- The Betway brand is now live in Iowa where they are offering statewide mobile sports betting.
- The addition of Iowa means that Betway is now operational in five states joining Colorado, Indiana, New Jersey and Pennsylvania.
- Betway also indicated that these five states are among ‘up to eleven’ where they have secured market access.
Sports betting brand Betway has announced their entry into Iowa where they will offer mobile sports betting services. Iowa now has 14 different mobile platforms available to players in the state. A fairly competitive marketplace along with a 6.75% tax rate has made Iowa an improbable leader among US sports betting jurisdictions–most of which have managed to completely bungle their sports betting regulatory framework.
One thing hasn’t changed–there are still just a handful of US states that have managed to create a player friendly betting ecosystem that offers a competitive marketplace among a variety of sports betting operators. While many in the financial industry, sports business industry and the media are bullish on the future of US sports betting the dismal regulatory situation is at present creating a serious threat to what many perceive as a ‘golden goose’. Colorado, Iowa, Indiana, New Jersey and a handful of others have done a decent job creating a sports betting ecosystem that benefits the entire state’s population. There’s also a second tier of states that are definitely better than most but are held back due to one or more issues. Pennsylvania is a good example–it’s got an absurd 36% tax rate but as the fifth largest US state by population it is essentially ‘too big to fail’. There’s hope that as more deep pocketed players get involved in sports betting there will be pressure on states to clean up the regulatory mess but as of yet nothing of this sort has happened.
In addition to the new launch in Iowa, Betway has granted a license in Poland. Here’s the full blurb from the press release announcing the launch in Iowa and license in Poland–most of it is an inscrutable explanation of the Betway financial structure:
SGHC Limited (“SGHC”, “Super Group” or the “Company”), the parent company of global online sports betting and gaming businesses operating Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering, today continued its new market expansion with the addition of a fifth live market in the U.S. as well as a new license in Europe.
Super Group plans to bring its leading global online sports betting and gaming group to the U.S. public markets, listing on the New York Stock Exchange, via a previously announced business combination with Sports Entertainment Acquisition Corp. (NYSE: SEAH), a special purpose acquisition company led by Eric Grubman and John Collins.
The Betway brand now has gone live in Iowa, joining Colorado, Indiana, New Jersey and Pennsylvania. These five states are part of a group of up to eleven states where Digital Gaming Corporation (“DGC”) has secured market access. Super Group and DGC have executed a definitive agreement under which Super Group will acquire DGC (subject to customary regulatory approvals).
Additionally, in Europe, Betway has been granted a license in Poland where, once launched, the brand is expected to leverage the global appeal of existing partnerships including their Bundesliga deals in neighboring Germany.
Richard Hasson, President and COO of Super Group, had these quotes about Betway’s growing market footprint in the US and Europe:
“We are delighted to further Betway’s U.S. presence with the addition of another live market there, as well as to enhance our formidable competitive position in Europe with the new license in Poland. This progress illustrates our focus and execution as we bring Betway, the premier and unified global online sports betting brand, to customers across markets and around the world.”
“Heading into 2022, we expect the pipeline of new market expansion to be active and to continue both internationally and in the U.S., where the acquisition of DGC provides us access to a group of eleven states. In our core geographies, we continue to thrive with market leading positions, scale and financial flexibility, operating a proven, cash generative business.”
Betway has also been busy creating partnerships within the professional sports world including a sponsorship deal with the NBA’s Dallas Mavericks and a promotional relationship with the National Hockey League (NHL).