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Super Group announced in a Q2 earnings report that it is exiting the US gambling industry, which includes Jackpot City Casino in Pennsylvania.
Jackpot City was one of the newer iGaming platforms in Pennsylvania. It launched in December 2023.
Super Group intends to focus on other areas of its business.
What led to Super Group’s decision
Since the Pennsylvania Gaming Control Board does not report revenue by operator, it’s difficult to see the exact impact Jackpot made in the Pennsylvania online casino market.
Even though Super Group CEO Neal Menashe noted some improvements the company had made as of late, he said it was not enough to continue moving forward.
“This is a difficult decision, particularly because our US team has worked hard and made progress over recent quarters. Nonetheless, recent regulatory developments combined with ongoing assessment of capital allocation requirements have led us to believe that our stringent hurdle for return on capital will likely not be met in this market any time soon.
“We therefore intend to focus capital and resources on markets where we see the greatest opportunity for scalable, sustainable, profitable super growth, with a disciplined emphasis on operational efficiency.”
Jackpot City launched as the 21st online casino platform in the state and partnered with Live! Casino Philadelphia.
Exit strategy ‘still early in the process’
Super Group did not provide a specific timeline of Jackpot City’s departure in the Keystone State.
CFO Alinda Van Wyk talked about the costs of exiting the US, as Jackpot City also operates in New Jersey.
“Various strategic exit options are under consideration. We are still early in the process but nonetheless would expect to incur a one-time cash restructuring cost of approximately $30 million to $40 million in connection with such an exit and are actively pursuing multiple efforts to minimize the impact thereof.”
