PlayStar has received a $15m (£12.1m/€14.1m) equity investment from Meyer Global Management, which will support the operator in its US expansion and further growth plans.
PlayStar entered the US market with its launch in New Jersey five months ago. In October, it launched an igaming casino app in the state.
The operator said that it has exceeded key performance indicators in the state.
“PlayStar is delighted to welcome Meyer Global Management as a shareholder in our business,” said Per Hellberg, chief executive officer at PlayStar. “[Meyer Global management]’s confidence in PlayStar to provide $15m to support us in a time of such economic uncertainty says a lot about PlayStar’s performance over the past few months.”
“While several online gambling sites have been forced to cease operations in the past year, we’ve surpassed our initial forecasts and are well-positioned for further expansion. The funding from Meyer Global Management will enable us to build on this initial success as we grow our New Jersey operation and look to launch PlayStar in Pennsylvania.”
Meyer Global Management’s investment will allow PlayStar to fund further endeavors in the US and beyond.
“Meyer Global Management is an investment firm focused on identifying innovative technology companies that have long-term sustainability to deliver strong returns for our investors,” said Owen E. H. Meyer, chief executive officer at Meyer Global Management. “What we’ve seen from PlayStar since it debuted in New Jersey a few months ago is very impressive and I believe that with our support, the company has the potential to be just as popular when it goes live in Pennsylvania.
“PlayStar’s management is very experienced in this industry and we look forward to continued momentum in player acquisition and retention.”