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Caesars Entertainment is adding to its online gambling partnerships in the US. The latest deal is with Australian online betting platform provider PlayUp.
Last month, Caesars announced expansion plans of its own, which include rebranding recent acquisition William Hill using Caesars’ own name. While that move is still pending, Caesars is moving ahead with other revenue streams. It announced the PlayUp deal on June 8.
In a video accompanying the release, PlayUp USA CEO Laila Mintas said of the partnership with Caesars:
“In most of the states, the amount of available licenses is very limited. And they are, of course, in high demand, as operators from all over the world are trying to get access to the US market – which is said to become the largest legal sports betting market in the world. So I couldn’t be more excited to share with you that PlayUp has continued to acquire market access. Now, through a deal with Caesars Casino – which is a very strong brand. The deal gives us immediate access into [online sports betting in] Indiana, Iowa and iGaming [in] New Jersey.”
She said the deal gives PlayUp access to an addressable market of nearly $500 million.
Mintas said PlayUp’s partnership with Caesars in New Jersey will result in the launch of a new iGaming product, pending state regulatory approval. This presumably means online casino, since PlayUp isn’t in the poker business.
Although New Jersey will be PlayUp’s first online gambling market in the US, it probably won’t be the last.
The company raised $12.5 million from private investors in February for PlayUp’s US expansion plans. PlayUp’s 2020 annual report detailed the company’s $17.5 million in net revenue during the fiscal year ending on June 30, 2020. It also said its American expansion would include sports betting, daily fantasy sports, parimutuel horse racing, esports and iGaming “on a state by state basis, throughout the USA.”
The company claims it offers some of the world’s largest daily fantasy prize pools.
Also pending regulatory approval, PlayUp will partner with Caesars properties in Indiana and Iowa.
Fixed-odds sports betting is a significant component of PlayUp’s business. In the US, it already provides legal online sports betting in Colorado, having launched on St. Patrick’s Day 2021. PlayUp’s partner there is the Bull Durham Casino in Blackhawk, however, not Caesars.
For its second license in the US, PlayUp started teaming up with household-name brands. It obtained a license to offer online sports betting in New Jersey in partnership with Parx Casino and Penn National.
Before the announcement about the PlayUp partnership, Caesars noted it provided “sports betting options in 18 US states and territories, including over 170 retail sportsbooks.” That May 26 announcement was about its new William Hill Sportsbook inside Capital One Arena in Washington, DC.
As further proof that Caesars is expanding its online betting presence, the two-story, 18,000 square-foot retail sportsbook is designed to work in conjunction with the online sportsbook. The announcement touts the venue’s 17 betting windows and 12 self-service betting kiosks, as well as its “Verizon 5G Wi-Fi capability so fans can place wagers on mobile devices.”