Jackpot City and Betway Casino may eventually come to more states than just New Jersey and Pennsylvania, according to the CEO of the online gambling brands’ parent company, Super Group. However, that likely won’t happen until new states legalize iGaming.
In an Aug. 7 earnings call, Super Group CEO Neal Menashe expressed optimism about the company’s US online casino growth, even as he elaborated on its US sports betting exit.
The leader of the Guernsey-based online gambling site holding company said during the Q2 2024 earnings call that US iGaming revenue is “consistent” with Super Group’s global online casino performance. So, Jackpot City and Betway Casino will remain online in America.
Menashe said:
After an extensive review, we announced last month that we plan to exit the US sports betting market. We aren’t, however, totally divesting from the US. We are maintaining our iGaming presence in New Journey and Pennsylvania, where we plan to operate two brands, including Jackpot City from our Spin portfolio. Our focus on iGaming aligns with our non-US business, in which about 80% of our revenue is from iGaming. Like any other parts of the world, we are open to expanding our US footprint for the right opportunities.
He said the US sportsbook “exit process” is underway. Meanwhile, lest US sports bettors feel alone, Menashe said Super Group just pulled its sportsbooks from India, too.
He said:
We are optimizing everywhere.
Betway is a well-known sports betting brand outside of the US. That’s part of the reason that Super Group’s €414.7 million ($452.8 million USD) in Q2 2024 revenue represented “an all-time quarterly record,” as its earnings report bragged.
At the time of Menashe’s July 10 announcement that Super Group’s sportsbooks would leave the US, Betway Sports was live in the following states:
- Arizona
- Colorado
- Indiana
- Iowa
- Louisiana
- New Jersey
- Ohio
- Pennsylvania
- Virginia
Betway Casino, Jackpot City in 2025?
Super Group ($SGHC) probably won’t open its new online casinos in existing regulated states. There aren’t any licenses available for Betway or Jackpot City in Michigan, and West Virginia may be too small a market for niche brands.
Richard Hasson, Super Group president and CCO, said:
If we see appropriate opportunities to expand the footprint within iGaming within the US, then we will look at those as and when other states are regulated.
Considering state legislatures have largely adjourned for 2024, that means new legal online casino states won’t happen until at least 2025. That’s because lawmakers will need to introduce bills, approve them, and then wait for a governor’s signature to sign them into law. Also, gaming regulators must lay the groundwork for the operators and prepare the state’s marketplace for launches.
In the case of Maryland, which was the strongest contender for online casino legalization in 2024, any new bills will have to wait for an election year. The next such year is 2026. That’s because Marylanders would need to approve a referendum to allow online casinos to launch.
Also, if Super Group adds a different online casino brand than Betway Casino or Jackpot City, new legal iGaming states may see another member of Super Group’s Spin portfolio.
Outside of the US, Spin’s brands include the following sites:
- Hippodrome Online Casino
- Spin Casino
- Dream Bingo
Answering an analyst’s question about why Super Group would keep two online casino brands open in the US instead of concentrating on one, Menashe mentioned the company’s 25 years of iGaming experience with multiple brands. He said, “You need two brands” for a different “look and feel.”
Basically, online gamblers demand brand differentiation and unique products.
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