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BlueBet secures market access in Louisiana

26 Apr 2022

(PRESS RELEASE) -- Mobile-first online wagering provider, BlueBet Holdings Ltd, is pleased to announce that its wholly owned subsidiary BlueBet Louisiana LLC has signed an online market access agreement with Rubico Acquisition Corporation, which owns Louisiana Downs, a casino and horse racing track, located in Bossier City, Louisiana.

The market access agreement is BlueBet’s third in the U.S. and will enable BlueBet Louisiana LLC to operate a new online sportsbook in Louisiana (pending regulatory approval and licensing). The agreement has a 10-year term.

Louisiana, a state of ~4.6 million people, first legalized retail sports betting in October 2021 and is one of the most recent states to legalize mobile sports betting, which officially went live on 28 January 2022.

Market access agreements are a key pillar of the first stage of BlueBet’s U.S. market entry strategy, being to launch a B2C business to gain access to the lucrative U.S. market and demonstrate the capability of BlueBet’s technology and team. The second stage will be launching its white-labelled Sportsbook-as-a-Solution offering, enabling partners to benefit from BlueBet’s market-leading technology and expertise running profitable sportsbooks.

The agreement continues BlueBet’s strong momentum in the US and follows its skin agreement in Colorado announced in January. BlueBet expects to go live in Louisiana late Q2 FY23 following the launches of Iowa in Q4 FY22 and Colorado in Q1 FY23.

BlueBet remains in commercial discussions with skin holders in several other target states and is assessing up to ten further states where sports betting is legal but not yet operational.

BlueBet Chief Executive Officer, Bill Richmond, commented: “Louisiana is a sports mad state and we’re excited to partner with Louisiana Downs to bring bettors in Louisiana a unique mobile-first sports betting experience.

“This is our third market access agreement and continues our strong momentum in the U.S., and we’re confident that our capital light strategy is the right one to drive our long-term success in the U.S., an emerging global sports betting juggernaut.

“We look forward to continuing to demonstrate our technical capability, digital focus and experience in building and scaling sports betting platforms ahead of introducing our Sportsbook-as-a-solution offering to the U.S. market which will be a game changer for BlueBet.”
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