Betway will end its presence in Sweden’s online gambling marketplace on 1 October.
This week, Betway, the flagship sportsbook brand of Super Group, informed Swedish customers and media partners of its impending exit.
Swedish customers have been advised to withdraw funds and close their accounts by 29 September, as Betway seeks to end its Swedish license on 30 September.
The Super Group brand provided no specific reason for its withdrawal from Sweden, where its license was due to expire in 2029.
In 2018, Betway was among the first international brands to be granted a license by the Gambling Inspectorate, Lotteriinspektionen, as part of Sweden’s reorganization under the new Gambling Act.
In 2024, Super Group undertook a strategic review of the geographic make-up of markets in which Betway operates.
During H1 trading, Betway discontinued its offerings in the US wagering states of Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania, and Virginia.
The termination of Betway’s US business led to Super Group recording impairment charges of $36m, related to US withdrawal costs.
Betway continues to see growth in European markets, with its H1 income increasing to €45m ($48.2 m.).
European growth initiatives have seen Betway expand its presence in Italy, where it recently signed its first Serie A partnership with Bologna FC.
Despite these market adjustments, Super Group remains confident of achieving its 2024 guidance, targeting total revenue of €408 million ($436.5 m.) and an Adjusted EBITDA of €98 million ($104.8 m.).
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