Super Group confirms India exit as new tax rate bites
Betway parent company retains 2023 financial targets as new 28% turnover tax hits home
Super Group has ceased operating in India with immediate effect following changes to tax in the market.
The New York-listed firm confirmed that as of 1 October it would no longer provide its services due to an increase in the Indian Goods and Services tax for gambling firms.
The new Goods and Services tax applies a 28% turnover tax on all services for online gambling, casino and horseracing. The measure was approved in the summer.
Providing a brief update to the market, the Betway and Spin parent company confirmed the new tax rules in the market made India “no longer commercially viable”.
According to Super Group’s Q2 trading update, Asia-Pacific revenue fell from €77.4m to €69.1m year over year. The operator did not provide a further geographical breakdown of its performance.
However, despite the decision to pull out of the Indian market, management has reaffirmed the group’s 2023 financial projections.
Neal Menashe, Super Group CEO, said: “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,” he added.