Business By The Books: BlueBet Confident In US Sports Betting Strategy

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Recent trends in US sports betting show that BlueBet was right in its approach to the market, its chairman said at its annual meeting Wednesday.

“Recent trends in the US have reinforced our confidence that our capital-lite strategy will deliver the most value for shareholders, and we remain focused on delivering our two-stage strategy to take our share of this significant and attractive market opportunity,” Michael Sullivan said.

Indeed, smaller US operators that have taken even moderately sized marketing swings have begun to shutter or sell their operations, as profitability remains out of reach. Kindred revealed the closing of the Unibet brand in the US last week, and PointsBet announced the sale of its US assets to Fanatics a few months before that.

When Sullivan says “capital-lite,” he means it: the Australia-listed parent company of the ClutchBet brand announced it spent just $3.3 million on the US in fiscal 2023.

LA sports betting launch upcoming

Louisiana will join Iowa and Colorado as ClutchBet’s third live US state “in coming weeks,” CEO Bill Richmond said.

The company also has market access for Indiana. Additional states means more chances to fine tune its technology for potential B2B suitors, he added.

“Our B2C strategy was always about refining our product to suit the American punter before scaling up and offering our platform and expertise to B2B partner,” he said.

The US push is being powered by the Australian business for now, which should be operating cash-flow positive in fiscal 2024, Richmond added.

Two sports betting investor events Monday

Those invested in the US sports betting market have two events to tune into on Monday.

DraftKings CEO Jason Robins is speaking at the third annual Craig-Hallum Online Gaming Conference at 9 am.

Two hours later, BetMGM will hold a business update at 11 am.

PENN partners with NHL

Both ESPN Bet and Ontario‘s theScore Bet are now official sports betting partners of the NHL.

The deal is a natural fit considering Disney‘s agreement to show NHL content both on its flagship networks and ESPN+.

Hard Rock plans starry Florida launch

A who’s-who of athletes, musicians and more will be on hand Thursday for the launch of in-person sports betting, and the addition of ball and dice games at Seminole Hard Rock Hollywood.

Adding games like craps and roulette is much more important to the bottom line than sports betting for the Seminole, but this is a crucial betting expansion nonetheless.

The location of the bet is the main reason for the legal cases against mobile Florida sports betting, so there is little chance in-person betting will be affected.

Caesars adds EveryMatrix casino content

Caesars added multiple proprietary casino games from EveryMatrix.

The games can be accessed through both the Caesars Palace standalone app and the casino section of its mobile sportsbook.