According to a press release by BlueBet, an Australian-owned mobile wagering company, Caesars Entertainment has taken them on as a partner through a ten-year contract. This contract will allow BlueBet entry into the state of Iowa, which is this company’s fourth U.S. state to move into.
Specifically, BlueBet will be used in Indiana’s Horseshoe Casino in Hammond. The casino itself is owned by Caesars, and it’s a huge space for the company to move into. BlueBet will be launching its own sports betting brand, which is called ClutchBet B2C. This is the specific brand that will be used in Indiana.
Before anything can proceed, BlueBet still needs to gain the regulatory approval and licensing of the Indiana Gaming Commission. Once this is in place, the Australian company will have another American home.
Read more about Indiana sports betting.
Why the U.S.?
There are some questions as to why BlueBet seems so eager to integrate its brand into the United States sports betting industry. The company’s CEO Bill Richmond has stated that the brand will not be expanding much after Indiana is settled, but rather focusing on the states they’re already in. In a news release, Richmond said:
“The size of the opportunity in the US continues to grow with Americans having bet $125 billion on sports in the four years since legalization. With many more states still to come online, we could not be more convinced that our differentiated B2B offer is the best approach to access this opportunity in a disciplined and purposeful manner.”
Americans are big sports betting spenders, and it seems that this is what is attracting partnerships with other countries. America also has strong state allegiance, which increases the amounts bettors will spend throughout the year, as they’ll want to bet on their favorite sports teams from every sport.
Why BlueBet in Indiana?
Indiana has some great sports teams, but it doesn’t come out with the highest handles every month. So why this state? Well, it’s still in the top ten sports betting states, and because it was legalized in 2019, sports betting is more established there than in many other states where the market only has a history of a year or so.
The state’s May handle did pretty well with a $308.4 million handle. This brought in $2.9 million in state taxes and around $30.7 million in total revenue. It’s evident that Indiana can hold its own, and it may be the perfect state for BlueBet to settle down in.
While the state’s handles have been pretty impressive, with its highest being around $500 million in January of this year, iGaming still hasn’t been legalized. In fact, the proposals to legalize it have never made it past the committee stage. This may not prove to be a problem, though, for BlueBet, as it means there isn’t quite so much competition.