Super Group has announced that it will be leaving the Indian market. This comes in the wake of the implementation of 28% GST on online money games, horse racing, and casinos. Super Group has said that it now finds its operations unsustainable in the country. Thereby, prompting it to leave the region. Nevertheless, Super Group is confident that there are many opportunities for the group in other places across the globe.
That could be one way to deny stating that it must leave India because it is unwilling to comply with the law. Another theory is that it tries to keep its investors calm, avoiding any panic that may otherwise trigger fund outflows.
Super Group had previously provided financial projections. It has now been said that it will be hampered even after leaving the country. As a matter of fact, the group’s Chief Executive Officer has come forward to assure everyone that the departure from India is unlikely to affect its global projections.
Neal Menashe has issued a public statement saying that the group strives to follow regulatory compliance and operate accordingly. Neal has also said that they are constantly evaluating their operations and presence in all the markets where they serve. Neal’s confidence in terms of projections comes from a sense of long-term growth. Meaning, even if the prices go down in the days to come, Super Group will be confident that the prices will eventually pick up after a gap.
This is likely to be a reference to the fact that the graph goes through ups and downs for every company due to internal and external factors.
What strengthens its CEO’s statement is that Super Group has been featured in the Russell 2000 Index. Also, its recognized brands, Betway and Spin, perform as per standards. Super Group is confident that its online gaming and betting offerings will easily enable the company to penetrate any market it wants.
The second quarter of 2023 showed some strong results. There was an increase in the number of active users and revenue. The latter was reported to be $414 million. That roughly translates to €380.8 million. This is a 19% increase as compared to the figure for the same time in the last year. As for active monthly users, the number reached 3.7 million. This is a jump of 40% as compared to last year’s same period.
According to the gambling news, Alinda Van Wyk, the Chief Financial Officer of Super Group, said that all of it points toward a strong operational EBITDA. Alinda stated that the financial results were a reflection of their focus on increasing their footprints all over the world and investing for long-term growth.
This is precisely the kind of performance that Neal Menashe is confident of delivering after leaving one of the world’s most populated and young countries.