During the fourth and final quarter of the year, BlueBet signed a market access agreement with Caesars Entertainment, allowing it to conduct B2C online sportsbook operations in Indiana via its new ClutchBet brand.
BlueBet has market access in Colorado, Iowa, and Louisiana, in addition to Indiana, as part of its two-stage “capital-lite” US entry strategy with the ClutchBet brand.
The operator will focus on the four initial states for B2C expansion, while also seeking partners across the US for the launch of its white-label sportsbook-as-a-solution B2B (SaaS) offer.
BlueBet is preparing to go-live in Iowa under the ClutchBet brand pending final approvals. Platform testing has been successfully completed, and the operator expects to receive license approval in the coming weeks after completing geo-location testing.
In the fourth quarter, BlueBet experienced a 31.3% increase in turnover, reaching $126.6m (£71.8m/€85.6m/US$87.7m). Thoroughbred betting accounted for 47% of all wagers, followed by greyhound racing at 26%, harness racing at 9%, and other sports at 18%.
In terms of gross revenue, there was a 34.0% year-on-year increase from $12.7m to $17.0m. The number of active customers also increased by 64.2% to 53,328.
Looking at the full financial year, turnover increased by 48.5% to $511.9m, with gross revenue up by 59.5% year-on-year to $70.5m. Net win for the year also increased by 53.6% to $54.6m.
