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Super Group announces exit from US sportsbook markets

10 Jul 2024

(PRESS RELEASE) -- Super Group Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced that, following the completion of an extensive internal review, the company intends to undertake an exit plan for its sportsbook product in the U.S.

The company, along with relevant regulators and partners, will shortly begin the process to fully close its U.S. sportsbook operations in the nine states in which it is currently live. Super Group will, however, maintain its iGaming presence in the U.S. and plans to operate two iGaming brands from its Spin portfolio (including Jackpot City) in both New Jersey and Pennsylvania.

Chief Executive Officer Neal Menashe commented: “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 expects to incur costs and charges in connection with the closure of its U.S. sportsbook operation, information about which will be provided by management during the next quarterly earnings call, scheduled for early August. Such costs and charges, while not insignificant, will not have any impact on Super Group’s previously communicated capital allocation or operating plans. Non-U.S. earnings, which have historically been reported separately, will not be negatively impacted by this closure.
 
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