BlueBet, a sports betting company, has decided to cease its operations in the United States and concentrate on its Australian market. The company recently acquired Betr, a well-known betting brand in Australia, and plans to rebrand its platform under Betr’s identity, according to various media reports.
BlueBet Refocuses on Australian Market, Withdraws from U.S. Operations
This acquisition is expected to generate synergies in technology, marketing, and player experience, enhancing BlueBet’s position in the market as Australia considers implementing a partial or complete ban on sports betting advertisements. Despite the challenges, BlueBet has reassured investors that this move aligns with its broader strategy. The company stated:
“Our goal is to achieve more than 10% market share in the short- to mid-term through both organic and inorganic growth. We are confident that our expertise in developing and scaling Australian wagering operations, combined with continued investment in technology, will provide exceptional customer experiences and generate value for shareholders.”
Exiting the U.S. market was not an easy decision for BlueBet, but it’s a strategic move to maintain growth while reducing costs and focusing on its most profitable business areas.
After conducting an in-depth strategic review, BlueBet initially withdrew from Indiana. The company faced challenges in expanding its B2B SaaS platform, a key growth area, particularly in a U.S. market dominated by FanDuel and DraftKings.
Other sports betting companies forced to leave the U.S. market
PointsBet, another Australian company, also had to close its U.S. operations. Similarly, WynnBET, Tipico, MaximBET, Fubo Sportsbook, and FOX Bet have struggled to succeed in the U.S. market. Initially, BlueBet intended to continue operations in Colorado, Louisiana, and Iowa, but ultimately decided against it.
BlueBet’s decision to exit the U.S. market was carefully considered, with the company expecting to save up to $5.42 million annually. At least $4.07 million of these savings are anticipated from leaving the U.S. sports betting business.
Although BlueBet will no longer operate a direct betting platform in the U.S., the company is open to offering its technological platforms to other businesses in the U.S. and beyond.
