BlueBet has declared the finish of the initial stage of its US market growth strategy, designed to drive its financial progress for the 2022 fiscal period.
BlueBet obtained a market entry agreement with Caesars Entertainment in the recent quarter, permitting it to initiate online sports wagering operations in Indiana under its ClutchBet label, which was introduced earlier this year.
BlueBet also possesses market access rights in Colorado, Iowa, and Louisiana. With the inclusion of Indiana, the firm stated that it can now finalize the first step of its two-stage “light asset” US entry approach using the ClutchBet brand.
The company suggested that there are substantial opportunities for B2C expansion into other states, but its attention and resources will be concentrated on the initial four states. It will also seek collaborations with operators across the US to introduce its white-label sports betting as a service (Saas) B2B offering, preparing for the second phase.
“BlueBet is prepared to commence operations in Iowa under the ClutchBet brand and is currently awaiting final authorization,” the company declared.
Trial runs on the platform have been finished, and the final GLI certification is about to be issued. The last step before getting the green light from Iowa regulators is to finish geolocation testing.
The company anticipates receiving a license in the coming weeks.
The expected launch will follow BlueBet’s successful final quarter, during which its betting handle (the total amount wagered before payouts or losses are considered) rose by 31.3% to $126.6 million (£71.8 million/€85.6 million/$87.7 million).
Thoroughbred horse racing accounted for 47% of all bets in the final quarter, greyhound racing for 26%, harness racing for 9%, and other sports for 18%. Players wagered $68.3 million through iPhones, $14.8 million through Android devices, $41.3 million through the BlueBet website, and $2.3 million through the call center.
In terms of total income, there was a year-over-year increase of 34.0%, from $12.7 million to $17 million, while the number of active users grew by 64.2% to 53,328.
The operator also noted that net profit (the amount received from losing customers, minus the amount paid to winning customers and promotional costs) in the final quarter increased by 27.3% to $12.8 million.
Looking at the full-year financial figures, betting handle increased by 48.5% to $511.9 million, total income grew by 59.5% year-over-year to $70.5 million. Full-year net profit also increased by 53.6% to $54.6 million.
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