Super Group Withdraws from Indian Market, Maintains 2023 Forecast
Super Group (SGHC) Limited has formally ceased its igaming services within the Indian market, effective from October 1, 2023, in response to alterations in the Indian Goods and Services Tax. The modifications in the tax framework have rendered the Indian market as non-commercially viable for Super Group’s ongoing operations in the igaming sector.
In light of this market exit, it’s noteworthy that Super Group substantiates the full-year financial projections previously communicated during the earnings conference call on August 17, 2023. Despite retracting its igaming services from the Indian market, the company remains steadfast in its financial outlook for 2023, aligning with the previously forecasted figures.
Further details regarding SGHC’s exit from the Indian market and its impact on the igaming industry, as well as the company’s 2023 financial forecast, may become available in subsequent disclosures or official releases. The firm’s strategic direction following the withdrawal from India will be monitored closely by industry stakeholders and could potentially shape future investment and operational decisions within the igaming sector, considering varying regulatory landscapes.
Neal Menashe, Chief Executive Officer of Super Group, stated: “We are continuously evaluating evolving regulatory landscapes across the many markets we serve. Informed by years of operating our geographically diverse business, we remain confident about the long-term growth opportunities in front of us.”