Australian sportsbook operator BlueBet is withdrawing from the US market, halting all of its online betting operations in the country's regulated markets. This decision follows the company's announcement in July regarding the termination of its market access agreement in Indiana. After evaluating the situation, BlueBet has opted to shut down its US business entirely.
The operator acknowledged that the dynamics of the US B2C market are heavily influenced by larger players, making it challenging for smaller operators to operate efficiently. This has contributed to a trend of recent market exits that is anticipated to persist into FY25, according to a statement from BlueBet.
As a result of this closure, the company expects to save between $6-8 million. In contrast, BlueBet is looking to expand its presence in Australia, where it has acquired Betr in a move to establish "Australia's leading betting operator." As part of this acquisition, BlueBet has issued Betr shareholders fully paid shares valued at approximately $265.4 million, a transaction that is projected to increase BlueBet's market share in Australia by more than 10%.
