Market access agreement with Caesars creates opportunity in burgeoning $100M monthly market
LAS VEGAS, Nev., Nov. 3, 2021 /PRNewswire/ -- Fresh on the heels of its announcement last week that it was entering the Iowa iGaming market, PlayUp has secured market access for Pennsylvania iGaming, creating a larger footprint for its United States expansion plans.
The addition of Pennsylvania to PlayUp's future iGaming states demonstrates the operator's bullishness on the future of iGaming and its strategic vision to be more than just an online sports betting operator. The company currently operates sports betting in New Jersey and Colorado and its CEO, Dr. Laila Mintas, said it is key for PlayUp to have an in-depth product portfolio as part of its strategy to differentiate itself.
"It's no secret that the sports betting sector is ultra competitive in the U.S.," she said. "The way we look to cut through the noise is to offer unparalleled customer service and experiences for our VIPs, and provide our patrons gaming and entertainment options beyond just sports betting. iGaming and other services are central to our roadmap of including a wide breadth and depth of options in our product portfolio."
Pennsylvania was an early adopter of iGaming and in September of this year the sector generated gross revenue of nearly $98 million, a 71.5% increase from September of 2020 when revenue was just over $57 million. The state is one of five states (Nevada, Michigan, New Jersey, and West Virginia) that currently offer iGaming. PlayUp expects to be live with its iGaming product in New Jersey shortly, according to Dr Mintas.
The market access deal comes through a skin with Caesars Entertainment's property Harrah's Philadelphia Casino and Racetrack. Earlier this year investment bank Goldman Sachs projected the iGaming market in the U.S. to reach $39 billion in 2033.
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 hosts 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 the U.S., Australia, New Zealand and India.