Betway to Exit Sweden’s Online Gambling Market by October 1st
No specific reason was given for the withdrawal, despite Betway’s licence being valid until 2029.
This week, Betway, the flagship sportsbook brand of Super Group, announced its impending departure from Sweden’s online gambling marketplace. Swedish customers and media partners were informed that the company would officially cease operations in the region on 1 October.
Customers have been advised to withdraw their funds and close accounts by 29 September, as Betway aims to terminate its Swedish licence on 30 September. No specific reason was given for the withdrawal, despite Betway’s licence being valid until 2029.
Betway was one of the first international brands to secure a licence from the Gambling Inspectorate, Lotteriinspektionen, following Sweden's reorganisation under the Gambling Act in 2018.
In 2024, Super Group conducted a strategic review of its global market operations. As a result, Betway also discontinued services in several US states, including Arizona, Colorado, Indiana, Iowa, New Jersey, Ohio, Pennsylvania, and Virginia during the first half of the year. This withdrawal resulted in Super Group incurring $36 million in impairment charges.
Despite these adjustments, Betway has seen growth in European markets, with its H1 income rising to €45 million. Betway also expanded its presence in Italy by signing a Serie A partnership with Bologna FC.
Super Group remains optimistic about meeting its 2024 financial targets, projecting total revenue of €408 million and an Adjusted EBITDA of €98 million.
This news comes around the same time as Mr. Gamble announces its plans to expand into the Swedish market.
