Australian-based sports wagering operator BlueBet Holdings Ltd., announced Monday that its wholly owned subsidiary, BlueBet Indiana LLC, has terminated its market access agreement to Indiana sports betting with HorseShoe Hammond, a casino located in Hammond, Ind. The agreement was terminated on Sunday, the company said in a press release.
BlueBet recently announced it had commenced a strategic review of its U.S. operations. “While the review remains ongoing, in the immediate term the company has decided to focus on its three existing U.S. B2C markets of Iowa, Colorado, and Louisiana sports betting while continuing to roll out its B2B Sportsbook-as-a-Solution offer,” the company said. BlueBet provides sports betting in Iowa, Colorado, and Louisiana under its ClutchBet subsidiary.
The exit from Indiana follows the company’s announcement in March that it has signed its first B2B sportsbook partnership in Ohio sports betting. Plans call for the launch of Mid-Ohio Sportsbook using BlueBet’s propriety technology under a five-year agreement.
The company expects that demonstrating the strength of its B2B offer will unlock further B2B partnership opportunities, “leading to a reduction in the new cash used in scaling the U.S. business.”
BlueBet remains committed to maximizing value for shareholders. The company believes focusing its efforts and capital on its outperforming Australian business while continuing to scale in the U.S. will deliver the best returns on capital. The company has offices in Darwin and Sydney and operates under a Northern Territory Gambling Licence.
BlueBet obtained a license to operate in Louisiana under its ClutchBet B2C brand in January.
BlueBet’s agreement termination on Sunday also marked the end of BetFred Sports’ retail sportsbook in Maryland.
Sports Betting Revolving Door
Today 38 U.S. states, and the District of Columbia, have some form of legally regulated sports betting and collect tax revenue from sportsbook operators. But the market has become highly competitive.
BlueBet’s exit from Indiana was announced on Monday following BetFred Sports retail sportsbook closing in Maryland on Sunday.
The U.K.-based company BetFred announced last month they plan to close their Maryland sports betting retail and mobile sportsbook by the end of July.
“This was not the first time this has happened in Maryland,” Maryland Lottery Director John Martin said at a monthly meeting in June. “I don’t think it’s gonna be the last time.” But not all is lost for Maryland. The state still hosts a mix of 12 retail and 12 mobile sportsbooks.
BetFred Sportsbook departure from Maryland will be followed by two sports wagering operators just getting started in the state. Bally Bet and Veterans Services Corp. (VSC) hopes to launch its sports wagering services in the state soon.
“VSC had successfully completed their control demo in the month of May,” Martin said. “They will start operations on July 1. So we welcome them on the mobile side, as well as anticipating over the next several weeks furtherance of Bally’s to the marketplace on the mobile side of sports wagering.”
Florida-based Betr Sportsbook is also seeking entry into Maryland’s sports betting market. Betr is waiting for approval from the state’s Sports Wagering Application Review Commission before taking customer bets.
