Betway Keeping Online Casino In PA Despite Shuttering Sportsbook

Written By Corey Sharp on July 10, 2024
Closed metal gate over the front of a business and a person hanging a

Betway has become the latest sportsbook operator that has bit the dust in Pennsylvania. Super Group, Betway’s parent company, announced on Wednesday morning the company is pulling its sports betting product from all US markets. However, it is keeping its online casino platforms in Pennsylvania and New Jersey.

Betway has become the third operator in less than a year to shutter sportsbook services in the Keystone State, following Fox Bet and Unibet. It has not acquired the market share necessary in order to survive among other PA online sportsbooks.

No word, yet, exactly when Betway will leave Pennsylvania.

Pennsylvania down to 11 online sportsbooks

The Keystone State had 14 online sportsbooks as of last August. However, that number has plummeted to 11 amid the departures of multiple operators. Betway has become the latest, as CEO Neal Menashe said in a statement:

“We have recently concluded an extensive review of our U.S. operations and, at present, we don’t see a long-term path to profitability for the sportsbook product.”

During an earnings call in August, Super Group plans to reveal the costs and charges associated with exiting the sports betting market.

Among the 12 sportsbooks in May, Betway produced just $7.6 million in handle, which was 10th, and only $6,393 in revenue. Hold percentage translated to 0.1%.

Betway finished 10th out of 12 sportsbooks in most months of 2024, so far. Here are Betway’s handle figures for the year:

  • January: $6.9 million
  • February: $6.1 million
  • March: $8.2 million
  • April: $8 million
  • May: $7.6 million

Betway’s departure is not a surprise, as the sports betting market, in all states, have been dominated by FanDuel and DraftKings. Those two operators have accounted for a combined 68.3% market share in PA.

That makes it difficult for operators such as Betway to compete in a market dominated by two companies. As previously mentioned, Fox Bet closed operations last August while Unibet left last month.

Betway to keep Pennsylvania iGaming platform

Betway has an online casino in the Keystone State and New Jersey, and plans to keep those operations, as stated in the press release. It also hinted an expanding iGaming platforms into other states should the right opportunity arise.

The Pennsylvania Gaming Control Board does not break down revenue by operator, so it’s difficult to see exactly how it performs. Betway is partnered with Live! Casino Philadelphia, which finished ninth out of 11 licensees with $4.6 million in May revenue. Live! Casino Philadelphia generated $20.9 million through May, which is also ninth.

Despite not being able to track Pennsylvania’s performance, the New Jersey Division of Gaming Enforcement started reporting online casino revenue by operator this year. Betway has produced the following totals in the Garden State:

  • January: $237,329
  • February: $290,930
  • March: $199,328
  • April: $429,175
  • May: $211,114

Since the two states share a good chunk of players, Betway’s performance in Pennsylvania is likely similar to New Jersey’s.

Perhaps Betway sees an opportunity to grow in the neighboring states, which is why it decided to keep iGaming operations.

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Corey Sharp

Corey Sharp is the Lead Writer at PlayPennsylvania bringing you comprehensive coverage of sports betting and gambling in Pennsylvania. Corey is a 4-for-4 Philly sports fan and previously worked as a writer and editor for the Philadelphia Inquirer and NBC Sports Philadelphia.

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