In moments of financial uncertainty, there aren’t too many industries which escape unscathed. Historically speaking though, it is those spheres which involve a degree of speculation which seem more immune than most – be that the top Fx trading platforms, or leading betting companies. As such, it shouldn’t come as the biggest surprise that, in a time of widespread purse-tightening, many gambling operators are hitting the industry headlines courtesy of their expansion plans.
BlueBet Enters US Playing Field
One of the latest companies to opt for a diversification of markets strategy is the hugely successful Australian sports betting operator, Bluebet. Established in 2015, the ASX-listed company is firmly established down under courtesy of the popular Bluebet online betting site, and has now followed the likes of William Hill and Entain in attempting to claim a slice of the pie in the US.
Following a focused “Capital-Lite” strategy, the company has targeted four states for its initial move into the American market, with Colorado Indiana, Iowa and Louisiana being the jurisdictions selected for the launch of the Clutchbook sportsbook brand.
Ready to Roll in Iowa
Having achieved significant growth in Q4 of the most recent financial year – turnover up 31.3%, gross revenue up 34% and net win up 27.3% - Bluebet have deemed that the time is right to broaden their horizons.
Back in June, the company announced that it had signed a 10-year agreement with US giant Caesars entertainment, granting the firm access to the Indiana market. That deal completed the set for Bluebet, with access agreements already in place for Iowa, Colorado and Louisiana.
All that remained then was for the company to be granted the relevant regulatory approval to operate in each of the states. August 22 saw that approval granted by the Iowa Racing and Gaming Commission which granted the mobile sports betting license required to operate in the state. An expected development, but one which was nevertheless greeted with delight by Bluebet Chief Executive Officer, Bill Richmond:
“We are excited to announce that BlueBet is now officially live in the US after being licenced to operate by the Iowa Racing and Gaming Commission. We are preparing to take our first bets in Iowa under our ClutchBet brand. This is a huge moment in BlueBet’s history, and we are thrilled to bring our sportsbook to Iowa sports fans who we are confident will respond well to our mobile-first online offering and differentiated market positioning.”
What Can US Customers Expect?
Given its success in breaking into the hugely competitive Australian betting market, it seems likely that Bluebet are likely to follow a similar strategy in the US. A company with a firm focus on mobile betting, Bluebet built their market share on the foundations of exceptional horse racing coverage and attention-grabbing weekly special offers and promotions. With the US betting public having quickly displayed a marked trend toward those firms which offer bonuses, special deals and incentives, the existing model may not need too much tweaking if it is to prove a smash hit in the hot US market.