Betway, owned by Super Group, has announced its complete withdrawal from the Swedish market by October 1 this year. After this date, all accounts will be closed.
While the specific reason for leaving hasn’t been disclosed, the company holds a local license valid until 2029. This move appears to be part of a broader strategy.
Super Group has reported multiple times this year on its intention to reduce its presence in certain regions to concentrate on core markets. The company’s growth in key metrics has been driven by markets in Africa and North America (primarily Canada), while Asian and Middle Eastern markets have underperformed.
The company is particularly optimistic about the upcoming license launch in Alberta, Canada. Alberta, the 4th most populous region in Canada, is set to implement iGaming regulation based on the Ontario model, potentially as early as 2025. This would bring regulated iGaming to 48.3% of Canada’s population.
Interestingly, Betway has also recently exited the US market, ceasing betting operations in 9 states. Super Group’s CEO, Neil Menashe, cited a lack of long-term profitability in the region. However, the company will maintain its Spin and Jackpot City brands in the iGaming markets of New Jersey and Pennsylvania.
This trend of market consolidation isn’t unique to Super Group. Other companies like Kindred Group, 888Holdings, and Tipico have also reduced their US presence, unable to compete with market leaders DraftKings and FanDuel, which together account for 80% of all GGR in the United States.
Despite these operational changes, Super Group announced its first-ever dividend payment to shareholders in June this year, signaling financial stability amidst its strategic market shifts.
