Australian Sportsbook BlueBet Gets Access into Indiana
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BlueBet announced Tuesday that its Indiana subsidiary signed an initial 10-year “online market access agreement” with Horseshoe Hammond, LLC.
Horseshoe Hammond is a 400,000 sq. ft casino in Hammond, Ind., owned by Caesars Entertainment.
“We are excited to announce our agreement with Horseshoe Hammond, part of the Caesars Entertainment stable, to secure market access in Indiana, one of the US’s major sporting markets,” Bill Richmond, CEO of BlueBet, said in a news release.
What the Deal Means for BlueBet
The deal will allow BlueBet to open its online sportsbook, ClutchBet, in Indiana. This is the fourth state where the online sportsbook will operate, pending regulatory approval and licensing.
“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 also said.
Since 2019 legalization of online sports betting in Indiana, the state of approximately 6.8 million people has generated over $4.5 billion in wagering handle over the past 12 months, per BlueBet, and further cited the two professional teams — the Indianapolis Colts and Indiana Pacers.
Who knows, a partnership with a Caesars brand might be fruitful in the future if Indiana online casinos get regulated. It might allow the brand to tap into this market as well.
BlueBet’s Expansion
Now in four states, BlueBet says this gives it “the platform to complete the first stage of its differentiated “Capital Lite” US entry strategy” and can now “demonstrate the capability of its technology and team to run profitable sportsbooks in the US.”
“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,” Richmond said.
BlueBet also mentions that there are opportunities to expand further. However, the focus will be on the four states it currently is — Iowa, Colorado, Louisiana, and now Indiana.
“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,” Richmond said.
In the coming weeks, BlueBet expects to take its first wager, with Iowa being that first stop. BlueBet anticipates Colorado and Louisiana during Q2 of the 2023 fiscal year and Indiana during the second half of the 2023 fiscal year.
“The size of the opportunity in the US continues to grow with Americans having bet $125 billion on sports in the four years since legalization. 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,” Richmond said.
With more states going live, Kansas being the most recent, it's safe to assume that BlueBet might join Kansas online sportsbooks in the future. For the time being, though, the brand's focus remains on the existing markets.
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