PlayUp Sportsbook is just getting the ball rolling when it comes to U.S. sports betting.
And the NJ sports betting market is a very big part of those plans. So when the company sent out a press release Thursday morning announcing that they are now fully operational in the Garden State, it was a pretty big deal.
Dr. Laila Mintas, PlayUp USA CEO, summed it up best by saying “this is a huge milestone for our business.”
Why NJ is a big part of the PlayUp Sportsbook game plan
The Garden State is not the first U.S. market for PlayUp and it certainly will not be the last.
PlayUp, based out of Australia, made its U.S. debut in Colorado back in March. At the same time, the operator was taking the necessary steps to get its app ready for NJ gamblers. This included working closely with the DGE to clear regulatory hurdles.
The PlayUp NJ app has actually been live since September, but that was considered the “soft launch” phase.
And talk about timing. New Jersey is on the verge of becoming the first legal U.S. sports betting jurisdiction to take in over $1 billion in monthly bets. Exactly what month this will happen is to be determined.
“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,” said Mintas.
“We have aggressive growth plans for our jurisdictional footprint in 2024 and going into other states with New Jersey approval in our back pocket is a positive sign for other regulators.”
Like recent newcomers Barstool and Betway, PlayUp will be strictly an online operator. The press release touches on August revenue numbers as an example of why joining the NJ online sports betting market is such a big deal.
For the month of August alone, $613 million of $664 million in handle (or about 92% of all wagers) came via online apps. By the way, not including September results, which come out on Monday, the Garden State has already topped $6.13 billion for the year. And that total surpasses the $6 billion reported for all of 2020.
PlayUp also has bigger NJ plans
The PlayUp Sportsbook gained NJ market access via a land-based partnership with Freehold Raceway. It’s the second skin to launch under the license this year, with the other being Barstool Sportsbook. That brand debuted back in August.
While the majority of NJ sports betting apps are built with online casinos on the same platform, this is not the case with PlayUp. At least not yet.
Earlier this year, the company announced plans to launch PlayUp Casino via a partnership with Caesars Entertainment (NJ online casinos can not operate under a racetrack license). However, the company has yet to announce a timetable for when slots and table games will be available.
Horse betting could be in play, too
But will fixed-odds wagering on horse racing eventually be included as part of the app? NJ is the first U.S. state in which fixed-odds wagering is now legal.
According to the press release, the company is confident that it will be able to “parlay its horse racing roots into an appealing product“ for NJ bettors.
Longtime horseracing industry veteran Dennis Drazin sits on PlayUp’s board and is bullish on the future of fixed-odds wagering for the racing sector.
“The future of gaming will be to offer every type of wagering on an app 24/7. Horse racing offers a unique opportunity to offer content on racing around the world,” Drazin said.
PlayUp Sportsbook building on Devils partnership
NHL betting fans, specifically those who follow the New Jersey Devils, may recognize the PlayUp logo and name. The two parties announced a partnership prior to the 2021 NHL season to help boost PlayUp brand awareness.
The deal includes a 1,200-square-foot PlayUp sports lounge on the Prudential Center‘s main concourse. An official ribbon-cutting ceremony is taking place prior to Friday night’s home game versus the Chicago Blackhawks.
The space includes more than 32 digital, LED screens.
And of course, NJ bettors can now place those hockey wagers (and other NJ sports wagers) using the PlayUp Sportsbook app.
Image provided by PlayUp