Super Group announces exit from Indian market

Super Group (SGHC), the company behind the iconic Betway gaming and betting brand, has put forward a statement about its immediate plans to exit from the Indian gaming market due to changes in the Indian Goods and Services Tax. The changes, introduced at the beginning of the month, has made the current operational landscape unsustainable for the company, which has prompted its swift and decisive exit.

Despite this setback, the company has been able to confirm its full-year financial projections and said that the earlier outlook shared with investors and the public on August 17, 2023, was still very much attainable and a valid target for the group.

Commenting further on this decision, Super Group CEO Neal Menashe said that the company is continuously evaluating evolving and changing regulatory regimes in markets where the group is present. "Informed by years of operating our geographically diverse business, we remain confident about the long-term growth opportunities in front of us," Menashe added.

Super Group remains committed to exploring both new and existing markets and adjusting its product as and where necessary, the company outlined. Super Group has been through as a company as a whole. The group made its New York Stock Exchange debut in January 2022, and it followed up on this with strategic shifts in its structure and objectives.

At the beginning of this year, the company also acquired Digital Gaming Corporation, an iGaming and online sports betting company, which helped enhance Super Group’s own exposure to the United States. At the time of the acquisition, Digital Gaming Corporation had access to 12 states in the USA, and was live in eight of those.

Another groundbreaking move this year for Super Group came in February, when the company sold its B2B assets, and said that it would be focusing on its B2C business instead, with established brands such as Betway and Spin.

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