BlueBet Holdings Ltd has signed a deal with Horseshoe Casino – Hammond to gain online market access in Indiana via its BlueBet Indiana LLC subsidiary.
Through the terms of the deal, BlueBet will be able to operate an online sportsbook in Indiana for an initial 10-year term. The new online sports book will be under the company’s ClutchBet brand, pending regulatory approval and licensing.
Horseshoe Casino – Hammond is comprised of 400,000 square feet and is owned by Caesars Entertainment.
BlueBet Chief Executive Officer Bill Richmond said: “We are excited to announce our agreement with Horseshoe Hammond, part of the Caesars Entertainment stable, to secure market access in Indiana, one of the US’s major sporting markets. BlueBet now has market access in four US states, which provides a strong platform to roll out our B2C brand, ClutchBet, and demonstrate the capability of our technology and team to run profitable sportsbooks in the US.
"There is no shortage of opportunities for further B2C expansion in the US, but our focus and capital are pointed firmly towards executing in our initial four states as we seek partners for our Sportsbook-as-a-Solution B2B offer.”
Online sports wagering in Indiana was legalized in October 2019. Indiana’s commercial market has generated $4.5bn in the past year.
The Hoosier State is home to more than 6.8 million people, as well as its well-known pro sports teams such as the Indianapolis Colts and the Indiana Pacers.
Richmond went on to add that as more states go live, the potential for company expansion continues to grow.
He concluded by saying: “The size of the opportunity in the US continues to grow with Americans having bet $125bn on sports in the four years since legalization. With many more states still to come online we could not be more convinced that our differentiated B2B offer is the best approach to access this opportunity in a disciplined and purposeful manner.
“We are well funded to execute our Capital Lite US market entry strategy and remain highly confident in our ability to capture this huge market opportunity.”
BlueBet Holdings is a mobile-first online wagering provider. The company anticipates accepting bets in Iowa in the coming weeks. Colorado and Louisiana are expected to follow during the second quarter of 2023, along with Indiana in the second half of 2023.
