Super Group to Exit US Sportsbook Market after Strategic Review
Super Group (SGHC) Limited, the parent company of gaming operator Betway and Spin, has announced plans to exit the U.S. sportsbook market, this follows a comprehensive internal review of all US business operations in the group.
Betway to close its United States sportsbook operations.
LISTEN TO THIS ARTICLE:Betway first launched in North America in 2022 and through a partnership gained access to twelve regulated sports betting states. The Group made growth in North America a priority enjoyed initial success and grew its sportsbook offering. The gaming operator tried to raise its brand awareness by partnering with eight teams in the NBA.
The Betway brand enjoyed strong trading figures last year when excluding the US section of the business, and Super Group earns revenue of a billion in 2023.
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Super Group to Outline Closure Process and Costs
Super Group announced that the schedule for withdrawal from the nine states in the US sportsbook sector would start shortly this year.
There will also be costs involved with exiting this US market and said it would give further details of the expense of these closures in another trading statement at a later date.
In the statement the Group explained the majority of its revenue is generated from iGaming and said it would continue in North America in this sector with Spin, having a presence in New Jersey and Pennsylvania.
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 US 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 products in New Jersey and Pennsylvania. We are open to expanding our US footprint if the right investment or strategic opportunities arise.
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