One of the hottest online gambling markets to enter in the United States is New Jersey. There seems to be no stopping the Garden State, with online gambling reaching continually reaching new heights. Gambling companies want in on the action, if they aren’t already operating in the state, and the latest to look for entry is PlayUp, an online betting platform based in Australia.
PlayUp recently signed a partnership agreement with Caesars Entertainment, which would allow the brand to launch an online gambling site in New Jersey. The deal was announced earlier this week.
Details of the Deal
In May, Caesars announced expansion plans and now the PlayUp deal has been announced. With a press release, PlayUp USA CEO Laila Mintas was seen in a video, discussing the new partnership. Mintas said that in most states within the US the number of licenses on offer is limited. Such licensing is also in high demand as operators from around the world want to get started in the US.
With the deal involving Caesars, Mintas announced that PlayUp will be able to enter the online sports betting markets in Iowa and Indiana as well as offer online gaming in New Jersey. The deal gives the company access to a huge market with plenty of earning potential.
According to the CEO, the New Jersey launch will include a new online gambling product. The operator will need state regulatory approval to move forward with the new services. It is expected that PlayUp will be offering an online casino and not poker gaming.
Back in February, PlayUp US was able to raise over $12 million from private investors to use for its plans of expansion in the country. In a report, the company announced it plans to launch sports betting, online gaming, esports, daily fantasy sports, and parimutuel horse racing in states across the country.
Growing in the Sports Betting Sector
For PlayUp, the company already operates in Colorado, offering sports betting services online. The brand was able to launch in the state after teaming up with the Bull Durham Casino located in Blackhawk.
The company is also partnered with Penn National and Parx Casino in New Jersey for online sports betting. With the new deal involving Caesars, the brand will be able to expand its sports betting services even further and be able to include even more gambling options to players.
It’s funny to see that new companies are still entering the iGaming market in New Jersey and the industry continues to build up instead of becoming oversaturated. For many years, analysts felt that as the Garden State’s iGaming sector grew, it would eventually become full and there would not be enough players to go around.
However, that is not the case. The industry has expanded and continues to see growth and development at a steady pace. Already, the online gaming operators in the state are earning $100 million in monthly revenues and are showing no signs of slowing down. Adding new operators like PlayUp will only build up the monthly revenue totals even further.