Fixed Odds Horse Racing Another Step Closer in the US
The Board of PlayUp Limited (“PlayUp”) are pleased to update the market on the positive developments in the US in relation to fixed odds betting on horse racing in New Jersey, where PlayUp has secured online sports betting market access.
As part of the legislative process, Bill A4909 which authorises fixed odds wagering on horse races through a fixed odds wagering system, was passed by a unanimous vote at the Assembly Tourism, Gaming and Arts Committee meeting on Tuesday, May 18, 2021.
Earlier this morning AEDT, the full floor of the General Assembly in New Jersey voted 74-0, with one abstention, in favour of Bill A4909.
PlayUp Global CEO Daniel Simic said:
“Supporting our plans for a significant presence in New Jersey, with our new fixed odds wagering platform we are excited to bring competitive fixed odds racing product to the New Jersey consumer. Our New Jersey launch plans are well advanced and we are dealing with the usual regulator requests prior to our launch of our online sports betting and iGaming products.”
“The future of US fixed odds wagering on horse races continues to progress quickly and we will update the market on further developments.”
With our strong industry links into the US horse racing industry, we look forward to playing an important role in the emerging fixed odds racing sector. Specifically, our Non-Executive Director Dennis Drazin (Chairman and CEO of Monmouth Park racecourse New Jersey) has been instrumental in leading this change in legislation.
PlayUp Non Executive Director Dennis Drazin said:
“This is another step forward for fixed odds wagering in the US and in particular New Jersey. We have worked hard for the past 2 years to try and move this concept forward as we believe it will grow the handle in the US and give us an opportunity to increase the purses, making a stronger US horse racing industry.”
New Jersey is one of a number of markets PlayUp have access to in the rapidly growing online sports betting and iGaming US industry:
PlayUp look forward to further positive Legislative developments that will allow us the opportunity to offer competitive fixed odds horse racing product across our US landscape.
The next step of the legislative process in relation to New Jersey is for Bill S3090 to be voted on the floor of the Senate in the coming months.
For further information please contact:
Dean Sleigh – CFO
+61 412 330 285
Jane Morgan – Investor Relations & Media
+61 405 556 618
PlayUp is a Premium Betting Entertainment and Technology Group that enriches the lives of people through entertaining, rewarding and responsible online betting. We develop innovative online betting technologies in-house to power our brand and deliver world-class user experiences. Our energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.
Today, we successfully operate and power a highly scalable and robust, cloud-based online betting platform that unifies the world’s favourite betting products including Fixed Odds Sports Betting, Fixed-Odds Racing (Horses and Greyhounds) and Esports. Additionally, we offer Daily Fantasy Sports (DFS), a competitive format of peer-to-peer online betting, where we host Australia’s largest and indeed some of the globe’s biggest DFS prize pools.
We hold betting licences in multiple jurisdictions and currently operate in Australia, New Zealand, India and the US. Our biggest market is Australia, where we are the largest and most recognised DFS provider in the country and one of the fastest growing fixed-odds providers. In the USA, we have secured licensing and access to the nascent online sports betting market with imminent launch into multiple states.