BlueBet Holdings plans to build on year-over-year financial growth during fiscal year 2022 by completing the first phase of its expansion strategy in the US market.
In the fourth and final quarter of this year, BlueBet signed a market access agreement with Caesars Entertainment, enabling them to conduct their B2C online sportsbook business in Indiana through the new ClutchBet brand announced earlier this year.
BlueBet also has market access in Colorado, Iowa and Louisiana, and the addition of Indiana to its roster marks the operator’s completion of the first phase of a two-phase ‘Capital Light’ U.S. entry strategy with the ClutchBet brand said it can.
The operator said there is a big opportunity to expand B2C to other states, but its focus and capital will be on the first four states. In preparation for Phase 2, he will also seek partners across the United States to launch his B2B (Saas) offering, which offers white label sportsbooks as a solution.
“BlueBet is poised to enter Iowa with the ClutchBet brand pending final approval,” said the operator. “With platform testing successfully completed and final certification from GLI coming soon, the final step before receiving license approval from Iowa regulators is to complete geolocation testing.
“Once completed, the company expects to receive license approval in the coming weeks.”
The planned launch follows BlueBet’s successful Q4, during which turnover (the amount wagered before winnings were paid or losses were incurred) increased 31.3% to 126.6 million $ (£71.8m/€85.6m/US$87.7m).
Thoroughbred bets accounted for 47% of all bets in Q4, greyhound racing 26%, harness racing 9% and other sports 18%. Players spent $68.3 million on iPhones, $14.8 million on Android devices, $41.3 million on the BlueBet website and $2.3 million on call centers.
In terms of total revenue, it increased 34.0% year-on-year from $12.7 million to $17 million, and the number of active customers increased 64.2% to 53,328.
The operator also noted fourth-quarter net income (amounts received from customers who lost bets minus amounts paid out on winning bets and promotional costs) increased 27.3% to $12.8 million.
For the full fiscal year, revenue increased 48.5% to $511.9 million and total revenue increased 59.5% year over year to $70.5 million. His net profit for the year also increased by 53.6% to $54.6 million.
