legislation in New Jersey that eventually led to the U.S. Supreme Court opening up the sports betting market.
“The future of gaming will be to offer every type of wagering on an app 24/7,” Drazin said. “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.”