BlueBet (ASX:BBT)- Executive Chair Michael Sullivan (left) and CEO Bill Richmond
Executive Chair Michael Sullivan (left) and CEO Bill Richmond
Source: BlueBet
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • BlueBet Holdings’ (BBT) subsidiary BlueBet Arizona and its partner Colorado River Indian Tribes have been unsuccessful in their application for an online sports betting license in Arizona
  • The number of licences awarded to native American tribes was capped at 10, leading to a competitive process
  • Bluebet’s application had meet all the requirements, but a licence wasn’t awarded at this stage
  • On the market this morning, BlueBet is down 9.25 per cent and is trading at $2.55 per share at 11:30 am AEST

BlueBet Holdings (BBT) has been unsuccessful in its application to operate online sportsbook in Arizona.

Earlier this month, the company’s subsidiary BlueBet Arizona and its partner Colorado River Indian Tribes applied for an online sports betting licence.

In April, online sports betting in Arizona was made legal by Governor Doug Ducey. The launch date is expected on September 9, which is in line with the upcoming NFL season.

The number of licences awarded to native American tribes was capped at 10, leading to a competitive process.

Bluebet’s application had meet all the requirements, but a licence wasn’t awarded at this stage.

“Securing an Arizona licence at this time would have been an unexpected addition to BlueBet’s USA entry strategy but it was not factored into the company’s USA business plan, which remains unchanged,” the company told the market.

“We continue to execute on that plan.”

Additionally, BlueBet’s licensing process in Iowa remains on track after its advanced deposit sports wagering operator agreement with Q Casino was approved by the Iowa Racing and Gaming Commission.

BlueBet was down 9.25 per cent and was trading at $2.55 per share at 11:30 am AEST.

BBT by the numbers
More From The Market Herald
BetMakers (ASX:BET) - CEO, Todd Buckingham

" BetMakers (ASX:BET) OM Apps updates agreements with The Waterhouse Group

BetMakers (ASX:BET) subsidiary, OM Apps, has signed an updated agreement with two divisions of The Waterhouse…
Unibail Rodamco Westfield (ASX:URW) - CEO & Chairman, Jean-Marie Tritant

" Unibail-Rodamco-Westfield (ASX:URW) rebrands three flagship centres

Unibail-Rodamco-Westfield (ASX:URW) has rebranded three flagship centres in Madrid, Stockholm and Warsaw
Webjet (ASX:WEB) - CEO Webjet OTA, David Galt

" Webjet (ASX:WEB) returns to profitability after COVID-19 turbulence

Online travel booking company Webjet (ASX:WEB) sees a business turnaround for the second half of FY22…

" BikeExchange (ASX:BEX) CEO resigns ahead of capital raise and court complaint

BikeExchange (ASX:BEX) has released a strong of announcements today including a senior management reshuffle, a capital…