BlueBet to commence US strategic review following merger with Australia's Betr
ClutchBet parent company confirms no further B2C expansion in the offing after announcing merger with Australian challenger brand
BlueBet is set to undertake a strategic review of its US operations after confirming a merger with fellow Australian operator Betr.
The ASX-listed firm runs the ClutchBet brand in three states – Iowa, Colorado, and Louisiana – but any further expansion has now been put on pause.
The operator confirmed no further B2C launches are currently planned, with each of the three existing markets “having a clear path to profitability,” according to management.
In March, BlueBet penned its maiden US B2B sportsbook agreement with Green Savoree Mid-Ohio as part of the group’s ‘Capital-Lite’ US market entry strategy.
Under the terms of the deal, BlueBet will deliver a white-label sportsbook-as-a-solution product for the company to launch the Mid-Ohio Sportsbook brand.
At the time of the agreement being confirmed, BlueBet said: “The scalability and multi-jurisdictional capability of the platform will provide a means to achieve profitable growth in the US over the long term.”
BlueBet expects B2B revenue to begin coming in during full-year 2025.
The decision to review US operations comes as BlueBet view Australia as a primary focus for the business following the merger with Betr.
The merger is due to complete on July 1, with BlueBet also having raised A$20m ($13m) in a fully underwritten placement to fund transaction costs and operational strategy for the company.
The move will see Betr’s customer base transfer to BlueBet’s proprietary tech stack, while plans for a singular brand will also be explored.
BlueBet has confirmed cost synergies of A$14m, with A$11m of those ready to be acted upon “immediately.”
Michael Sullivan, BlueBet chair, said: “[We are] bringing together our best-in-class technology platform with Betr’s large and high-quality customer base to create a national challenger in the online wagering market.
“The Betr team is fully aligned with this vision, and we are excited by the growth opportunities and synergies that will be unlocked through the proposed merger of our two businesses.”