BlueBet Sportsbook intends to launch in Iowa for its US debut, but it also has its sights set on Virginia.
BlueBet is anticipating to learn its outcome in Old Dominion by the conclusion of the summer.
BlueBet recently finalized a casino agreement with Dubuque Racing Association, the operator of Q Casino in Dubuque, Iowa.
According to BlueBet CEO Bill Richmond, Iowa was selected as the company’s location due to several factors. These factors include the state’s acceptance of mobile betting, its reasonable tax rate, and its substantial population.
Does this ring a bell, Virginians? It’s among the motivations driving BlueBet to transform into a Virginia sportsbook down the line.
BlueBet waiting on Virginia Lottery’s decision
BlueBet is not only targeting the Virginia market but also has its sights on other regional markets such as Tennessee and Maryland. Furthermore, BlueBet is also looking to expand its operations to Colorado, which is located further west.
As Richmond told PlayVirginia:
“We have initiated a license application process in Virginia, making it the state where we have made relatively more progress. We have submitted an application to the Virginia State Lottery, and it appears that there are likely numerous other applications in progress as well.”
According to Richmond, the company is expecting a response to its application by “late August or early September.” If approved, BlueBet has plans to launch in VA during the first part of 2022.
Why target states within the DMV area such as Virginia and Tennessee? Additionally, Maryland aims to establish a thriving sports betting market before the fall football season. If BlueBet can establish a strong presence in these mid-Atlantic markets, it sets a promising precedent for larger markets in the future, potentially encompassing California, Texas, Florida, and New York.
He stated that when they reach states such as Virginia and Colorado, their main objective is to demonstrate their capabilities in the US market and highlight the potential their experience offers.
Dropping the BlueBet name in US
The Virginia sports betting market is thriving, boasting seven operational sportsbooks and three more set to launch in the near future. Remarkably, it became the pioneering state to surpass $1 billion in wagers.
Richmond believes that BlueBet has the potential to gain a portion of the market in the commonwealth. However, it is unlikely to be introduced under the BlueBet brand.
In Australia, the nickname “True Blue” accurately represents a genuine Australian. However, its meaning may differ in the United States. Richmond aims to ensure that any potential American bettors do not associate “BlueBet” with politics.
As Richmond said:
It is highly unlikely that we will use the ‘BlueBet’ brand in the US market due to its association with division. The blue and red state divide in the US has made it unsuitable for our purposes.
Can BlueBet (or whatever name it will have in the US) make a significant impact? Despite being an Australian company, Richmond argues that it is actually a perfect fit for American sports. Australian bettors have shown a strong interest in our sports offerings.
He stated that we have extensive experience in wagering on US sports, and it should be noted that US sports are highly favored in Australia, which may not be widely recognized.
BlueBet is aiming to begin accepting wagers in Iowa by early 2022, according to Richmond. However, they are also considering a new brand name and potentially launching in Virginia as part of their entry into the US market.
This report was contributed to by Russ Mitchell from PlayIA.com.
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