An agreement with the DRA

Australian sports gaming company BlueBet is primed to make its US market debut in Iowa after inking a deal with the Dubuque Racing Association (DRA).

The New South Wales-headquartered business announced its skin agreement with the operator of Q Casino on July 14 via LinkedIn:

Subject to regulatory approval and licensing from the Iowa Racing and Gaming Commission (IRGC), BlueBet would operate via a mobile app and website in connection with Q Casino. The license agreement with Dubuque is for an initial term of five years, with an option for BlueBet to extend its sports gaming tie-up with Q Casino for another five years when the contract expires.

“staged approach” entry into the North American market

Iowa is one of the five US states identified by the Australian sportsbook as a priority for its “staged approach” entry into the North American market. Along with Colorado, Maryland, Tennessee, and Virginia, BlueBet aims to access these key markets as a sports betting provider via a B2C offering.

According to its official release, the B2C entry strategy will enable BlueBet to “establish a footprint and optimise the team and products for the USA market.”

Iowa the number one priority

BlueBet chose Iowa as its first entry point into the US for a variety of strategic reasons. These include the state’s low capital expenditure requirements, attractive taxation and regulatory requirements, and “significant populations.”

Iowa has raked in over $1.5bn in wagers and $115.7m in revenue

Company CEO Bill Richmond said Iowa “perfectly fits our criteria,” illustrating the meteoric growth of the state’s sports wagering market upon launching across mobile and retail in 2019. Since then, Iowa has raked in over $1.5bn in wagers and $115.7m in revenue.

Adding that his firm looked forward to expanding its online sportsbook in partnership with Dubuque, Richmond said he expects BlueBet’s “mobile first online offering to resonate strongly with customers who have demonstrated a strong affinity for mobile wagering.”

BlueBet to take on Iowa’s big guns

Under the terms of the agreement with Dubuque, BlueBet will pay the organization out of net gaming revenues from its online sportsbook.

As a signal of its confidence, BlueBet is entering an already competitive sports betting market in Iowa, sharing the space with fellow Australian giant PointsBet, which last month also gained access to Maryland’s sports wagering market. Also in the Iowa ring are big guns DraftKings and FanDuel, while ultra-bullish Bally’s Corporation launched its Bally Bet mobile sportsbook in the state on June 29.

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