BlueBet, an online sportsbook operator, made significant strides in expanding its market access in the United States during the fourth quarter of the year. The company signed a market access agreement with Caesars Entertainment, enabling it to conduct online sportsbook operations in Indiana under its ClutchBet brand. This agreement, combined with existing market access in Colorado, Iowa, and Louisiana, marks the completion of the first stage of BlueBet’s US entry strategy. The operator is now focused on these initial states while also preparing to launch its white-label sportsbook-as-a-solution B2B (Saas) offer in partnership with various US-based entities. In addition to its expansion efforts, BlueBet reported strong financial performance in Q4, with increased turnover, gross revenue, and a growing customer base.
US Market Expansion:
BlueBet’s market access agreement with Caesars Entertainment grants it the opportunity to conduct B2C online sportsbook operations in Indiana through its ClutchBet brand. This agreement complements the operator’s existing market access in Colorado, Iowa, and Louisiana. With Indiana added to its roster, BlueBet considers the first stage of its US entry strategy complete, following a “capital lite” approach. While acknowledging the potential for B2C expansion into other states, BlueBet will primarily focus its attention and capital on the initial four states. The operator is also actively seeking partners across the US for the launch of its white-label sportsbook-as-a-solution B2B (Saas) offer, representing the second phase of its US expansion plan.
Q4 Performance Highlights:
BlueBet achieved strong financial performance in the fourth quarter, with a notable increase in turnover and gross revenue. Turnover, which represents the amount wagered before payouts and losses, rose by 31.3% to $126.6 million. Thoroughbred betting accounted for 47% of all wagers, followed by greyhound racing (26%), harness racing (9%), and other sports (18%). Mobile betting proved popular, with $68.3 million wagered via iPhones and $14.8 million on Android devices. Additionally, $41.3 million was spent on the BlueBet website, while $2.3 million was transacted through call centers. Gross revenue increased by 34.0% year-on-year to $17.0 million, and the operator witnessed a substantial 64.2% rise in active customers, reaching a total of 53,328. Net win, the amount received from losing bets after accounting for winning bets and promotional costs, also saw significant growth, increasing by 27.3% to $12.8 million.
Full-Year Performance:
BlueBet’s full-year performance reflected a robust upward trend. Turnover for the year amounted to $511.9 million, representing a 48.5% increase. Gross revenue surged by 59.5% year-on-year to $70.5 million. The operator experienced a 53.6% rise in net win, reaching $54.6 million for the year.
BlueBet’s expansion in the US market, marked by the market access agreement with Caesars Entertainment, positions the operator to conduct online sportsbook operations in Indiana under its ClutchBet brand. This achievement, coupled with existing market access in Colorado, Iowa, and Louisiana, signifies the completion of the first stage of BlueBet’s US entry strategy.
The operator remains focused on these initial states while actively seeking partners for the launch of its B2B white-label sportsbook-as-a-solution offer. In terms of financial performance, BlueBet delivered impressive results in Q4, reporting substantial growth in turnover, gross revenue, and a significantly expanded customer base. The operator’s strong momentum in the US market and its commitment to delivering a comprehensive sports betting experience bode well for its continued success in the industry.