BlueBet has announced that it is completely withdrawing from the US market just three years after launching. It plans to turn its complete attention to ensuring its operations in Australia hit growth targets, with up to AU$8m (US$5.5m) in additional funding freed up to help with these efforts after removing resources from the US.
It intends to work closely with regulators and partners to ensure a smooth exit from its B2C and B2B operations, ensuring all customers get refunds before exiting. The move expected to lead to some one-off costs.
BlueBet’s management team will provide further details when it gives its next quarterly update towards the end of October.
believes that the US online gambling sector will continue to consolidate
Another reason for this change is the lack of speed in online gambling regulation in the region and the struggle of smaller operators to survive because of the dominance of bigger companies. The company believes that the US online gambling sector will continue to consolidate as more firms exit the market.
BlueBet estimates its annual savings will be between AU$6m (US$4m) and AU$8m (US$5.5m) following this departure. The brand is in the process of merging with Betr and hopes to gain more than 10% market share in Australia over the short-to-medium term.
