sports news
Betway Exits Sweden as Super Group Eyes New Markets
Betway, the leading sportsbook under Super Group, is set to withdraw from the Swedish market this October. This strategic exit is part of Super Group’s ongoing review of its global market presence, which has already seen the brand retract from several U.S. states. Here’s a closer look at what’s driving Betway’s latest moves.
Betway Pulls the Plug on Swedish Operations
Betway’s sudden exit from Sweden’s regulated gambling market marks a significant shift in its European strategy. The sportsbook giant, which was one of the first international brands to receive a Swedish licence in 2018, has advised all customers to withdraw their betting funds and close accounts by 29 September, with its licence set to terminate the following day. No clear reason was provided for this departure, though it aligns with Super Group’s broader strategic review of its market footprint.
In the first half of 2024, Super Group undertook a comprehensive assessment of its geographic operations, prompting several market exits, including from multiple U.S. wagering states.
This move has led to considerable financial adjustments, including a $36 million impairment charge related to U.S. withdrawal costs. Yet, the company remains optimistic, bolstered by growing income in European markets and new strategic partnerships, such as Betway’s recent deal with Serie A club Bologna FC.
Market Reshuffles and Future Focus for Super Group
Super Group’s decision to pull Betway out of the Swedish market is part of a larger pivot towards more promising betting regions. Despite recent exits, Betway continues to thrive in Europe, reporting H1 income growth of €45 million. The company is doubling down on key European territories, with significant investments and new partnerships, particularly in Italy.
Looking ahead, Super Group aims to maintain its 2024 targets, forecasting a total revenue of €408 million and an Adjusted EBITDA of €98 million.
The company’s confidence in these projections suggests that, while retrenching in some markets, its strategic realignments are aimed at consolidating strengths in more profitable regions.
For Betway, this means a future focused less on broad expansion and more on selective, high-impact opportunities.
