Betway Sportsbook is closing shop in all the states it operates in, which includes Indiana.
Super Group, the parent company of Betway, has decided to allocate more resources toward its much more profitable online casino branch of the company.
While Super Group is leaving Indiana for now, it could return if Indiana online casinos are legalized.
Betway launched Indiana sportsbook 3 years ago
During its three-year run, Betway struggled to make headway in the Indiana sports betting market. It launched in Indiana in May 2021.
Unfortunately, Betway didn’t fare any better in the other eight states it operated in.
- Arizona
- Colorado
- Iowa
- Louisiana
- New Jersey
- Ohio
- Pennsylvania
- Virginia
The move to shutter Betway comes after Super Group reported $61 million in losses in Fiscal Year 2023. It had $24 million in losses during the first quarter of 2024.
Nearly 80% of Super Group’s revenue coming from iGaming
Spin, which is Super Group’s online casino platform, has generated most of the company’s revenue lately.
In the first quarter of 2024, Super Group generated $404 million of revenue from both sports betting and iGaming in the US. Of that, 79% came from online casinos, or about $319.1 million.
When announcing Betway’s closing, Super Group CEO Neal Menashe said the company could still expand its presence in the US.
“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 US footprint if the right investment or strategic opportunities arise.”
Super Group is the second sports betting operator to leave Indiana over the last year. WynnBet shut down its sportsbook in Indiana and in seven other states in August of last year.
Super Group could return to Indiana
Several industry experts think Indiana could be the next state to add online casinos.
Lawmakers put the issue on the back burner in this year’s legislative session due to a corruption scandal involving a legislator and a gaming company.
They will almost certainly consider Indiana online casinos in 2025. Most of the companies that operate casinos in the Hoosier State offer online casinos in other states. Churchill Downs is the only opponent among brick-and-mortar casino operators.
That means Super Group could return to Indiana as an iGaming operator if the state legalizes that market.