Yet another online sportsbook in New Jersey is on its way out the door.
Super Group announced this week that it would has started an exit plan for its Betway sportsbook in the United States.
According to the company’s announcement, Super Group “will shortly begin the process to fully close its US sportsbook operations” in the nine states that featured Betway Sportsbook, including the Garden State.
“As a global business,” Super Group CEO Neal Menashe said in a statement, “we constantly evaluate the optimal use of our resources across all markets in which we operate.
“We have recently concluded an extensive review of our U.S. operations and, at present, we do not see a long-term path to profitability for the sportsbook product.”
Betway Casino NJ will remain online
The decision to shut down Betway Sportsbook NJ came after “an extensive internal review,” as Menashe noted, leading to the company’s conclusion that the sportsbook could not thrive in the United States.
However, while Betway Sportsbook will make its way out of New Jersey, Super Group emphasized that it intends to keep Betway Casino NJ alive and well.
Because, as Menashe emphasized, NJ online casinos provide far better success for Super Group.
“The vast majority of Super Group’s revenue is generated in iGaming,” Menashe said in a statement, “and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania.”
Menashe then hinted that Betway could rebound down the road.
“We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”
Another NJ sportsbook closes up shop
An online partner to the land-based Golden Nugget Atlantic City, Betway Sportsbook has not fared well relative to the rest of the New Jersey sports betting industry.
Since regulators began reported revenue for individual operators in January, Betway has totaled just $240,688 in NJ betting revenue. Of the 21 online sportsbooks in the Garden State, only three have performed worse than Betway.
More than a few NJ sportsbooks have announced plans to close up shop in recent months, including Unibet, Tipico, and Prophet Exchange, to name a few.
As the industry continues to be dominated by bigger brand names such as FanDuel, DraftKings, Caesars, and BetMGM, among others, concern has emerged that the NJ sports betting industry is becoming oversaturated. As a result, the open and competitive industry many admired has become just as top-heavy as any other jurisdiction.
