The mobile sports betting landscape in the United States had another notable contraction Friday night after SuperBook announced it would no longer be taking online wagers in eight states. 3c1c34
A message on its Twitter posted at 5:38 p.m. PDT on Friday notified bettors that SuperBook would stop taking wagers in Virginia as of 8 p.m. EDT that night.
The message added that SuperBook Nevada would continue to operate through the Westgate SuperBook mobile app and retail wagering would continue at the SuperBook at the Westgate in Las Vegas.
We regret to inform you that SuperBook Sports will no longer be accepting bets or deposits in the following states: AZ, CO, IA, MD, NJ, OH, TN & VA.
Thank you for being a loyal customer of SuperBook Sports. pic.twitter.com/5uXpbU8pEx
— SuperBook Sports (@SuperBookSports) July 20, 2024
SuperBook’s multi-state withdrawal comes on the heels of other smaller mobile sportsbooks doing likewise. Super Group, the parent company of Betway, announced earlier this month announced it would be leaving the U.S. mobile sports betting marketplace to focus on internet casino gaming in New Jersey and Pennsylvania.
Betfred will cease operations in Maryland at the subsidiary LeoVegas purchased Tipico’s U.S. sports betting platform in late June. Multiple smaller sports betting apps in the U.S. have found it challenging to grab a foothold as FanDuel and DraftKings command an overwhelming share of the marketplace in almost every state where both are taking wagers, often reaching 75% of a state’s total handle between them.
Tough to Claim Market Share 19156t
June #SportsBetting numbers 🧵for #NewJersey via DGE. June/YTD revenue by mobile operator (3/3)@CaesarsSports $2.06M/$15.46M@ESPNBET $1.68M/$6.8M@betPARX $152.3K/$1.04M@FDSportsbook $29.15M/$240.55M@SuperBookNJ $195.1K/$481.6K@BetRivers ~$687K/$4.95M
7/x #SportsBettingX
— Chris Altruda (@AlTruda73) July 16, 2024
Of the eight states were SuperBook offered mobile betting, five provide handle and revenue figures. New Jersey only offers revenue figures by operator, something the Division of Gaming Enforcement began this year. The $481,581 in revenue from the Garden State was less than 0.1% of the overall $573.1 million accrued by all sportsbooks in the first half of 2024.
The common thread in the five states with handle and revenue available was a lack of pronounced market share: SuperBook did not exceed 0.2% of the year-to-date mobile handle in any of them. Its best-performing state in 2024 in of market share and handle was Arizona, where it accepted $3.5 million worth of bets and finished with $42,350 in gross revenue — good for only a 1.2% hold.
SuperBook’s most recent entry was in Virginia last October, and that was its best state in of performance with a near-6% win rate. But it ed for 0.1% of the mobile handle this year with nearly $3 million and totaled $177,343 in gross revenue.
Additionally, SuperBook could not escape the drag of its promotional spend. In the four states that provided such figures in 2024, SuperBook’s known promotional spend equaled at least 30% of its gross revenue in all of them. In Ohio, the $50,966 in credits and bonuses equaled 52.6% of its $96,874 in GGR.
SuperBook was able to reach seven figures in gross winnings in Arizona all-time with more than $1.8 million, but its known promotional spend since taking its first bets in December 2021 was close to $1.7 million. The $712,200 outlay in Ohio nearly matched its $780,100 in gross winnings; it was slightly less pronounced in Maryland, where the $256,400 spend equaled 62.5% of its gross winnings.
SuperBook was still eligible to deduct promotional spend against gross revenue in Virginia at the time of Friday’s announcement, and the $95,600 in credits equaled 42.7% of its $223,600 in winnings.
