PlayUp, an Australian startup is seeking $10 million capital to bring the idea of an advertisement paid version of daily fantasy sports concept into a more attractive idea locally. According to the startup owner, a Sydney entrepreneur Daniel Simic the idea of his venture undoubtedly is similar to the businesses in the USA, but his site is the only international site that makes it free to play because of advertising.
The site already has a 100,000 people registered to play and also has strong retention rates.
Daily fantasy sport is still a disputed topic of whether the practice is just a form of gambling. The idea of startup led by Simic does not involve such hassles or issues of legality as the users are not required to pay any money to play, despite the fact they're eligible to win prizes. Advertising funds the site, and the prize money earned can be used to redeem gift vouchers from its online store.
The platform proved to be a huge success in India offers daily fantasy games like BRL, AFL, and international cricket is currently seeking to raise somewhere between $6 million to $10 million to grow the business to international markets. Simic further plans to add the NBA, A-Leagues, EPL, NFL, T20 cricket, Kabbadi; an Indian contact sport and eSports to the PlayUp site.