Home Super Group announce plans to exit US sportsbook market

Super Group announce plans to exit US sportsbook market

The parent company of sports betting and gaming businesses, Super Group, will be exiting the United States sportsbook market due to a lack of a path for profitability.

The company owns Betway, a leading online sports betting and gaming business, as well as the multi-brand online casino Spin.

On Wednesday (July 10) the company announced its departure via a press release.

They say the decision came after the “completion of an extensive internal review,” as they now plan to undertake an exit plan.

As such, the company, along with relevant regulators and partners, will soon begin the process of fully closing its U.S. sportsbook operations in the nine states in which it operates.

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.”

Super Group’s iGaming presence to continue

“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,” says the CEO.

The company will continue its iGaming presence and has plans to operate two iGaming brands from its Spin portfolio in both New Jersey and Pennsylvania.

Super Group does expect to incur costs and charges in connection with the closer of its U.S. sportsbook operation. They say they’ll know more information about this during the next quarterly earnings call which is scheduled for early August.

But, they do say the costs and charges will “not have any impact on Super Group’s previously communicated capital allocation or operating plans.” The non-U.S. earnings are reported separately and will not be negatively impacted by the closure.

Featured Image: Via Ideogram

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Sophie Atkinson
Tech Journalist

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business,…

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.