Betway closes doors in Sweden: Players must act quickly
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22 Sep 2024 •
Reading time: 3 minutes Betway, one of the most recognizable names in the gambling world, has announced that it will cease all its operations in Sweden as of October 1, 2024. This news came as a surprise to many players. Especially since the company had a valid license until 2029.
Betway has informed its customers that they must withdraw their funds and close their accounts by September 29. The reason behind this decision remains a mystery. But it is clear that this is a major change for the Swedish gambling market.
Why is Betway pulling out of Sweden?
Betway was one of the first international gambling companies to receive a license in 2018 when Sweden decided to open its gambling market to foreign operators. The idea was to regulate the market and better protect players. But now five years later, Betway has unexpectedly decided to close its Swedish operations. Even though the license was still valid for five years.
Although Betway has not given a detailed reason for the departure, it appears to be part of a larger restructuring of its parent company, Super Group. In 2024, Super Group began reviewing all of its markets and decided to leave not only Sweden and Belgium, but also several US states such as New Jersey, Arizona and Ohio. This withdrawal from the US has already cost the company $36 million. Now it is Sweden’s turn.
What does this mean for Swedish gamblers?
For players in Sweden, this is of course a major setback. Betway was a popular platform and many gamblers were loyal customers for years. The company has asked its players to withdraw their funds and close their accounts by September 29th. After October 1st, you will no longer be able to log in and all Betway services in Sweden will be stopped.
This decision leaves many players wondering where they can go to gamble next. The Swedish gambling market is heavily regulated. With high taxes and strict rules that are supposed to ensure a safe environment for gamblers. This strict regulation may have been one of the reasons why Betway decided to close.
What will happen next for Betway?
Despite leaving Sweden and some US states, Betway will continue to operate in Europe, where it has seen a €45 million increase in revenue in the first half of 2024. Part of that growth has come from partnerships, such as its new partnership with Italian football club Bologna FC. It appears that Betway has shifted its focus to more profitable markets such as Italy and Spain.
Super Group, Betway’s parent company, has stated that it still expects a positive outlook. They are targeting a total revenue of €408 million in 2024. With an adjusted EBITDA of €98 million. The company is now focused on further growth in Europe and remains optimistic about its financial outlook. Despite the market changes in Sweden and the US.