Super Group (SGHC), the parent company of Betway, has announced that Betway will be discontinuing its sports betting operations across all U.S. states, including Ohio.
Betway stopped accepting new deposits on July 10 to prepare to withdraw its sports betting platform. The official closure date has yet to be decided.
This decision marks a significant shift in the landscape of top sportsbooks, leaving many bettors searching for new platforms to place their wagers.
Betway Sportsbook will be ceasing operations in the following states:
The sports betting operator had partnered with notable NBA teams such as the Brooklyn Nets, Chicago Bulls, Cleveland Cavaliers, Los Angeles Clippers, and Golden State Warriors. It remains to be seen what will happen to those partnerships.
You May Remember Betway From “Ted Lasso”
Betway Sportsbook, while a smaller player in the market, carved out a niche for itself through strategic partnerships. It gained significant brand recognition as an official NHL sportsbook partner and as the jersey sponsor for Premier League club West Ham United. The brand even made its mark in pop culture, being featured prominently in the hit TV sitcom Ted Lasso.
Why Is Betway Exiting the Market?
According to Eilers & Krejcik Gaming, FanDuel and DraftKings dominate the US market, holding three-quarters of the industry’s market share. Neal Menashe, CEO of Super Group, explained their decision to exit the US market:
“We have recently concluded an extensive review of our US operations and, at present, we don’t see a long-term path to profitability for the sportsbook product.”
In the first quarter of 2023, Super Group reported a 13% year-over-year revenue drop and a combined loss of nearly $22 million in the US and Canada. These financial challenges prompted the internal review and subsequent decision to exit the market.
Super Group Tried to Keep it Alive
Before deciding to leave the U.S., Super Group tried to save Betway’s business. In February, Betway signed a deal with ALT Sports Data to attract new customers. This partnership made Betway the official sports betting partner of ASD, which has clients like Professional Bull Riders and Power Slap.
Betway iGaming Business to Continue
Despite closing its sports betting operations, Super Group announced that Betway’s iGaming services will remain active in New Jersey and Pennsylvania.
“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. We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”
Earlier this year, Betway chose not to renew its Massachusetts sports betting license when it expired in February. Although licensed in the state for over a year, Betway never launched its services.
What’s Next for Betway’s Former Customers?
Effective immediately, Betway will not accept any sports wagers that settle after July 31st, 2024.
Open bets that settle before July 31st, 2024 will remain unaffected. The company is also ending all sports promotions. Any Sports Bonus Bets in an account can be used until their expiration or by July 31st, 2024, whichever comes first.
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