As the new football season approaches, the landscape of US online sports betting operators is seeing significant changes. SuperBook and Betfred, two notable names in the industry, have announced major reductions in their market presence.
SuperBook, known for its operations based out of Nevada, declared an end to its sports betting services outside its home state. This decision impacts its business across eight states, including Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, Tennessee, and Virginia. The announcement came via a tweet from SuperBook at 8:38 pm Eastern on Friday, shortly after the company ceased taking bets at 8:00 pm. Their website currently displays an image announcing the decision.
The tweet from SuperBook stated: “We regret to inform you that SuperBook Sports will no longer be accepting bets or deposits in the following states: AZ, CO, IA, MD, NJ, OH, TN & VA. Thank you for being a loyal customer of SuperBook Sports.” However, no specific reasons were provided for this sudden withdrawal.
Data indicates that SuperBook struggled to establish a significant market share in these regions. In New Jersey, where it performed best among the eight states, SuperBook captured only 0.3% of the revenue share in June. Other states showed even less market penetration, with figures like 0.1% in Arizona and a mere 0.01% in Virginia over an extended period.
The operational limitations imposed by the Wire Act, which restricts interstate sports betting activities, might have contributed to SuperBook’s challenges. This federal law likely hindered the company from leveraging its popular NFL betting product, SuperContest, across state lines.
Betfred Leaves Ohio
Meanwhile, Betfred also announced its exit from Ohio’s sports betting market, marking its second withdrawal following its exit from Maryland in June. The company communicated this decision to its Ohio customers via email. Like SuperBook, Betfred has struggled to secure a significant foothold in the highly competitive market, evidenced by its minimal online handle and taxable revenue shares in Ohio — 0.08% and 0.003%, respectively, in May.
Despite these challenges, Betfred remains operational in eight states, including Arizona, Colorado, Iowa, Louisiana, Pennsylvania, Virginia, and Washington, though only six of these offer mobile betting.
The withdrawals of SuperBook and Betfred are part of a broader trend observed within the US sports betting industry this year. Other companies such as Betway, SaharaBet, and SI Sportsbook have also scaled back their operations or exited the US market altogether. This trend reflects the intense competition and regulatory challenges faced by sports betting operators in the crowded and diverse US market.
These changes come at a time when the industry is attempting to capitalize on the growing interest in sports betting, driven by the expansion of legal betting options and the popularity of major sports leagues. However, as the market evolves, only operators who can effectively attract and retain customers while navigating regulatory landscapes will likely thrive.
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