BlueBet to Shut Down ClutchBet as It Prepares to Exit US Market

Australian bookmaker BlueBet Holdings Limited has announced its decision to withdraw from the US market and focus on its Australian operations. As part of this move, its US-facing brand, ClutchBet, will officially close on Monday, September 16, 2024.

This decision comes after BlueBet’s recent merger with Betr earlier this year, during which the company paused its US expansion plans to conduct a strategic review. The company cited slower-than-expected regulatory approvals and the dominance of larger sports betting brands as significant challenges that hindered its efforts to grow in the US.

BlueBet’s exit from the US will allow it to concentrate on increasing its market share in Australia, where it aims to exceed 10% in the short-to-medium term. The company’s “Capital-Lite” strategy, which limited its investment in the US, will enable it to redirect between $6 million and $8 million annually in cost savings to drive growth in its core Australian business.

The winding down of US operations has already begun, with ClutchBet no longer accepting deposits. Customers are required to withdraw their funds by 5 p.m. on September 15, after which any remaining balances will be returned via check. Futures bets that settle after the closure date will not be honored, but ClutchBet will make an equitable offer to affected customers.