As part of a strategic review, BlueBet announced on Monday that it has mutually agreed with Caesars-owned Horseshoe Hammond Casino to terminate its market access agreement.
The Australia-based sportsbook operator, which gained access to Indiana two years ago, departs from the Hoosier State without ever launching an online platform.
BlueBet stated that it has decided to focus on B2C operations in Colorado, Iowa, and Louisiana under the ClutchBet subsidiary.
The company also has an agreement to be the exclusive online sportsbook for Green Savoree Mid-Ohio in the Buckeye State. BlueBet hopes the B2B venture will provide more partnerships and lead to a “reduction in the net cash used in scaling the U.S. business.”
Hopes of better returns
The decision to exit Indiana's crowded sports betting field, which includes FanDuel, DraftKings, BetMGM, Caesars, and ESPN BET, among others, is connected to BlueBet’s April acquisition of its Australian competitor Betr (not to be confused with the U.S. company owned by Joey Levy and Jake Paul.
BlueBet finalized the deal this week to bolster its position in Australia, and the acquisition led to the strategic review and changes to U.S. operations.
“The company believes focusing its efforts and capital on its outperforming Australian business, while continuing to scale in the U.S. with its ‘Capital Lite’ market entry strategy, will deliver the best returns on capital,” BlueBet said in a statement.
