Betway has decided to exit Brazil just a few months before the market’s planned regulatory launch in January.
Telling customers in the region to withdraw their outstanding balances, no additional information was provided by the operator.
“Dear Betway customers, unfortunately we have decided that we will not continue in the process to acquire the regulated license offered in the country.
“We will work with you to return any outstanding balance. If you have an account that you would like to talk about, contact us by email and include your usernames,” SBC Noticias cited the operator as saying.
Surprisingly, the company was already approved for a license to enter the country by Brazil’s Ministry of Finance, and has been authorized to continue operating without one by the end of this year.
Betway is just one amongst the hundred others applying for a license as they await in anticipation of the launch of what will soon be one of the biggest gambling markets in the world.
Another market that recently saw the Super Group brand exiting the scene was Sweden, again seemingly in haste as its license was not due to expire until 2029.
It is yet to be seen how Betway’s departure from Brazil will impact Super Group’s financials, although it has proven to not be a cause for concern in the past, with the Group’s revenues standing at all-time high in Q2 after pulling Betway out of the US.
Some of the markets where Betway remains prominent are Italy, where the company recently signed a sponsorship deal with Bologna FC, and of course the UK where a similar deal was signed with Premier League side Nottingham Forest FC.
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