In 2021, industry data from Equibase showed that $12bn of the handle was bet on horse racing. This is a sizable jump from the previous record originally set in 2009.
The new Racebook mobile app launched by PlayUp U.S. will allow the operator access to the horse racing industry. The pari-mutuel-based platform accepts wagers from bettors from multiple states.
At the moment, the states include California, Florida, Kentucky and Ohio, with more expected to be added soon. PlayUp U.S., the company responsible for the creation of the Racebook app, operates sports betting platforms in New Jersey and Colorado.
The company expects to offer a full-service iGaming platform in New Jersey later in 2022. PlayUp’s U.S. Chairman, Denis Drazin is also a longtime racing veteran who also serves as the CEO and Chairman of Monmouth Park racetrack in Oceanport, NJ.
Drazin believes a resurgence of horse racing is underway, stating: "As sports bettors get more and more comfortable with betting on their mobile devices it’s only natural that they look at other betting options including horse racing."
Horse Racing Product Manager of PlayUp U.S. Michael Dempsey said: "I think bettors are going to love what they see on the frontend of the platform, and we’ve tried to create a great experience on the backend as well. We really wanted to introduce this as a differentiator in the market, and we’re really excited for what lies ahead."
Dempsey also stated that the app includes content agreements with tracks including the likes of Keeneland, Belmont Park, Saratoga, Del Mar, and more.
Daniel Simic, Global CEO of PlayUp said: "The launch of our online Racebook comes at an opportune time where you will see significant growth in the horseracing industry particularly as the U.S fixed odd’s market opens up."
He continued: "It is also a testament to the team at PlayUp to be able to deliver a product that taps into the $12 billion a year sector. It’s an exciting time for PlayUp and our shareholders."
