PlayUp Limited announced today that it has entered into a partnership with BetSwap Limited that will allow its U.S. online sportsbooks access to innovative secondary market technology.
BetSwap allows users to buy and sell active bets with odds that are no longer available at sportsbooks. Terms of the agreement were not disclosed, though PlayUp Chief Strategic Officer Tony Caine said it should be operational by this weekend’s full slate of NFL games for the first week of the regular season.
"It's a really unique way for our users to get social on our sportsbooks and potentially take advantage of a missed opportunity," said Caine in a press release announcing the partnership. "It's something we think will add immense value to sports bettors and we're excited to be one of the earliest adopters of the technology in the United States."
How BetSwap works
Once implemented, users who have the PlayUp app will be able to utilize BetSwap technology. Those who have bet slips will be able to sell their bet — and control when and how much they sell their bet for.
The proprietary advanced price prediction algorithm will suggest to sellers the perfect price to sell their bet at, ensuring that value is maximized for both parties and the sale is quick.
For buyers, they are able to search out wagers that interest them and get the best odds for an event — which often will no longer be available from the sportsbook.
It is similar to PropSwap, another mobile app that allows secondary market sales of bet slips. BetSwap, however, is the first of these platforms that is aligned with a sportsbook. Brent Winston, co-founder and CEO of BetSwap, said in the release that the pairing with PlayUp is a game changer in the industry.
"We are very excited to be partnering with PlayUp to bring our innovative solution with industry-first functionality to PlayUp's users," Winston said. "It's been a pleasure working with Tony and the team to date and we're really excited for their users to have a new way to engage with their sportsbook in addition to being able to engage with one another. We can't wait to see some of the unique ways in which PlayUp will change the sports betting landscape because of the integration of our technology."
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PlayUp expanding in U.S.
PlayUp currently offers legal sports betting in two states: Colorado, launched in March 2021, followed by New Jersey in October, as the company aligned its sportsbook with Freehold Raceway, the oldest horse racing track in the United States, and launched its mobile app in the Garden State in January 2022.
The Australian-based company holds online betting licenses in multiple countries and currently operates in Australia, New Zealand, and India. They also have licenses in Iowa and Indiana, in a partnership with Caesars, but have yet to launch in those states.
PlayUp has also gotten into partnering with a professional sports team, having a multi-year deal in place with the NHL’s New Jersey Devils. The agreement included studio naming rights, a lounge, and signage around the Devils’ arena, the Prudential Center.
