BlueBet Partners with Caesars Horseshoe Casino in Indiana in 10-Year Deal
Australia-based BlueBet Holdings announced Tuesday that its wholly owned subsidiary BlueBet Indiana had signed an online market access agreement with Caesars’ Horseshoe Casino in Hammond, Indiana.
The agreement, the publicly traded BlueBet’s fourth state agreement in the U.S., with Iowa, Colorado and Louisiana, will enable the company to run a new online sportsbook in Indiana under its ClutchBet consumer brand (assuming the clearance of all regulatory hurdles).
There aren’t any real money online casinos in Indiana yet, but BlueBet has positioned itself for when that happens in The Hoosier State.
The deal will run for 10 years. BlueBet expects its first launch in Iowa, through Dubuque’s Q Casino, this July, followed by Colorado, Louisiana and Indiana in mid-2023.
BlueBet is a mobile-first online bookmaker that offers wagering products on 31 sports, plus odds on politics and entertainment, which are unlikely to be allowed in Indiana or elsewhere in the U.S.
With access in four states now secure, BlueBet believes it has a platform to successfully launch its “Capital Lite” U.S. entry strategy and prove itself as a worthwhile partner in other markets nationwide.
US Opportunity Continues to Grow
“The size of the opportunity in the U.S. continues to grow with Americans having bet $125 billion on sports in the four years since legalization,” BlueBet CEO Bill Richmond said in a news release. “With many more states still to come online, we could not be more convinced that our differentiated B2B offer is the best approach to access this opportunity in a disciplined and purposeful manner.”
Horseshoe Casino in Hammond is a full service 400,000 square foot property containing gaming, entertainment, bars, and restaurants including the fancy Jack Binion’s Steaks for the big winners over the weekend, the Eatery and Foo Noodle Bar.
The facility was the second top casino in revenue in May in Indiana behind Hard Rock Casino Northern Indiana in Gary.
Tying BlueBet to the property will essentially make for Caesars competing with itself.
Caesars announced on June 9 that its Racebook app would go live in Indiana.
A Good State to Launch In
Indiana has been one of the top sports betting markets in the country since the state legalized sports betting in 2019. It is easily in the top 10 among states and usually finishes anywhere from fifth to seventh.
In May, Indiana had a sports betting handle of $308.4 million. It accounted for $30.7 million in revenue and $2.9 million in taxes to the state.
The record handle for Indiana was $500.1 million in January. It had $35.6 million in revenue and $3.4 million in taxes that month.
Two proposals to legalize iGaming in The Hoosier State fell short at the committee stage in 2022.
Still, companies are keeping an eye on Indiana in case it joins the list of six states that offer online casinos.
In April, PlayUp agreed to a deal to gain market access in the Hoosier State when online gaming becomes legal there.