Super Group plans US exit for Betway operations

Super Group Betway Exit North America
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Super Group is making the decision to shutter Betway in U.S. markets.

The European gaming holding company announced on Wednesday that Betway operations in the nine U.S. markets where it holds a wagering license will cease operations. The markets are Arizona, Colorado, Indiana, Iowa, New Jersey, Louisiana, Ohio, Pennsylvania and Virginia.

Super Group has shuttered its sports betting operations in America following an “extensive internal review,” which determined a long pathway toward profitability for its U.S. sports betting business. The review was conducted after Super Group reported heavy losses.

Super Group reported a $24 million loss in Q1 2024 for its U.S. business. In fiscal year 2023, Betway’s parent company posted $61 million in company-wide losses.

Betway was proactive in not spreading itself too thin by withdrawing from the licensing process in Illinois. It also passed on a previously planned launch in Massachusetts.

The looming exit of Betway from the U.S. didn’t become a reality without attempts by Super Group to salvage the business. In February, Betway inked a deal with ALT Sports Data to acquire new customers. The pact made Betway ASD’s official sports betting partner. ASD has a portfolio of clients that includes Professional Bull Riders and Power Slap.

Super Group is expected to incur costs and charges behind its decision to shutter Betway. The company plans to provide further information on costs during its Q2 earnings call.

Betway exit paves way for iGaming

Super Group is maintaining a presence in the U.S. through its online casino business Spin. The iGaming company operates gambling brands in New Jersey and Pennsylvania.

In Q1 2024, Super Group generated $404 million in revenue with 79% from iGaming.

“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,” said Super Group CEO Neal Menashe in a statement. “We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”