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SuperBook Sports Latest Casualty in US Sports Betting Biz

Westgate Resorts' sports wagering division, SuperBook Sports, said on Friday that it is quitting online sports betting outside of Nevada.

The gaming business announced that bettors with SuperBook mobile wagering accounts in eight states will no longer be allowed to place sports bets as of 8 p.m. Eastern time today on X, previously Twitter. Those customers can take their money out right now.

"We regret to inform you that SuperBook Sports will no longer be accepting wagers, deposits or new accounts in Colorado, New Jersey, Arizona, Tennessee, Ohio, Iowa, Maryland and Virginia effective July 19, 2024 at 8:00pm ET,” according to the social media post.

Both the renowned SuperBook sportsbook at the Westgate Las Vegas Resort & Casino and the SuperBook Nevada mobile betting app will continue to be available. The future of the SuperBook retail store at The Lodge Casino in Black Hawk, Colorado, was not mentioned in the post.

Another One Dries Up After SuperBook Comes Out

Less than two weeks have passed since Super Group (NYSE: SGHC), the parent business of Betway, said the same thing, making SuperBook Sports the most recent US online sportsbook provider to fold.

SuperBook has added to the list of at least ten US sports wagering providers; this number does not include acquired operators like PointsBet US and William Hill. SaharaBets Sportsbook, which announced last week that it was ending its online sports betting operations in Arizona, is another newcomer to the list.

SuperBook Sports' problems to gain a sufficient market share are a common occurrence in an increasingly DraftKings and FanDuel-dominated business. According to a research released earlier this week by JMP Securities, the two providers accounted for 74.5% of US sports wagering handle in the second quarter. With a pitiful 7%, BetMGM came in third.

That emphasizes how tough (and costly) it is for gaming companies, particularly those with significant brand recognition, to compete against the two aforementioned titans.

The SuperBook Brand Failed to Take Off Outside of Las Vegas

The SuperBook at the Westgate is considered a mainstay of the Sin City sports betting culture by many residents and tourists alike. The sportsbook there is among the biggest of its kind in the world, spanning over 35,000 square feet and operating for nearly 35 years.

Two of the greatest names in football wagering are Jay Kornegay and John Murray, and the SuperContest and winner-take-all SuperContest Gold are two of the most popular yearly football gambling events. SuperBook odds are frequently mentioned in sports media circles, and Kornegay frequently appears in the media, indicating that the SuperBook brand is well-known among knowledgeable individuals in the sports betting industry.

The operator was unable to effectively compete with the two major players in the domestic online sports wagering market, despite having those credentials.