Upstart online/mobile sportsbook PlayUp on Tuesday announced that it has secured market access to the state of Indiana, along with Iowa and New Jersey.
PlayUp gets access to the online gambling markets thanks to Caesars Entertainment, which has brick-and-mortar casinos in all three states. Indiana allows three skins per casino licensee.
“These three states are the next phase of our growth in the U.S.,” said Laila Mintas, the CEO of PlayUp USA. “Getting to add iGaming in New Jersey will usher in a new product offering for us that will help us guide and drive our continued success.”
Mintas, who has previously worked for Sportradar and Bet.Works, continued: “The new market access deals for PlayUp will introduce the company to an addressable market of nearly $500 million (Indiana $236M in April, Iowa $118M in April, and New Jersey iGaming $113M in March) that has continued to grow month-over-month. Once these and other pending licensure procedures are completed this year, PlayUp will be among the top 15% of U.S. operators who have access in six or more states.”
According to the firm, it’s already started the process of obtaining licensure in the aforementioned states.
PlayUp is eyeing being live in all three states “later this year.”
The sportsbook is currently licensed in Colorado.
Like other new arrivals to Indiana, PlayUp will have plenty of work to do to grab market share.
Road to meaningful market share
There are currently 12 online/mobile sportsbooks live in the state of Indiana.
In April, the most recent month of Indiana sports betting figures, the state’s sportsbooks handled $236.4 million and kept $20.1 million collectively on a 8.49% win rate. The market is somewhat concentrated and driven by online wagering. More than 88% of April’s handle — over $209 million — came via mobile and online wagering.
DraftKings handled nearly $80 million of that pie, followed by FanDuel with just a tick over $67 million. BetMGM was third with just under $31 million. Overall, mobile and online wagering has accounted for more than 81% of the nearly $3.4 billion bet since the Hoosier State went live in September 2019.
While PlayUp will have a ways to go to make a meaningful dent into the market share of the leading competitors in Indiana, it could quickly become a player compared to others at the bottom of the leader board. The TwinSpires-branded sports betting platform handled just $158,000 in April. WynnBet, which launched April 1, was in second-to-last place with about $400,000.
PlayUp’s brand isn’t the strongest, but alongside Caesars it should grow into a strong player in the market.