Australian bookmaker BlueBet has announced that it closed all three ClutchBet online sportsbooks on September 16, reporting a smooth transition with no notable regulatory or customer issues after its August exit from the United States.
BlueBet released an A$11.2 million (US$7.3 million) provision after terminating market access agreements in Colorado, Louisiana and Iowa. The company left Indiana in July, planning to focus on other U.S. markets, before deciding to leave the country a month later.
“This will directly benefit our FY25 EBITDA as well as our cash position, as we focus on building a leading Australia-focused online wagering operator,” BlueBet CEO Andrew Menz said in the update. “Our staged entry into the U.S. was differentiated by its disciplined and ‘Capital Lite’ nature, which has continued as we exit the market on favorable financial terms.”
BlueBet gained approval to launch in Iowa in July 2021 and debuted with ClutchBet in September 2022. Now, the company plans to reinvest the cost savings from its U.S. exit into its core Australian business, aiming to drive growth through Australian sportsbook Betr, which it acquired in April.
