Few Notes from my research on key risks for Bluebet

• Highly competitive industry, Bluebet is a minnow (less 2 percent market share) compared to the competition. Other completing Wagering companies will have much bigger budgets to spend on marketing and promotions compared to Bluebet. 
• Industry is highly regulated. A loss of licences, permits or approvals could be disaster for Bluebet
• Bluebets expansion in the US could be failure. Bluebet has already been knock back for licence in Virginia, which was one of the 5 US states it was initially targeting.
• Loss of key management, Michael Sullivan founder and major shareholder (83,157,894 or 41.56% shares on issue) would be a major red flag
• Is it an Ethical Investment - it may not attract investors with the rise of ESG consideration? 

Note: currently don't own or plan to invest in BlueBet, but will be reviewing Pointbets (ASX:PBH) in near future for comparison.

Australia

• TAB (Totalisator Agency Board)
• Sprotsbet
• Ladbrokes
• Neds
• bet365
• Pointsbet

USA

• bet365
• Draftkings
• BetMGM
• Fanduel
• William Hill
• Pointsbet
• Caesars

BlueBet recently listed on ASX in July this year (IPO price $1.14). BlueBet was founded in 2015 as a ‘mobile-first’ Australian wagering operator. Founded by Michael Sullivan who currently an Executive chairman of BlueBet. Michael Sullivan is the ex-CEO of Sportsbet/William Hill Australia and has been involved in the bookmaker industry since 1988. 

BlueBet is a minnow in the Australian wagering industry with less than 2 percent market share. BlueBet is also targeting the US market. It concentrating on 4 states which have made sports wagering legal

·      Iowa

·      Colorado

·      Maryland

·      Tennessee

Note: Virginia was also a target state for Bluebet but Virginia Lottery deemed Bluebet ineligible for a permit.

Bluebet offers wagering on 31 sports in Australia and internationally, entertainment and politics wagering markets.