Betway Withdraws from Swedish Market
Betway, the well-known sportsbook brand of Super Group, has announced that it will cease operations in Sweden’s online gambling market as of October 1, 2024.
Betway Closes Chapter in Swedish Gambling Market
In a notice to its Swedish user base, Betway advised customers to withdraw funds and close their accounts by September 29. The company will officially terminate its Swedish licence on September 30, despite the licence being valid until 2029. While no specific reason was given for the withdrawal, the decision marks a significant shift in Betway’s European operations.
Betway was one of the first international brands to secure a licence under Sweden’s Gambling Act in 2018, following the country’s reorganisation of its gambling market. The licence was awarded by the Swedish Gambling Inspectorate, Lotteriinspektionen, at a time when Sweden was welcoming global operators to its newly regulated market.
In 2024, Super Group initiated a comprehensive review of the markets in which Betway operates. This review has led to the brand’s withdrawal not only from Sweden but also from several U.S. states, including Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania, and Virginia. The U.S. exit resulted in a $36 million impairment charge due to withdrawal costs.
Super Group’s Financial Outlook
Despite its exit from Sweden and the U.S., Betway continues to expand in other European markets. In the first half of 2024, the brand recorded an income increase of €45 million in Europe, driven by initiatives such as a new partnership with Serie A club Bologna FC in Italy.
Super Group remains optimistic about its financial outlook for 2024, despite these market exits. The group is targeting total revenue of €408 million and an adjusted EBITDA of €98 million, with European growth remaining a key focus of its business strategy.
