Australian sports betting company BlueBet will enter Iowa as the first state in the US as the company explores other locations, as well.
BlueBet Details US Entry in Iowa
BlueBet Holdings is preparing to launch its namesake sportsbook in Iowa after signing a skin agreement with Dubuque Racing Association LTD, which operates Q Casino. As a result, BlueBet will be able to provide digital betting products to sports fans and betting audiences in the Hawkeye State. It will launch a mobile app that will facilitate access to its sports betting offering, with the license agreement established for an initial period of five years with an automatic renewal option.
As part of the collaboration, BlueBet will be paying a portion of its net gaming revenue from sports betting operations to Q Casino and its parent company, Dubuque Racing Association. BlueBet’s Iowa foray comes at a time when the US is rapidly legalizing its sports gambling industry following a decision to lift a federal ban on the activity dating back to 1992.
BlueBet is an established name in the Australian sports betting market, but it may take a while to gain prominence in the highly competitive US market, where BetMGM, FanDuel, and DraftKings reign supreme.
BlueBet Takes Strategic Approach to Market Entry
Competition may have been tougher had it not been for a regulatory decision not to allow FanDuel and DraftKings to merge operations in 2016. All the same, BlueBet has established a strategy to penetrate the US market and bring its experience to a fairly new market.
BlueBet has targeted at least five states where it can launch operations, including Iowa, Colorado, Maryland, Tennessee and Virginia. The company believes that its Iowa entry will allow it to quickly optimize its offer and create more compelling products with each new state entry from here now in.
Iowa is still to issue an official go-ahead, pending regulatory approval. BlueBet is aiming at states that have legalized mobile wagering state-wide, low capital expenditure, and a taxation rate that fits the company’s own financial goals.
BlueBet is joining Iowa’s sports gambling landscape as interest in sports betting seems to be climbing among locals. With sports taking two leisurely months in July and August, BlueBet will most likely be up and running ahead of the NFL season in September.