BlueBet Announces Exit From US Market for ClutchBet

Another week, another sports betting operator shut down operations. 

BlueBet has announced that it will pull the ClutchBet brand out of the US sports betting market. The move comes just two months after the sportsbook exited Indiana, making the announcement far from surprising. Now, bettors in Colorado, Louisiana, and Iowa must withdraw funds and look for a new online sportsbook.

The reason for the exit is similar to many others. BlueBet has complained about small operators' difficulty competing in the US. The company decided that it would be better to focus on its Australian market instead of attempting to overcome the many hurdles it faced there.

“The industry dynamics in the U.S. B2C market are such that scale players are currently dominant with smaller operators unable to achieve the necessary unit economics, driving a recent wave of consolidation and exits, which is likely to continue into FY25,” a BlueBet press release read.

ClutchBet has stopped accepting deposits and will officially shut down on September 16. While bets can still be placed until then, the company is encouraging bettors to withdraw their funds soon. By shuttering operations this month instead of waiting until the end of the year, ClutchBet is expected to save millions of dollars.

Betsafe to Exit Colorado 

ClutchBet isn’t the only sportsbook looking to scale back operations in the US. Betsafe has announced that they will be exiting the crowded Colorado market. Bettors in the Centennial State will not be able to make deposits starting on September 6 and must withdraw all funds by September 27.

The exit of Betsafe and ClutchBet reduced Colorado’s online sportsbook total from 19 to 17 in a matter of weeks. While the market could attract other small operators, it is currently serving as an example of how quickly the pool of operators is shrinking.