SuperBook Sports Exits Online Betting Market in Eight States
SuperBook Sports, the sports wagering arm of Westgate Resorts, announced on Friday its decision to exit the online sports betting business outside of Nevada. The decision marks a significant shift for the company, which has been a prominent name in sports betting, particularly in Las Vegas. The announcement was made via a post on X, formerly known as Twitter, informing bettors that they will no longer be able to place sports bets through SuperBook’s mobile wagering accounts in eight states starting from 8 pm Eastern time today. Bettors in these states can withdraw their funds immediately.
“We regret to inform you that SuperBook Sports will no longer be accepting wagers, deposits or new accounts in Colorado, New Jersey, Arizona, Tennessee, Ohio, Iowa, Maryland, and Virginia effective July 19, 2024 at 8:00pm ET,” the statement read.
SuperBook’s Nevada Operations to Continue
Despite this significant withdrawal, SuperBook Sports will continue its operations within Nevada. The SuperBook Nevada mobile betting app will remain active, and the iconic SuperBook sportsbook at the Westgate Las Vegas Resort & Casino will remain open. However, the post did not specify the future of the SuperBook retail location at The Lodge Casino in Black Hawk, Colorado.
Challenges in the Competitive US Sports Betting Market
SuperBook Sports’ departure from the online sports betting market is the latest in a series of exits by sports betting operators in the United States. The announcement comes less than two weeks after Super Group, the parent company of Betway, declared a similar exit. This growing list of companies ceasing operations includes at least 10 other operators and highlights the intense competition and high costs associated with the US sports betting industry.
Recent additions to this list include SaharaBets Sportsbook, which ceased its online sports betting operations in Arizona. The market is increasingly dominated by major players like DraftKings and FanDuel. A report from JMP Securities earlier this week estimated that these two operators combined accounted for 74.5% of the US sports wagering handle in the second quarter, with BetMGM trailing significantly in third place at just 7%.
Brand Recognition and Market Share Struggles
Despite strong brand recognition and a long-standing reputation, SuperBook Sports struggled to capture a significant market share outside of Nevada. The SuperBook at Westgate Las Vegas is renowned for being one of the largest sportsbooks in the world, boasting over 35,000 square feet of space and a history spanning more than 35 years. The SuperContest and SuperContest Gold are among the most popular annual football wagering contests, and figures like Jay Kornegay and John Murray are well-known in the industry.
However, these credentials were not enough to compete effectively with the dominant players in the domestic online sports wagering market. SuperBook’s exit highlights the difficulties even well-established brands face in sustaining operations against the backdrop of industry giants like DraftKings and FanDuel.
Future Implications for SuperBook and the Industry
The decision by SuperBook Sports to withdraw from multiple states underscores the significant challenges and financial pressures in the US sports betting market. It also raises questions about the future strategies of other mid-sized and smaller operators facing similar competitive pressures. For SuperBook, the focus will now likely shift towards consolidating and strengthening its operations within Nevada, leveraging its strong brand presence in Las Vegas.
As the sports betting landscape continues to evolve, industry observers will be keen to see how other operators adapt and whether further market exits or consolidations are on the horizon. For now, SuperBook’s departure serves as a stark reminder of the competitive and financial realities of the burgeoning US sports betting industry.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.