Another Online Sportsbook Poised to Enter New Jersey Market

Another Online Sportsbook Poised to Enter New Jersey Market
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Enter another sports betting platform in the New Jersey market.

Australian-based PlayUp, an online betting and entertainment company that provides sports betting, horse racing and daily fantasy sports in Australia, New Zealand and India, has entered its second U.S. market by acquiring a sports betting license in New Jersey, according to a news release Tuesday.

PlayUp will be New Jersey’s 19th online sportsbook. The company said it plans to launch in the first quarter of this year.

To obtain the license, PlayUp signed a multi-year deal with FR Park Racing, LP (FRP), which is the sports wagering certificate holder and operator of Freehold Raceway in Freehold, the release said. FRP is owned by Pennwood Racing, Inc., whose partners include Greenwood Racing Inc., Penn National Gaming Inc. and Parx Casino.

This is the second market agreement that PlayUp has announced after the recent acquisition of its Colorado license in September 2020.

“Parx Casino is happy to partner with PlayUp in New Jersey as they debut their international expertise of online sports betting in the United States,” Matthew Cullen, Parx senior vice president of interactive gaming and sports, said in the news release.

In late September 2020, Parx Sportsbook at Freehold Raceway opened with four teller windows and nine self-service kiosks.

New Jersey set a national sports betting handle record in November and could top $1 billion wagered in a single month when it releases December figures this week.

Drazin Among New Jersey Ties

PlayUp established New Jersey ties in early December when Dennis Drazin was appointed to PlayUp’s board of directors. Drazin, a veteran of the sports betting industry in New Jersey, is chairman and chief executive officer of Darby Development LLC, the operator of the largest racetrack in New Jersey, Monmouth Park.

Drazin and the track made sports betting history in New Jersey when it took the first legal sports wager by Gov. Phil Murphy on June 14, 2018, at its onsite William Hill sportsbook.

Last November, PlayUp raised $25 million dollars to rapidly pursue the U.S. market.

“We are very excited about the partnership with two excellent brands - Parx Casino and Penn National,” PlayUp USA CEO Laila Mintas said. “We are looking forward to establishing PlayUp as a strong and innovative sports betting brand in the U.S.”