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Australian sportsbook PlayUp announced Thursday that it is temporarily shutting down operations in New Jersey, suffering another setback as it struggles to remain afloat in the U.S. market. The company announced one day after the New Jersey Division of Gaming Enforcement (DGE) issued an order revoking the transactional waivers that allowed PlayUp to conduct sports wagering across the state. Under the order, PlayUp must pay out any pending wagers to New Jersey customers.
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Although PlayUp had been authorized by the division to launch an online casino platform, the company has not gone live with that product in the Garden State. The order issued terminates PlayUp’s contract to offer iGaming in the state.
PlayUp’s inability to comply with New Jersey laws demonstrates that it cannot offer real-money wagers at the standards required by statewide regulations and statutes, the DGE wrote in the order.
Beset by a faulty investment from cryptocurrency exchange FTX, PlayUp disclosed plans last week to sell its U.S. assets to an unnamed public company. PlayUp was dealt its latest setback days after sources were told that the company is seeking $10 million in financing after a failed bid to go public in the U.S.
Speculation mounted after New Jersey customers could not access the site. Before the order, PlayUp operated in only two U.S. states: New Jersey and
In June, the DGE sent a letter to then-PlayUp Chief Financial Officer Glenn MacPherson requesting assorted financial information related to its New Jersey operations. As part of the request, New Jersey regulators sought information on PlayUp New Jersey’s year-to-date remittance of employee withholding tax, certain bank statements between January and June 2023, and payroll registers. The DGE did not receive a response from PlayUp by the division’s July 6, 2023, deadline.
One day later, PlayUp CEO Daniel Simic informed the DGE during a phone call that MacPherson no longer served in that capacity. The DGE forwarded the request to Simic following the call.
Under the financing agreement with FTX, a potential capital raise above $10 million may benefit former clients of the now-defunct crypto exchange. As part of the FTX agreement, its stake in PlayUp will increase if the sportsbook operator receives financing from a separate transaction above the threshold. Once valued at approximately $32 billion, FTX entered Chapter 11 bankruptcy protection in November 2022 amid a liquidity crisis.
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