Play Up Pays Up But Futures to Be Maxed Out at $2K Regardless of Stake
We are learning that beleaguered Australian sports betting firm PlayUp has finally paid what is owed to players.
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— gambling911 (@gambling911) July 22, 2023
The PlayUp New Jersey sportsbook stopped accepting deposits or bets effective Thursday July 20, 2023.
Though PlayUp insisted withdrawals could still be made during what it termed a "temporary" downtime, LegalSportsReport reported that there were 30 withdrawals totaling $173,931 pending since June 25.
New Jersey regulators yanked the PlayUp license and Colorado regulators followed suit.
Pro sports bettor Jack Andrews announced via his Twitter page that all players have since been made whole, but with one caveat.
"Good News/Bad News on PlayUp: Good News: Everyone requesting a withdrawal has been paid in a timely manner. Bad News: Pending Futures at PlayUp NJ have been reduced to max payout of $2000 no matter what the original stake or odds were at the time of bet. Attn: NJ DGE!"
Good News/Bad News on PlayUp:
— Captain Jack Andrews (@capjack2000) July 26, 2023
Good News: Everyone requesting a withdrawal has been paid in a timely manner.
Bad News: Pending Futures at PlayUp NJ have been reduced to max payout of $2000 no matter what the original stake or odds were at the time of bet.
Attn: NJ DGE!
That's outrageous and a huge slap in the face of gamblers.
The whole point of having sportsbooks regulated in the first place is so that customers can feel assured they will be made whole. It's not immediately clear how many, if any, PlayUp customers will ultimately be impacted, however, one can imagine that there are individuals who placed futures bets on the USA Women's soccer team to win this year's World Cup. Though that's not a guarantee, if someone were to have bet $1000 at 3-1 odds, the payout would normally be $3000. That's now reduced to $2000.
We are also beginning to hear from former employees of PlayUp. The company laid off just about everybody and reportedly owes back pay.
"Fuckin biggest piece of shit out there," said a former employee of PlayUp in regard to its CEO Daniel Simic. This particular former employee, who wished not to be named, is not owed any back pay we should state.
Another tells us he could charm his way out of just about anything. This person was a little less critical of Simic while still suggesting he had pretty much worn out his welcome in the industry.
Between PlayUp and PointsBet, the latter of which entered into some questionable betting partnerships with two universities the whole time reportedly hemorrhaging money, Australia's once pristine reputation in the world of offshore sports betting is now somewhat tarnished. Australia was once well represented in the early days of offshore sports betting in the US with companies such as Canbet and Centrebet. In fact, the creator of Bitcoin, Dr. Craig Wright, once functioned as the Chief Information Officer at the latter company.
My how things have changed.
- Chris Costigan, Gambling911.com Publisher
