Betway Withdraws from the Swedish Market

Betway’s decision to withdraw from the Swedish market has surprised the gambling industry and players. While no specific explanation has been given, the move certainly marks an important change in the sector.

Betway’s Departure and Its Implications

Betway Sweden ceased operations as of October 1, 2024. The decision was communicated to its customer base earlier in the year, as the operator required users to withdraw funds and close accounts by the end of September. The move came despite the Betway sports betting platform having a valid operating license in Sweden until 2029.

Betway did not provide explicit reasons for its withdrawal. Industry analysts suggest that the decision aligns with a broader restructuring of its parent company, Super Group, which initiated reviewing its market presence earlier that year. These events have led the brand to exit from several US states as well, including New Jersey, Arizona, and Ohio. The company incurred a $36 million impairment charge due to these US withdrawals.

The Future of Betway and the Swedish Gambling Market

One possible reason the platform parted ways with Sweden is the strict local regulations and high taxation. Despite the exit, Betway has continued to expand its presence in Europe, reporting a €45 million increase in revenue in the first half of 2024, partly driven by new partnerships, such as with Italian football club Bologna FC.

Conclusion

Super Group remains optimistic about its financial trajectory, targeting a total revenue of €408 million for 2024, with an adjusted EBITDA of €98 million. The company’s already moving towards more profitable European markets, like Italy and Spain. Meanwhile, the Swedish market must adapt to the absence of Betway as players seek alternative platforms that meet regulatory standards and offer comparable gaming products.