Super Group Ceases Services in Indian Market Due to Tax Changes
Super Group, the holding company for global online sports betting and gaming brands like Betway and Spin, has officially stopped providing services in the Indian market as of October 1, 2023.
This decision comes in response to significant changes in the Indian Goods and Services Tax (GST), rendering the market commercially unviable for Super Group.
Reason for Discontinuation
Super Group’s withdrawal from the Indian market is a direct result of the newly effective tax rules. These changes have created an unfavorable business environment, leading the company to cease its operations in India.
Despite this development, Super Group stands by the financial projections it shared during the earnings conference call on August 17, 2023. The company remains confident in its ability to achieve its full-year financial targets despite discontinuing services in the Indian market.
Evaluating Regulatory Landscapes
Neal Menashe, Chief Executive Officer of Super Group, stated “We are continuously evaluating evolving regulatory landscapes across the many markets we serve. Informed by years of operating our geographically diverse business, we remain confident about the long-term growth opportunities in front of us.”
Super Group Limited serves as the holding company for renowned online sports betting and gaming brands, including Betway and Spin. The company holds licenses in multiple jurisdictions and maintains leading positions in key markets across Europe, the Americas, and Africa. Super Group’s offerings in sports betting and online gaming leverage its scale, advanced technology, proprietary marketing, and data analytics engine to provide customers with a unique and personalized experience while prioritizing responsible gaming practices.