After a strategic review of its U.S. operations, BlueBet is leaving The States to concentrate on its core market in Australia, fewer than two months after the company announced its Indiana exit to focus on other U.S. markets.
The decision comes as slow regulation has stalled market growth and reduced interest in its business-to-business SaaS platform. Additionally, the U.S. market is dominated by large players, making it tough for smaller operators like BlueBet to compete effectively, according to a press release.
BlueBet says it has a sustainable competitive advantage in Australia and aims to exceed 10 percent market share there.
“It is confident its expertise in building and scaling Australian wagering operators and ongoing investment in technology will deliver outstanding experiences for customers and create value for shareholders,” the release said.
BlueBet this year announced its acquisition of micro-betting app Betr and recently begun rebranding its Australian business-to-consumer operations as Betr.
“The merger created a leading Australian wagering operator, bringing together BlueBet’s best-in-class technology platform with Betr’s large and high-quality customer base, with a deeply experienced team setting the company up for its next era of growth,” a press release said.
The company says further details will be provided during its next quarterly update and investor call in late October.
