Join our daily newsletter At The Bell to receive exclusive market insights
- BlueBet Holdings’ (BBT) subsidiary BlueBet Arizona and its partner Colorado River Indian Tribes have been unsuccessful in their application for an online sports betting license in Arizona
- The number of licences awarded to native American tribes was capped at 10, leading to a competitive process
- Bluebet’s application had meet all the requirements, but a licence wasn’t awarded at this stage
- On the market this morning, BlueBet is down 9.25 per cent and is trading at $2.55 per share at 11:30 am AEST
BlueBet Holdings (BBT) has been unsuccessful in its application to operate online sportsbook in Arizona.
Earlier this month, the company’s subsidiary BlueBet Arizona and its partner Colorado River Indian Tribes applied for an online sports betting licence.
In April, online sports betting in Arizona was made legal by Governor Doug Ducey. The launch date is expected on September 9, which is in line with the upcoming NFL season.
The number of licences awarded to native American tribes was capped at 10, leading to a competitive process.
Bluebet’s application had meet all the requirements, but a licence wasn’t awarded at this stage.
“Securing an Arizona licence at this time would have been an unexpected addition to BlueBet’s USA entry strategy but it was not factored into the company’s USA business plan, which remains unchanged,” the company told the market.
“We continue to execute on that plan.”
Additionally, BlueBet’s licensing process in Iowa remains on track after its advanced deposit sports wagering operator agreement with Q Casino was approved by the Iowa Racing and Gaming Commission.
BlueBet was down 9.25 per cent and was trading at $2.55 per share at 11:30 am AEST.
