Betway’s parent company, Super Group, will be leaving the U.S. sports betting marketplace

On Wednesday, Super Group announced they will be leaving the U.S. sports betting marketplace to focus on Internet casino gaming in New Jersey and Pennsylvania. Super Group is the parent company of Betway, which currently currently offering mobile sports betting in nine states. New Jersey and Pennsylvania are the only two where Betway offers in-person and online wagering. There has been no official announcement by Super Group as to when Betway will be exiting the market.

In the past, Betway had twice applied for one of the three online-only mobile sports betting licenses in Illinois. However, they withdrew from the process on both occasions. Last October, they were named a finalist for the $20 million license but they still withdrew. Super Group CEO Neal Menashe had this to say.

“As a global business, we constantly evaluate the optimal use of our resources across all markets in which we operate,” said Neal Menashe. “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.”

Betway saw limited levels of success in sports betting

Six of the nine states that Betway operates in have gross revenue available. From the data, it’s clear that Betway has struggled to gain a market share beyond Pennsylvania. A state where they also have iGaming platforms. Arizona was the only state where Betway topped $2 million in total gross revenue. Additionally, they had a 10.7% hold in Ohio for the first 17 months and claimed $1.4 million in winnings. In Virginia, Betway has a struggling 6.5% hold while Pennsylvania, Iowa, and Indiana failed to have a 3% hold.

Reports also noted that Betway’s spending was notably cutting into their gross winnings. This year, they had a 9% hold in Arizona. However, $437,936 in promotional bonuses and credits represented 66% of its $662,500 in winnings. In Ohio, the $240,236 spent was nearly 66% of its $365,900 in year-to-date revenue.