Betway owner had a smooth transition into Ontario’s legal sports betting market. Thus, it hopes to experience the same with its launch in the Ontario online sports betting market. Super Group said its revenue in the second quarter dropped ten percent to €320 million. It earned €355 million in the same quarter last year.
Adjusted profit before depreciation, financial income, income tax expenses, financial expenses, and amortization for Spin online casino and Betway online sportsbook dropped 30 percent for the quarter.
Yet, there was good news for the company. Month-to-month average players increased by three percent to 2.7 million during the second quarter of 2022. According to football betting sources, it was up from 2.6 million in the second quarter last year.
Betway and the Ontario Online Sports Betting Market
Super Group retained players in Ontario, where it operated in the grey market before the official launch of sports betting in the province. However, it became a legitimate sportsbook operator in August after the launch of Betway. Soon players can bet sports online through the company’s sportsbook app.
Despite the somewhat unfortunate outcomes, Super Group CEO Neal Menashe decided to stress the organization’s worldwide model, healthy cash flow and expected expanded incomes after the launch of its flagship brands in the province. As a result, it is one of the most awaited gambling events in the state.
Betway had been one of the most significant administrators in the supposed “dark market” for gaming in Ontario before progressing into the controlled market for online games wagering in the area.
Menashe was sure they could easily attract new players in Ontario. Also, the company doesn’t need additional funds to improve its operations due to its strong brand awareness.