BlueBet, the parent company of ClutchBet, has announced its exit from the Indiana sports betting market following the termination of its market-access agreement with Horseshoe Hammond casino. The agreement is set to end on June 30, 2024, just over two years after it was initially reached.
After confirming a merger with Australian operator Betr, BlueBet underwent a strategic review of its US operations. As a result, the company will be focusing on B2C markets in Iowa, Colorado, and Louisiana where it operates the ClutchBet brand, and continue to offer its B2B sportsbook solutions.
Expansion into Iowa was first made in July 2021 and later followed by Colorado and Louisiana in 2023. With the completion of the Betr merger, BlueBet is set to shift its focus to the Australian market. Betr CEO Andrew Menz will take over as CEO of the combined business, while BlueBet CEO Bill Richmond will serve as COO.
The integration of BlueBet and Betr is expected to be completed before the Australian Spring Racing Carnival on November 9. BlueBet remains dedicated to maximizing shareholder value by concentrating on its strong Australian business and pursuing a ‘Capital Lite’ market entry strategy in the US. The company believes this approach will offer the best returns on capital.
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