{"id":16231,"date":"2024-07-11T15:26:50","date_gmt":"2024-07-11T12:26:50","guid":{"rendered":"https:\/\/igamingafrika.com\/?p=16231"},"modified":"2024-07-11T15:26:50","modified_gmt":"2024-07-11T12:26:50","slug":"super-group-exits-us-sportsbook-market-citing-lack-of-profitability-path","status":"publish","type":"post","link":"https:\/\/igamingeuropa.com\/index.php\/2024\/07\/11\/super-group-exits-us-sportsbook-market-citing-lack-of-profitability-path\/","title":{"rendered":"Super Group Exits US Sportsbook Market, Citing Lack of Profitability Path"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Super Group, the parent company of online sports betting and gaming businesses, has announced its exit from the <a href=\"https:\/\/en.wikipedia.org\/wiki\/United_States\" target=\"_blank\" rel=\"noreferrer noopener\">US<\/a> sportsbook market due to a lack of a clear path to profitability. <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company, which owns Betway and the online casino brand Spin, made the decision after completing an extensive internal review.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a press release on Wednesday, Super Group revealed that it will begin the process of shutting down its US sportsbook operations in the nine states where it currently operates. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company&#8217;s CEO, Neal Menashe, stated that despite evaluating the optimal use of resources across all markets, they do not see a long-term path to profitability for their sportsbook product in the US.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read Also: <a href=\"https:\/\/igamingafrika.com\/nigerias-sec-issues-30-day-ultimatum-for-cryptocurrency-exchanges-to-re-register\/\" target=\"_blank\" rel=\"noreferrer noopener\">Nigeria&#8217;s SEC Issues 30-Day Ultimatum for Cryptocurrency Exchanges to Re-Register<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, Super Group will continue to operate its iGaming presence in New Jersey and Pennsylvania, where it generates the majority of its revenue. The company plans to maintain its two iGaming brands from its Spin portfolio in both states.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The closure of the US sportsbook operation is expected to result in costs and charges, which will be detailed during the company&#8217;s next quarterly earnings call in early August. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite this, Super Group assured that the costs will not impact its previously communicated capital allocation or operating plans. The company&#8217;s non-US earnings are reported separately and will not be affected by the closure.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\"> Super Group US Exit<\/mark><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Super Group is open to expanding its US footprint if suitable investment or strategic opportunities arise in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Super Group, the parent company of online sports betting and gaming businesses, has announced its exit from the US sportsbook market due to a lack of a clear path to profitability. The company, which owns Betway and the online casino brand Spin, made the decision after completing an extensive internal review. In a press release &hellip;<\/p>\n","protected":false},"author":3,"featured_media":20652,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-16231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-gambling-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Super Group Exits US Sportsbook Market, Citing Lack of Profitability Path<\/title>\n<meta name=\"description\" content=\"Super Group, the parent company of online sports betting and gaming businesses, has announced its exit from the US sportsbook market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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