BlueBet Exits U.S. Market to Refocus on Australian Sports Betting Growth
Australian sportsbook operator BlueBet has announced its decision to withdraw from the U.S. market, redirecting its efforts and resources to strengthen its sports betting business in Australia.
Reasons Behind the Exit
The move comes after a strategic review of its U.S. operations, which led the company to determine that its future growth would be better served by focusing on its home market, where it aims to exceed a 10% market share in the near term.
The decision itself was influenced by several factors, including the highly competitive and expensive nature of the U.S. sports betting landscape.
BlueBet highlighted the financial benefits of this move, projecting annual savings between $4.07 million and $5.42 million by ceasing its U.S. operations.
The company cited slower-than-expected regulatory developments and challenges in its B2B Sportsbook-as-a-Solution (SaaS) platform as significant factors that hampered its U.S. business.
BlueBet’s Focus on Australian Growth
By leaving the U.S., BlueBet plans to concentrate on capitalizing on synergies from its recent acquisition of Australian rival Betr.
The company believes that combining its technology with Betr’s established customer base will enhance its market position in Australia. BlueBet’s strategy includes both organic and inorganic growth as it seeks to expand its market share domestically.
Recommended