Betway to depart from the Brazilian market
The online betting and gaming company Betway has announced its plan to depart from the Brazilian market ahead of Brazil's regulated market's debut.When Brazil announced...
Super Group Exits U.S. Sports Betting Market
Super Group, the company behind gaming brands Betway and Spin, revealed on Wednesday that it will withdraw from the U.S. sports betting market after conducting a thorough internal evaluation.
This decision will affect its operations in nine states: Pennsylvania, Iowa, New Jersey, Arizona, Colorado, Indiana, Virginia, Ohio, and Louisiana.
Nevertheless, the company plans to maintain its presence in the U.S. iGaming sector, emphasizing its Spin portfolio brands such as Jackpot City, which will remain operational in New Jersey and Pennsylvania.
The CEOof Super Group, Neal Menashe said:
“As a global business, we constantly evaluate the optimal use of our resources across all markets in which we operate. We have recently concluded an extensive review of our U.S. operations and, at present, we do not see a long-term path to profitability for the sportsbook product. The vast majority of Super Group’s revenue is generated in iGaming and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania. We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”
Super Group anticipates expenses related to closing operations, to be disclosed in its upcoming quarterly earnings call in early August. These costs, however, will not impact its financial strategies or ongoing business plans, according to a company statement. The decision will solely affect its U.S. operations, while its international earnings remain unaffected.
Super Group’s acquisition of Digital Gaming Corporation, which managed the Betway brand in the U.S., aimed to establish its presence in the American market. Despite initial success in eight states, including the post-acquisition launch in Louisiana, increasing competition from giants like FanDuel, DraftKings, and BetMGM has prompted Super Group, alongside others like Kindred, Tipico, and 888, to exit the U.S. market due to these challenges.
Super Group hits a record in Q3 with €402.9 million
Super Group, a parent company of Betway and Spin, shared its Q3 revenues, highlighting the record of €402.9 million, which is more than 12% when compared to Q3 2023.The...
