BlueBet agrees Indiana market-access deal with Caesars Entertainment
ClutchBet operator expands to fourth US state in beachhead-style “Capital Lite” US entry strategy
BlueBet has agreed a market-access deal with the Horseshoe Hammond Casino in Indiana with US casino operator Caesars Entertainment.
The deal lays the groundwork for a launch of BlueBet’s ClutchBet online sportsbook brand in the Hoosier State, pending regulatory approval from the Indiana Gaming Commission.
The agreement has an initial 10-year term and sees BlueBet expand into its fourth US state following similar deals in Iowa, Colorado, and Louisiana.
BlueBet is expected to launch in Iowa over the next few weeks, followed by Colorado and Louisiana in Q2 FY 2023, and Indiana in the second half of BlueBet’s financial year 2023.
It also marks the completion of the first phase of BlueBet’s “Capital Lite” US entry strategy, where the Australia-headquartered operator aims to create a US powerbase where the B2C-facing ClutchBet brand will be operated.
The ultimate aim is to demonstrate the brand’s capabilities and team in running a profitable sportsbook.
BlueBet has said there is a “significant opportunity” to expand into other US states but is committed to pursuing its US entry strategy due to the potential for longer-term growth.
“BlueBet’s focus and capital will now be directed towards executing in each of the four initial states, alongside seeking partners nationwide for the launch of its white-labeled Sportsbook-as-a-Solution B2B offer, the second stage of its US entry strategy,” BlueBet explained.
The operator’s US strategy hasn’t always been plain sailing, with BlueBet’s shares dropping by more than 20% in September following the withdrawal of its sports betting license application in Virginia.
Other prospective states where BlueBet has previously suggested it was keen to expand into but failed due to regulatory or other issues include Tennessee, Maryland, and Arizona, where BlueBet lost out on a license in August 2021.
BlueBet CEO Bill Richmond hailed the agreement and the potential afforded by BlueBet’s expansion into Indiana.
“BlueBet now has market access in four US states, which provides a strong platform to roll out our B2C brand, ClutchBet, and demonstrate the capability of our technology and team to run profitable sportsbooks in the US,” Richmond said.
“There is no shortage of opportunities for further B2C expansion in the US, but our focus and capital are pointed firmly towards executing in our initial four states as we seek partners for our Sportsbook-as-a-Solution B2B offer,” he added.
Richmond continued: “With many more states still to come online, we could not be more convinced that our differentiated B2B offer is the best approach to access this opportunity in a disciplined and purposeful manner.
“We are well funded to execute our capital-lite US market entry strategy and remain highly confident in our ability to capture this huge market opportunity,” the BlueBet CEO concluded.