Super Group to pull sportsbook product out of US
The company will maintain its iGaming presence in the country by operating its Spin portfolio in both New Jersey and Pennsylvania.
Super Group, the parent company of online sports betting provider Betway, has announced that the company will begin to undertake an exit plan for its sportsbook product in the US shortly. The business, which also operates online casino Spin, completed an extensive internal review leading to its decision to exit.
“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,” Super Group CEO Neal Menashe said.
“The vast majority of Super Group’s revenue is generated in iGaming and, in line with that strategy, we will continue to offer our casino product in New Jersey and Pennsylvania. We are open to expanding our US footprint if the right investment or strategic opportunities arise.”
The company, along with relevant regulators and partners, will begin the process of fully closing its US sportsbook operations in the nine states in which it is currently live. Super Group will, however, maintain its iGaming presence in the US and plans to operate two iGaming brands from its Spin portfolio in both New Jersey and Pennsylvania.
Super Group stated it expects to incur costs and charges in connection with the closure of its US sportsbook operation, with further information being provided by management during the next quarterly earnings call, scheduled for early August.
The news follows other strategic movement from the company, as Games Global announced that it had successfully closed a deal to acquire Digital Gaming Corporation’s (DGC) B2B assets from Super Group. The two companies officially concluded the transaction on February 1, pending necessary regulatory approvals at the time.
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