Super Group, a holding company for leading global online sports betting and gaming businesses, has announced its departure from the Indian market.
The announcement comes in the wake of the introduction of amendments to the Indian Goods and Services Tax. Into power as of October 1, these changes would cause trouble for the group, making its business in the country unsustainable.
While Super Group will exit India because it is no longer a commercially viable market for the company, the group remains convinced that there would be other growth opportunities for the company.
Super Group added that the exit from the Indian market is unlikely to affect the company’s financial projections provided on the earnings conference call on August 17.
Super Group’s CEO: Long-Term Opportunities Still Await
Super Group’s chief executive officer, Neal Menashe, commented on his company’s decision to exit the Indian market. He explained that his team strives to follow the regulatory developments in the markets where the group operates and adapt accordingly.
CEO Menashe is optimistic that many growth opportunities await the company despite its departure from India.
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.
Neal Menashe, CEO, Super Group
For reference, Super Group is the holding company behind multiple internationally-recognized brands, such as Betway and Spin. Boasting licenses in many key regulated markets, the group offers best-in-class online gaming and betting offerings that allow it to easily penetrate new markets.
In August, Super Group posted its Q2 2023 financial results, reporting strong growth in monthly active customers. The three months ended June 30 saw the company’s metrics increase across the board, greatly improving the company’s FY 2023 outlook.
Earlier this year, the group was added to the prestigious Russell 2000 Index, an important development that improved the company’s profile. The Russell 2000 Index is a stock market index that comprises the smallest 2,000 stocks in the Russell 3000 Index, a capitalization-weighted stock market index that seeks to define the US stock market.
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