""US Sports"" – Google News
LayUp is now completely live in New Jersey and is entering the largest sports betting market in the USA, the operator announced on Wednesday. The company has received full regulatory approval required to launch in the state.
The full operating license was granted to PlayUp earlier this week by the New Jersey Division of Gaming Enforcement. The start will take place after the approval of PlayUp in Coloradowhere it has been in operation since March.
“This is a big milestone for our business” called Dr. Laila Mintas, CEO of PlayUp USA. “New Jersey is not only the market with the highest sales for any operator, it is also a Indicator that tells the market, both consumers and investors, that we have cleared the most strict regulatory standards in the world. “
New Jersey was quickly becoming the next priority for the operator in its growing list of jurisdictions, the company said in a press release. Shortly after being approved by Colorado, PlayUp began a tedious process to get its platform, processes, and procedures approved.
Earlier last season, the online sports betting and entertainment technology company announced a partnership with the New Jersey Devils. The deal was made to increase brand awareness in the state.
“We have aggressive growth plans for our jurisdiction in 2022, and it is a positive sign for other regulators to move to other states with New Jersey approval,” Mintas said.
After gaining regulatory approval in the state, PlayUp can now target customers in a state that has been growing steadily since its launch in 2018, the operator says. Aside from that, The company believes it is “uniquely positioned” in the market as a 100% online sports betting provider, a model that “works very well” as a high percentage of NJ trade comes from online bettors.
State trade for August was $ 664 million: most of that, $ 613 million, came from online platforms. The August numbers put New Jersey in net worth $ 6.13 billion since the start of the year, surpassing what it made for the entire 2020 period.
According to Mintas, PlayUp is already working to add an iGaming product offering to the state and is hoping to get regulatory approval “in the future”. The company is also confident of having an attractive product in horse racing as the state recently added fixed quotas in this industry.
The company’s board of directors is US Sports Betting Hall of Famer Dennis Drazin, a long-time veteran of the horse racing industry who is “optimistic about the future of fixed-odds betting” for the racing sector. The company describes Drazin as “instrumental” in creating the New Jersey legislation that eventually resulted in the US Supreme Court opening up the sports betting market.
“The future of gaming will be to offer all types of betting 24/7 in one app,” said Drazin. “Horse racing is a unique opportunity to offer racing content around the world. PlayUp intends to enter the fixed odds betting market in New Jersey and across the United States as the market grows.”