BlueBet Holdings has partnered with Caesars’ Horseshoe Casino in Hammond, Indiana and gained access to another wagering market, its fourth in the US. The Australia-based betting operator signed a 10-year market access agreement via BlueBet Indiana, its wholly-owned subsidiary in the Hoosier State.
Sports Betting is Legal in Indiana but Casino Gaming Isn’t
In addition to Indiana, BlueBet has agreements in place to start operating in three other US states, Colorado, Iowa, and Louisiana. The Australian bookmaker will go live in Iowa this July and plans to launch its Louisiana, Colorado, and Indiana sportsbooks by mid-2023.
If the online gambling regulator in Indiana green-lights the deal, BlueBet Holdings and its ClutchBet brand will enter the Indiana online betting market and will do that at an ideal time.
Mobile sports betting is legal in Indiana, but casino gaming isn’t. However, it is expected that the Hoosier State will legalize casino gaming soon too. So, with BlueBet expecting to launch in Indiana within a year, it will be ideally positioned to make the most of its access to this lucrative US market.
Americans Wagered US$125 Billion in Four Years
BlueBet is a mobile-oriented wagering operator that focuses on punters on the go. It offers over 30 sports to bettors and also allows customers to wager on entertainment and politics. However, in Indiana and other US states, the sportsbook probably won’t be allowed to take politics and entertainment bets.
Bill Richmond, the BlueBet CEO, said that Americans wagered US$125 billion since betting was legalized in the US four years ago and that the size of the opportunity continued to grow.
Richmond added that other US states would soon approve online betting and that the people at BlueBet were convinced that their “differentiated B2B offer” was the perfect way to enter these online markets in “a disciplined and purposeful manner.”
A Booming Market
Caesars’ online sportsbook already went live in Indiana on June 9. So, with BlueBet announcing that it will launch its own Indiana app next year, and Caesars tying BlueBet to the Horseshoe Casino, the American gambling giant will actually compete with itself.
BlueBet’s Indiana partner, Caesars’ Horseshoe Casino, had the second-best revenue in May and was only behind Hard Rock Casino Northern Indiana. In addition to gaming, the 400,000-square-foot facility offers entertainment and has bars and restaurants.
Indiana is also one of the best US states to operate in. It has been on all top 10 sports betting lists since wagering became legal in 2019. It had a monthly handle of US$308.4 in May this year, resulting in US$30.7 million in revenue and almost US$3 million in taxes.
The best month for Indiana was January when the state had a handle of US$500.1 million and US$35.6 million in revenue. It collected a record of US$3.4 million in tax money.
BlueBet is not the only Australia-based bookmaker operating in Indiana. PointsBet has already gone live in the Hoosier State. At the same time, PlayUp signed an agreement in April to enter the online gaming market in the state once online casinos become legal.