The New Jersey Division of Gaming Enforcement has granted PlayUp its full operational licence. With the company's growing list of regulated jurisdictions, it ticks New Jersey – the largest regulated sports betting markets in the US – off its list.
Since March, PlayUp was granted approval in Colorado, which soon paved the way for the New Jersey launch. This was always a top priority for the operator, announcing its partnership with the New Jersey Devils at the start of last season to "boost its brand awareness in the state."
PlayUp can now target consumers in the Garden State as a certified online sports betting operator.
Dr Laila Mintas, PlayUp USA CEO, said: “This is a huge milestone for our business. 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, have cleared the most stringent regulatory standards in the world. We have aggressive growth plans for our jurisdictional footprint in 2022, and going into other states with New Jersey approval in our back pocket is a positive sign for other regulators.”
In August, it was announced that the state’s sports wagering handle hit $664m, with an estimated $613m coming from online platforms. These numbers grew New Jersey's year-to-date handle to $6.13bn, exceeding last year's figures.
Mintas continued: “PlayUp is already working on adding an iGaming product offering in New Jersey and hopes to have regulatory approval in the future.”
The company remains confident that horseracing is an appealing product for New Jersey residents and has added fixed-odds horseracing to the company’s offering.
Horseracing industry mogul Dennis Drazin stands sanguine in the ideals that the future of fixed-odds wagering is a promising one. He said: “The future of gaming will be to offer every type of wagering on an app 24/7. Horseracing offers a unique opportunity to offer content on racing around the world.
“PlayUp intends to enter the fixed-odds wagering market in New Jersey and throughout the US as the market grows.”