- BlueBet (BBT) expands its presence in the US with a new agreement with Horseshoe Hammond casino to operate in Indiana
- Through its Indiana subsidiary, BlueBet signed a market access agreement with the casino which is owned by global casino giant, Caesars Entertainment
- If regulatory approval and licensing is granted, the deal will see BlueBet operate a new online sportsbook in Indiana under its ClutchBet B2C brand for an initial ten-year term
- It adds to BBT’s access agreements in Iowa, Colorado and Louisiana, which together, the company says provides a platform to launch the first phase of its US entry strategy
- BBT shares are up up 18.1 per cent trading at 55.5 cents at 1:05pm AEST
BlueBet (BBT) has expanded its presence in the US with a new agreement with Caesars Entertainment to operate in Indiana.
Through its Indiana subsidiary, BlueBet signed a market access agreement with Horseshoe Hammond casino, which is owned by global casino giant Caesars Entertainment.
If regulatory approval and licensing is granted, the deal will see BlueBet operate a new online sportsbook in Indiana under its ClutchBet B2C brand for an initial ten-year term.
With Indiana as one of the US’s major sporting markets, BBT CEO Bill Richmond said the company is excited by this latest agreement.
With access agreements in Iowa, Colorado and Louisiana, this deal marks the company’s fourth access agreement in the US.
Overall, the company said it now has a platform to launch its US B2C brand ClutchBet, as part of its “Capital Lite” US entry strategy.
While BlueBet sees significant opportunity to expand into other US states, for now it plans to hone in on the initial four states while it seeks partners for the launch of its white-labelled sportsbook-as-a-solution offer, which is the second stage of its entry strategy.
“The size of the opportunity in the US continues to grow with Americans having bet $125 billion on sports in the four years since legalisation,” Mr Richmond said.
“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”.
BlueBet expects to take first bets in Iowa in the coming weeks, followed by Colorado and Louisiana in the second quarter of the 2023 financial year, and Indiana in the second half of FY23.
BBT shares were up 18.1 per cent trading at 55.5 cents at 1:05pm AEST.