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BlueBet exists the US market and returns to Australia
BlueBet has announced its plan to exit the US market and redirect its focus towards its home market, Australia.
BlueBet is an Australian-based online bookmaker, offering sports betting services. In July 2021, the company entered the US market to minimize its investment risks. However, now, it plans to cease its US operations and redirect $6 million to $8 million in its annual savings and, at the same time, strengthen its presence in Australia.
The company said in a press release:
“The industry dynamics in the US B2C market are such that scale players are currently dominant with smaller operators unable to achieve the necessary unit economics, driving a recent wave of consolidation and exits, which is likely to continue into FY25.”
BlueBet plans to surpass a 10% market share in Australia by centering its focus on organic growth and strategic acquisitions. Despite exiting the US, the company retains ownership of its proprietary international sportsbook technology, which it intends to continue monetizing both in the US and globally.
To ensure a smooth exit from the US market, BlueBet will collaborate with partners and regulators and also organize a secure return of all customer funds.
Earlier this month, BlueBet began rebranding under the “Betr” name.
FAQs
When did BlueBet enter the US market?
BlueBet entered the US market in July 2021.
Why is BlueBet closing its US operations?
BlueBet is closing its US operations to reallocate resources and focus on its Australian market, where it believes it holds a sustainable competitive advantage.
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