Consider it a clutch moment for Louisiana sports betting.
This week, ClutchBet, a sportsbook owned by BlueBet, went live in Louisiana, bumping the state’s total number of online sports betting operators to nine and marking the third state where ClutchBet has launched.
BlueBet CEO Bill Richmond was all business in a press release about ClutchBet’s Bayou State debut, saying the Lousiana launch is part of the company’s “Capital Lite” US growth strategy. Richmond said in a BlueBet press release:
“Going live in Louisiana, our third US state, caps off another strong 12 months for BlueBet, as we execute our ‘Capital Lite’ US market entry. As we land and expand in each new US state, we continue to refine and enhance our approach, which is delivering faster growth and making us even more capital efficient.”
ClutchBet is the second sportsbook to launch in Louisiana in the past three months: bet365 went live in LA in November.
Who is ClutchBet?
ClutchBet’s parent company BlueBet launched in 2015 in Australia, where it offers horse racing and sports betting platforms.
ClutchBet entered the US market in 2022 in Iowa, then went live in Colorado in April 2023.
BlueBet’s Q2 2024 investor presentation revealed that ClutchBet took in around $9 million in handle, up around $8.1 from the year before. Live wagering drove the company’s betting, accounting for 71% of all wagers.
Localized marketing is part of the ClutchBet’s strategy. The company gained sponsorships from the United Soccer League’s Colorado Switchbacks and the American Hockey League’s Colorado Eagles.
It also signed on as a sponsor of Xtream Arena, which is home to Iowa Hawkeyes volleyball games.
The company also made improvements to its same-game parlay feature to boost live betting.
ClutchBet’s Louisiana sports betting strategy
BlueBet laid out a roadmap for how it wants to market ClutchBet in Louisiana. To start, it’s offering new customers up to $1,000 in free bets for an initial bet of up to $200.
The sportsbook is offering odds meant to boost customer retention, too: +200 on New Orleans Saints spread bets for the entire 2024 season, +200 on New Orleans Pelicans spread bets, and parlay insurance on parlay legs.
The company will also launch a blog dedicated to Louisiana sports and target two to three local teams for sponsorship opportunities. ClutchBet also plans to close two venue partnerships in the Big Easy.
ClutchBet’s specialty seems to be live in-game betting and same-game parlays, a strategy that should fit in well with Louisiana sports bettors. LA’s December 2023 sports betting revenue report revealed that parlays made up $40.3 million of the state’s $51.3 million in sports betting revenue.
While ClutchBet offers the right options for Louisiana sports bettors, they will have to fight for every dollar of revenue they get. Their competitors include DraftKings, FanDuel, BetMGM and Caesars. All of which have been in the Bayou State market for more than two years.