BlueBet has decided to pull out from the Indiana market amid various setbacks. In addition, the betting operator has initiated a strategic review of its operations in the United States.
BlueBet originally entered the Indiana wagering sector through an agreement with Caesar Entertainment’s Horseshoe Hammond property. However, the Australian operator opted to cancel the deal, effective June 30. According to BlueBet, both parties agreed to the termination.
Now that BlueBet will no longer offer wagering to fans in Colorado, it will refocus its efforts on other US jurisdictions, such as Colorado, Iowa and Louisiana. The company already has a significant presence in these states and is looking forward to capitalizing on their fast-growing wagering markets.
BlueBet’s current strategy is to tackle promising betting markets while avoiding the highly competitive top states, such as Pennsylvania and New York.
In addition, BlueBet will continue to run its B2B Sportsbook-as-a-Solution business without change.
The US Market Is Very Competitive
In addition to the setback in Indiana, BlueBet has to deal with the significant dominance of rival sportsbooks such as DraftKings and FanDuel. Sometimes referred to as a “duopoly,” the two operators’ undisputed rule has made it harder for smaller companies to gain traction.
As a result, BlueBet decided to also initiate a strategic review of its business and evaluate its business. While the operator did not confirm the reasons for this move, it is likely that it will evaluate the opportunities in the US.
Still, BlueBet’s intent seems to be to continue growing its presence in America, complementing its strong position in its home market, Australia. The company’s leadership is convinced that this approach will “deliver the best return on capital.”
In any case, BlueBet is not the only Australian powerhouse to struggle in the United States. One of the most notable departures from the US market saw PointsBet sell its US-facing assets to Fanatics, effectively pulling out from America for good.
PointsBet’s loss was Fanatics’ gain as the latter company managed to secure access to well-developed operations and entry into new markets, such as New York.
In any case, BlueBet’s operation in Australia hasn’t been all smooth sailing either as the Victorian Gambling and Casino Control Commission (VGCCC) recently slammed the operator with a $32,000 fine over illegal billboard ads.
Earlier this year, BlueBet unveiled a historic merger with Betr, which some experts had called the “worst-kept secret in the gaming industry.”
