{"id":6211,"date":"2024-07-12T09:55:35","date_gmt":"2024-07-12T08:55:35","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=6211"},"modified":"2024-07-12T09:55:40","modified_gmt":"2024-07-12T08:55:40","slug":"betway-to-exit-us-market-following-the-decision-by-super-group","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/","title":{"rendered":"Betway to Exit US Market Following the Decision by Super Group"},"content":{"rendered":"\n<p><strong>Betway<\/strong> will begin its \u2018planned exit\u2019 from US sportsbook markets, as announced by NYSE-listed parent company <strong>Super Group<\/strong>.<\/p>\n\n\n\n<p>The decision follows an \u2018extensive internal review\u2019 undertaken by Super Group which determined the closure of Betway\u2019s US offering in the states of <strong>Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania, and Virginia<\/strong>.<\/p>\n\n\n\n<p>H1 trading saw Super Group declare that it had placed its US market activities under <a href=\"https:\/\/sbcamericas.com\/2024\/03\/07\/betway-weighing-all-options-for-future-in-the-us-market-after-losing-year\/\">strategic review,<\/a> in light of NYSE group recording FY2023 losses of <strong>\u20ac11m<\/strong> \u2013 reflecting a 105% decline on FY2022 profits of <strong>\u20ac184m<\/strong>.<\/p>\n\n\n\n<p>Ushering in the strategic review, Group CEO <strong>Neal Menashe<\/strong> stated that \u201cWe are not happy with the status quo\u201d \u2013 as Super Group\u2019s financial results were hampered by impairment charges of <strong>\u20ac36m<\/strong> attached to the North American subsidiary of <strong>Digital Gaming Corporation Limited (DGC).<\/strong><\/p>\n\n\n\n<p>As announced: \u201cThe company, along with relevant regulators and partners, will shortly begin the process to fully close its US sportsbook operations in the nine states in which it is currently live.\u201d<\/p>\n\n\n\n<p>Betway launched its US profile in 2022, via an exclusive partnership with DGC, which provided Betway with a gateway to launch its sportsbook in 12 US wagering states.<\/p>\n\n\n\n<p>The launch of Betway in the US saw the sportsbook partner with eight NBA teams, including the <strong>Chicago Bulls, Cleveland Cavaliers, Golden State Warriors, Minnesota Timberwolves, Miami Heat, and Milwaukee Bucks<\/strong>.<\/p>\n\n\n\n<p>The growth and expansion of Betway in North America was noted as a key objective of Super Group, which listed on the NYSE in January 2022, via a SPAC deal led by <strong>Sports Entertainment Acquisition Corporation<\/strong> (SEAC).<\/p>\n\n\n\n<p>Super Group will maintain an \u2018igaming presence\u2019 in the US, where it plans to operate its online casino brands Spin and Jackpot City in the regulated states of New Jersey and Pennsylvania.<\/p>\n\n\n\n<p>Costs and charges incurred with the closure of Betway\u2019s US operations will be disclosed by management in the \u201cnext quarterly earnings call, scheduled for early August.\u201d<\/p>\n\n\n\n<p>Closing the statement, Neal Menashe commented: \u201cAs 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.<\/p>\n\n\n\n<p>\u201cThe vast majority of Super Group\u2019s revenue is generated in iGaming and, in line with that strategy, we will continue to offer our leading casino products in New Jersey and Pennsylvania. We are open to expanding our US footprint if the right investment or strategic opportunities arise.\u201d<\/p>\n\n\n\n<p>Don\u2019t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Betway will begin its \u2018planned exit\u2019 from US sportsbook markets, as announced by NYSE-listed parent company Super Group. The decision follows an \u2018extensive internal review\u2019 undertaken by Super Group which determined the closure of Betway\u2019s US offering in the states of Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania, and Virginia. H1 trading saw Super [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":6212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[4,1218,1],"tags":[8940,4256,8938,8935,8941,8931,8942,8934,8937,8936,8943,8939,987,8932,8933],"class_list":["post-6211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-bookmaker","category-news","tag-and-milwaukee-bucks","tag-betway","tag-chicago-bulls","tag-cleveland-cavaliers","tag-dgc","tag-digital-gaming-corporation-limited","tag-golden-state-warriors","tag-jackpot-city","tag-miami-heat","tag-minnesota-timberwolves","tag-neal-menashe","tag-seac","tag-spin","tag-sports-entertainment-acquisition-corporation","tag-super-group"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Betway to Exit US Market Following the Decision by Super Group - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betway to Exit US Market Following the Decision by Super Group - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Betway will begin its \u2018planned exit\u2019 from US sportsbook markets, as announced by NYSE-listed parent company Super Group. The decision follows an \u2018extensive internal review\u2019 undertaken by Super Group which determined the closure of Betway\u2019s US offering in the states of Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania, and Virginia. H1 trading saw Super [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/\" \/>\n<meta property=\"og:site_name\" content=\"SBC EURASIA EN\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-12T08:55:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-12T08:55:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/07\/Super-Group-orders-Betway-to-end-US-journey.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Khomeriki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Maria Khomeriki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/\"},\"author\":{\"name\":\"Maria Khomeriki\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/f6f1bec1f527da78057fa0c8d3b56dd6\"},\"headline\":\"Betway to Exit US Market Following the Decision by Super Group\",\"datePublished\":\"2024-07-12T08:55:35+00:00\",\"dateModified\":\"2024-07-12T08:55:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/\"},\"wordCount\":436,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/07\/Super-Group-orders-Betway-to-end-US-journey.jpg\",\"keywords\":[\"and Milwaukee Bucks\",\"Betway\",\"Chicago Bulls\",\"Cleveland Cavaliers\",\"DGC\",\"Digital Gaming Corporation Limited\",\"Golden State Warriors\",\"Jackpot City\",\"Miami Heat\",\"Minnesota Timberwolves\",\"Neal Menashe\",\"SEAC\",\"spin\",\"Sports Entertainment Acquisition Corporation\",\"Super Group\"],\"articleSection\":[\"Betting\",\"Bookmaker\",\"News\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/\",\"url\":\"https:\/\/sbceurasia.com\/en\/2024\/07\/12\/betway-to-exit-us-market-following-the-decision-by-super-group\/\",\"name\":\"Betway to Exit US Market Following the Decision by Super Group - 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