BlueBet (ASX:BBT)- Executive Chair Michael Sullivan (left) and CEO Bill Richmond
Executive Chair Michael Sullivan (left) and CEO Bill Richmond
Source: BlueBet
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  • BlueBet Holdings (BBT) subsidiary, BlueBet Colorado signs a skin agreement with The Wild Card Saloon & Casino, a casino operator based in Blackhawk, Colorado.
  • This is the company’s second skin agreement in the US and will allow it to conduct B2C online sportsbook operations in Colorado as an extension of the existing casino licence
  • The agreement has a 10 year term and is pending completion of regulatory approval and licensing
  • Bluebet is in commercial discussions with skin holders in several other target states
  • Shares are trading 3.13 per cent lower today at $1.01 each

BlueBet Holdings (BBT) subsidiary, BlueBet Colorado has signed a skin agreement with the Wild Card Saloon & Casino, a casino operator based in Blackhawk, Colorado.

This is the company’s second skin agreement in the US and will allow it to conduct B2C online sportsbook operations in Colorado as an extension of the existing casino licence.

The agreement has a 10-year term and is pending the completion of regulatory approval and licensing.

BlueBet said these market access agreements form the first stage of its two-stage US market entry strategy.

Once the company has gained a foothold in the market, the second stage will consist of launching its white-labelled Sportsbook-as-aSolution offering.

The company believes Colorado is an advantageous location as it is the sixth-largest sports wagering market in the US and is also the state the company has chosen for its headquarters. It has the highest levels of online wagering in the US, with 98 per cent of sports bets placed online.

Bluebet is in commercial discussions with skin holders in several other target states. It is assessing ten further states where sports betting is legal but not yet operational against its established entry criteria.

Chief Executive Officer Bill Richmond said he is excited about the agreement.

“We are confident that Colorado bettors will respond well to our mobile-first online offering, and we look forward to offering them our range of innovative products and features,” he said.

“We are making good progress with our US entry strategy and remain in commercial discussions with skin holders in a number of other US states.

“We expect further opportunities to become available to us as we continue to demonstrate the strength of our technology and team, ahead of introducing our Sportsbook-as-a-solution offering to the US market.”

Shares were down 3.13 per cent higher today at $1.01 each at 1.39 pm AEDT.

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