Share
PlayStar Gaming Group AB has received a $15m equity investment from Meyer Global Management (MGM).
Through this investment, MGM will support the casino operator in its U.S. expansion and further growth plans.
PlayStar is one of the newest online gambling operators that entered the U.S. market with its launch in New Jersey five months ago. In October, PlayStar announced the launch of its app, available on the App Store and Google Play store.
$15 million equity investment into PlayStar’s growth
PlayStar has made a “flying start” in its five months of operations in New Jersey. The company says it has exceeded “all major KPI forecasts” and is already “competing against notable peers in this market.”
Upon launching, PlayStar was determined to provide an online casino experience with a heavy focus on personalization and player engagement. PlayStar says it is on its way to achieving its mission by “leveraging real-time data to create tailor-made player journeys through predictive modelling.”
With solid performance since its launch, PlayStar has caught the attention of Meyer Global Management.
As a firm focused on identifying gaming brands at the forefront of innovation, MGM decided to put its weight behind PlayStar in its future endeavours.
Per Hellberg, Chief Executive Officer at PlayStar, said:
“PlayStar is delighted to welcome Meyer Global Management as a shareholder in our business. MGM’s confidence in PlayStar to provide $15 million to support us in a time of such economic uncertainty says a lot about PlayStar’s performance over the past few months.”
With PlayStar currently aiming to expand its operations, it will also use this investment to support its launch in Pennsylvania next year.
Hellberg added:
“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.”
MGM believes PlayStar has the potential to grow in the U.S.
Owen E. H. Meyer, Chief Executive Officer at Meyer Global Management, LLC, commented:
“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.
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.”
PlayStar giving away $1,000, Jets tickets and signed memorabilia
PlayStar has recently announced an exciting giveaway to promote its launch and encourage registration.
Following a successful activation with the same incentive offerings at the Jets’ Nov. 27 home game, PlayStar is looking forward to returning to MetLife Stadium.
The casino is giving away several valuable prizes at an upcoming New York Jets home game this Sunday, Dec. 18.
Each new player who registers an account and makes their first deposit will enter the sweepstakes to win one of the valuable prizes. These include:
- Club tickets and sideline passes to an upcoming Jets game
- PlayStar branded merchandise
- Signed Jets memorabilia or a grand prize of $1,000
Jets Ring of Honor member, Wayne Chrebet, will be on-site to sign autographs and take photos with fans as they sign up for the app.
