Betway – FairOdds Network

December 11, 2024

Super Group raises full-year revenue guidance to €1.6 billion

Super Group, the parent company of Betway, has increased its full-year revenue guidance by 3.2% following a “strong” performance in the first two months of the fourth quarter.

Revenue at Super Group for the 12 months to 31 December 2024 is expected to reach €1.6 billion (£1.32 billion/$1.68 billion), the operator announced today (11 December). The group previously forecasted a full-year revenue of €1.55 billion.

In addition, adjusted EBITDA, excluding the US, is on track to hit €360 million in 2024, 4.3% above its earlier guidance of €345 million. Super Group is expected to publish its full-year results in March or April next year.

The group’s favourable performance in Q4 is the reason behind its increased forecast. Both October and November were “strong” months for the business, it said, although it did not provide any additional context.

CEO Neal Menashe said he is “proud” to be in the position to increase guidance and pay an extra dividend. He said Super Group will seek to buil..

December 4, 2024

The sports betting graveyard: Key 2024 trend is smaller companies exiting the US

While BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics and FanDuel continue to grow their customer databases and jockey for market share in sports betting, many of the smaller and often independent platforms have disappeared, leaving consumers with fewer choices.

This story originally ran in the December 2024 issue of GGB Magazine.

This year was the first since sports betting became a states’ rights issue in 2018 in which no state legislature legalised sports betting. Missouri voters did legalise that state in November. Two states – North Carolina and Vermont – launched live wagering, the lowest number since 2018. The only number that continues to rise is the number of wagering platforms downsizing or joining the sports betting graveyard.

Companies like Betr, Sporttrade and Underdog Sports have grown in this environment. Rather than rushing to get licensed and go live in any available market, these companies have thoughtfully and intentionally selected markets in which th..

November 18, 2024

LatAm Q3 results round-up: Brazil betting launch dominates discussions

With the majority of the gambling industry having published their Q3 results, iGB looks at how operators fared in the region and their plans for the future there.

Brazil will launch its legal betting market on 1 January 2025 and one operator that is hoping to make a real dent in the market is the giant Flutter Entertainment.

Back in September, Flutter announced it had agreed to acquire an initial 56% stake in NSX Group, which operates the Brazil-facing Betnacional brand. The deal is worth $350 million (£266.5 million/€316.0 million).

For the nine months ending 30 September, Flutter reported year-on-year revenue growth in Brazil of 4%. In its earnings call following the Q3 results release, CFO Rob Coldrake spoke of the operator’s excitement for the market opening.

“We’re very confident about our approach in Brazil,” Coldrake told reporters. “We’ve grown with our brands that we’ve got there already. We’re very excited about the NSX acquisition.”

The NSX acquisition will create a new..

November 11, 2024

Weekend Report: Ex-Tory leader warns over gambling political donations, WWE drops interest in sports betting

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: former Tory leader warns over gambling donations, WWE loses interest in US sports betting and Betway details responsible gambling initiative with South Africa’s Premier Soccer League.

Former Tory leader warns against donations from gambling sector

First, Sir Iain Duncan Smith, former leader of the Conservative party, has told political parties in Great Britain to stop taking donations from gambling companies.

Smith urged colleagues dealing with “utterly rapacious” betting companies to “sup with a very long spoon”, the Telegraph reported on 8 November. The MP for Chingford & Woodford Green chairs the all-party parliamentary group on gambling reform.

Speaking on BBC Radio 4’s Today programme, Smith was asked if the gambling industry is a big political donor. He replied: “Yes, this is always a problem really. You have got to detach that sort of thing from ..

July 29, 2024

Weekend Report: Kayshon Boutte’s “dumb decision” and Betway partner Man City

Welcome to the Weekend Report, where iGB covers the news you may have missed over Friday, Saturday and Sunday. This week we’ve got news of Betway partnering with Premier League champions Manchester City, a bill to restrict online gambling advertising in New York and more.
NFL’s Kayshon Boutte glad to be back
New England Patriots wide receiver Kayshon Boutte spoke of his delight at being back to playing football after charges against him for gambling were dropped earlier this month.

Boutte was arrested in January over accusations he had placed over 8,900 bets while under the legal gambling age of 21 in his native Louisiana. However, the Louisiana State Police Gaming Enforcement Division dropped those charges in July.

Speaking to reporters after the fourth day of Patriots’ training camp, Boutte labelled his actions as a “dumb decision”. He also said he was glad to be focusing on football again, admitting he needs to “stay away” from gambling.

Betway becomes global betting partner of ..

July 10, 2024

Super Group to withdraw US betting product

Betway parent Super Group has decided to withdraw its US sports betting following an extensive internal review.

The firm said in a statement today (10 July) it would close its sportsbook operations in the nine states where it is currently live, as CEO Neal Menashe said it did not see a long-term path to profitability.

The Betway brand is currently live in Pennsylvania, Iowa, New Jersey, Arizona, Colorado, Indiana, Virginia, Ohio and Louisiana.

The group’s online gambling offering in New Jersey and Pennsylvania will remain, with a focus on two brands from its Spin portfolio, including its Jackpot City brand.

“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,” Menashe said.

The firm expects to incur the costs from shuttering these operations in its Q2 ..

January 12, 2023

Super Group approves $25m share repurchase

Betway parent company Super Group announced that its board of directors has approved a $25m (£20.5m/€23.2m) share repurchase scheme.

Super Group said the scheme is set to run until 31 December 2023, though the board reserved the right to extend or shorten the timeframe at their discretion.

The operator also emphasised that the announcement did not legally bind it in any way – noting that Super Group was “not obligated” to repurchase any shares, and that repurchases if any would be made from time to time on the open market at prevailing prices or “in negotiated transactions off the market”.

“Our debt-free balance sheet is strong and we actively consider using cash to drive long-term shareholder value through investment and through returning cash to shareholders,” said CFO Alinda van Wyk. “We believe a modest share repurchase programme is an efficient potential use of cash depending on market circumstances.”

The share repurchase scheme happens after a fraught Q3, in which declines in..

September 21, 2022

Betway fined £400,000 for marketing on “children’s webpages”

Online gaming operator Betway has been fined £408,915 ($463,178/ €467,776) by the Gambling Commission for marketing on “children’s webpages”.

The regulator determined that the Super Group-owned brand was marketing on the children’s pages of the West Ham United Football Club’s website, breaching Commission rules on socially responsible advertising.

The Commission said that the operator’s logo – which linked to its website – appeared on a page on the West Ham site which offered the option of printing off a picture of a teddy bear for children to colour in. It was visible on this page between 14 April 2020 and 6 November 2021.

Additionally, between 24 October 2021 and 15 November 2021, a similar logo that linked to Betway’s homepage was featured on the “Young Hammers at Home” page of the club’s site.

GC director of enforcement, Leanne Oxley, said the regulator had no reason to believe Betway was targeting children deliberately, but that the rule breach was still serious.

“Protecting ..

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Tag: Betway