BlueBet Exits Indiana, Ongoing US Strategic Review

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Australian sportsbook operator BlueBet announced its withdrawal from Indiana, shifting its focus to other states. The company also reminded investors that its strategic review of US operations is ongoing.

Focus on Other Markets

In Colorado, Iowa, and Louisiana, BlueBet remains active, benefiting from the rapid growth in these states without the high operational costs associated with major markets like New York or Pennsylvania.

Continued US Commitment

Despite exiting Indiana, BlueBet continues to see opportunities in the US. The market share in mobile sports betting has become increasingly consolidated around two operators, FanDuel and DraftKings, making it challenging for smaller companies like BlueBet to gain traction. This has likely influenced the strategic review. While details of the review remain sparse, the company has signaled its commitment to the US market by securing a B2B deal in Ohio in March, which is expected to lower operating expenses.

Challenges for Australian Operators

PointsBet, another Australian company, sold its US division to Fanatics for $225 million last year after struggling to gain significant market share, impacting the parent company’s financials.

Both BlueBet and PointsBet maintain strong operations in Australia, a mature and competitive sports wagering market. While industry consolidation rumors are prevalent in Australia, BlueBet might position itself more as a buyer than a target.

Future Prospects

The ongoing strategic review in the US could indicate that BlueBet is open to potential sales, though no specific buyers have been rumored.

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