• BlueBet (BBT) is gearing up to take its first bets in the US through its ClutchBet brand after receiving a licence to operate the online platform in Iowa
• The approval from the Iowa Racing and Gaming Commission marks the first step in the company’s two-stage capital-light US entry strategy
• While BBT will take its first bets under the ClutchBet brand in Iowa, the company has also secured market access in Colorado, Louisiana and Indiana
• Following the US launch, the company will focus on securing partners for the second stage of its strategy to provide a white-labelled Sportsbook-as-a-Solution offer
• BlueBet shares are up 1.1 per cent and trading at 46 cents at 2:37 pm AEST

BlueBet (BBT) has received the licence required to operate its online sportsbook, ClutchBet, in the US state of Iowa.

The Iowa Racing and Gaming Commission has given the company the green light to take its first US bets under its ClutchBet brand.

ClutchBet was launched earlier this year as part of BBT’s two-stage capital-light US entry strategy to launch a business-to-consumer (B2C) business to access the US market before launching a white-labelled Sportsbook-as-a-Solution offering.

With market access in Colorado, Louisiana and Indiana, BlueBet said launching in Iowa provided a platform to execute the first stage of its strategy.

BlueBet CEO Bill Richmond said BlueBet was now officially live in the US, marking a “huge moment” in the company’s history.

“We are thrilled to bring our sportsbook to Iowa sports fans who we are confident will respond well to our mobile-first online offering and differentiated market positioning,” Mr Richmond said.

“This continues our ‘Capital Lite’ US market entry strategy, as we initially launch our ClutchBet sportsbook into our initial four states while now also focusing on securing B2B partners for the second stage, being our white-labelled Sportsbook-as-a-Solution offer.”

BlueBet shares were up 1.1 per cent and trading at 46 cents at 2:37 pm AEST.