BlueBet announces ClutchBet brand for US after revenue growth in Q3

Mobile betting operator BlueBet reported revenue of AUD$13.2m (£7.4m/€8.9m) in its third quarter results, up 55.1% year-on-year but a decrease of 4.3% from the previous quarter, as the company gears up to launch a new US-facing brand.

The results cover the three months ended 31 March.

This brings year-to-date revenue to $41.8m, up 63.9% from the same period in 2021.

Turnover came to $120.7m, which was a rise of 44.5% yearly. However this was down by 6.1% from Q2 2022. BlueBet attributed this to a growth in customers, which reached an all-time high of 49,556 in the quarter. This was up by 9.9% from the previous quarter and 84.7% yearly.

The third quarter turnover brings the year-to-date turnover to $385.2m, up by 55.2% from the corresponding period in 2021..

Net win percentage was 10.9% for the quarter, up by 0.7% from Q3 2021.

In addition, BlueBet announced the launch of its B2C US brand ClutchBet, which is set to launch in states the operator has already gained market access in- Iowa, Colorado and Louisiana.

BlueBet secured market access in Louisiana last week, through a deal with Rubico Acquisition Corporation- which owns casino and horse racing track Louisiana Downs.

BlueBet will launch ClutchBet will launch in Iowa first, in the next few weeks.

“We’re proud to provide a bespoke, mobile-first American wagering brand that will resonate strongly with the US customer,” said Bill Richmond, CEO of BlueBet. “Our vision for ClutchBet is to be a differentiated player providing a unique and memorable betting experience.”
“We believe the US sports betting audience is unique, but raw, and we want ClutchBet to grow with the market to connect with American bettors. ClutchBet will draw upon our sportsbook expertise and technological know-how to provide a best-in-class user experience.”

BlueBet also announced two appointments to its US operations division.

Jake Francis has been appointed to the role of senior vice president of operations for Americas, which will see him oversee BlueBet’s operations in North America.

Francis, who most recently held a role with Penn Interactive, has experience as a senior leader within the US regulatory landscape.

“The ClutchBet brand will immediately introduce decades of experience in bookmaking and sportsbook technology to an emerging and rapidly growing industry,” said Francis. “I look forward to assisting our efforts in building out a customer-centric and dynamic team and build out a truly innovative and mobile-first sportsbook product.”

Sean Phinney has been appointed as senior vice president of marketing for Americas, where he will primarily lead ClutchBet marketing for its expansion in the US.

“ClutchBet is poised to be a disruptive brand in a sector that rewards lateral thinking and providing the best customer experience,” said Phinney. “To be able to contribute to the brand’s development from day one is an exciting challenge and I’m thrilled to be joining the team.”

Author: Raymond Fleming