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Just days after it was reported that Australian-based sports betting firm PlayUp is in search of investors to back a $10 million capital raise after a failed effort to list on NASDAQ in the United States, we're now learning that New Jersey regulators ordered the site shuttered.
The PlayUp New Jersey sportsbook is no longer accepting deposits or bets “at this moment in time,” a message reads on their website as of Thursday July 20, 2023.
It's one of the first major blows to the US regulated sports gambling market as reports have come in that PlayUp is slow paying customers.
"Your trust in PlayUp as a preferred sports betting platform has been truly invaluable to us. In our relentless pursuit of enhancing and improving our services, the difficult decision to pause our operations temporarily has been made. As a result we will no longer accept new wagers on our current platform. However, we want to ensure you that any pending wagers will be honored."
Though PlayUp insists withdrawals can be made during this "temporary" downtime, LegalSportsReport reports that there are 30 withdrawals totaling $173,931 pending since June 25.
PlayUp also operates in the state of Colorado and those who maintain accounts there should continue to monitor this news. Though it may be a little too late.
Gaming Analyst Steve Bittenbender reported early Thursday:
"Global CEO Daniel Simic tells me Colorado will be next and he's written to state regulators to put the site in 'maintenance mode'."
DEVELOPING: PlayUp's New Jersey site went down last night.
— Steve Bittenbender (@BittGDCG) July 20, 2023
Global CEO Daniel Simic tells me Colorado will be next and he's written to state regulators to put the site in "maintenance mode." pic.twitter.com/AfASQpf08E
The company was recently banned from operating in Ohio and plans to enter the Iowa market appear to have fallen through.
In May, long established 5Dimes, in business since 1999, finally shut its doors after Gambling911.com reported that company's eventually fate back in February. 5Dimes was licensed by the Isle of Man and had continued taking bets from European customers long after shutting down to much of the North American market. Gambling911 warned readers to pull funds back in February while 5Dimes continued claiming it would obtain a license in Ontario, something that never came to fruition.
- Aaron Goldstein, Gambling911.com
