PlayUp completes successful private capital raise of A$12.5 million
PlayUp Limited (the “Company”) is pleased to announce it has successfully completed a significantly over subscribed private capital raising of A$12.5 million (“Capital Raising”).
The Capital Raising received very strong support from new and existing, institutional and high net worth investors, including several investors with a strong pedigree and track record in the betting entertainment industry.
The Capital Raising will fund the Company’s launch and expansion into the US market.
PlayUp’s CEO, Daniel Simic, commented: “We are very pleased with the outcome of what has been a highly successful capital raising for the Company. We want to thank existing shareholders who participated in the Placement and welcome new investors to the register for the next stage of PlayUp’s growth, being our launch into the US market.”
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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.