PlayUp, an Australian startup that offers an advertisement-paid version of daily fantasy sports (DFS) is looking for AUD $10 Million (US $7.7 million) to expand the venture on an international scale, according to Business Insider Australia (BIA).
Daniel Simic, the Sydney-based tech entrepreneur behind the startup and other fantasy sports ventures, reportedly told BIA that even though his platform is similar to what other DFS providers in the USA offer, it has something no other international contender has – it’s free to play.
Unlike DraftKings and Fan Duel, which are the most dominant DFS providers in the United States, Simic’s platform doesn’t charge users to play thanks to it being funded by advertising, while still giving them a chance to win prizes. This, reportedly, is what allows PlayUp to avoid the legal and ethical obstacles that its biggest rivals had faced, even though it likewise offers “prize money” to its players that can later be redeemed for gift vouchers, sports gear, and other merchant items.
PlayUp currently offers games from the local AFL and NRL, as well as international cricket, which reportedly made the venture successful in India. Simic’s plans are to also add the NFL, NBA, EPL and eSports to the platform, among other things, as well as scale up his venture and expand to international markets. For this purpose, he is looking to raise a capital of AUD $6-10 million.
According to Simic, daily fantasy sports have become more widely popular than regular fantasy games, as there was no “season-long commitment” in DFS. Talking to Business Insider, he shared that PlayUp had a strong retention rate and that they’ve already signed up 100,000 people. By making DFS more accessible and providing a chance to win prizes without any sign-up fees, he hopes to “take fantasy sports to the next level in Australia and around the world.”