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Current Leaders in Sports Wagering

Currently, 38 U.S. states, and the District of Columbia have some form of legally regulated sports betting and collect tax revenue from sportsbook operators. Over time, companies are finding out who will survive in a highly competitive market such as sports wagering.

Betway To Exit US Market

On Wednesday, Super Group Limited became the latest company to announce its exit from U.S. sports wagering. Super Group is the parent company of Betway, a leading online sports betting, and gaming business, and Spin, a multi-brand online casino.

Following the completion of an extensive internal review, Super Group said it intends to undertake an exit plan for its sportsbook product in all U.S. states. Betway notified customers in an email soon after Super Group’s announcement.

“From today, July 10th, 2024, we will no longer be accepting any new deposits and will be withdrawing our sports betting platform soon (we shall confirm our closure date and communicate this with you),” Betway said in the customer email. “We will no longer be accepting any sports wagers that will settle after July 31st, 2024. Any open bets that settle prior to July 31st, 2024, will not be impacted. We will no longer offer sports promotions. Any Sports Bonus Bets available in your account may be used either before their expiration or before July 31st, 2024 (whichever comes first). Cash balances are available for withdrawal until our closure date. We strongly recommend you withdraw your funds as soon as possible.”

The company, along with relevant regulators and partners, will shortly begin the process to fully close its U.S. sportsbook operations in the nine states in which it is currently live. Super Group will, however, maintain its iGaming online casino presence in the U.S. and plans to operate two iGaming brands from its Spin portfolio (including Jackpot City) in both New Jersey and Pennsylvania.

In a company press release 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.

“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 online gambling market. We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”

Super Group expects to incur costs and charges in connection with the closure of its U.S. sportsbook operation, information about which will be provided by management during the next quarterly earnings call, scheduled for early August.

SaharaBets Leaves Arizona

Betway’s closure announcement on Wednesday followed SaharaBets Sportsbook‘s notice on Tuesday that it was immediately discontinuing its sports wagering service in Arizona.

The sportsbook will leave customer accounts accessible for the next 30 days to allow time for outstanding bets to settle and players to withdraw funds.