SBC News Voice of the Sports Betting Industry
Super Group, the parent company of Betway and Spin brands, this afternoon announced that it has ceased all activities in India.
The decision follows the Indian government processing its new Goods and Services Tax, which is effective as of 1 October 2023.
This summer, India’s Parliament approved the Goods and Services Tax Council (GST) to amend tax rates applied to companies deemed to be providing gambling services, regardless of domicile.
The approval saw the GST apply a 28% turnover tax on all services for online gambling, land-based casinos and horse racing.
The GST Council, comprising the Union Finance Minister and delegates from every state and union territory in India, holds the authority to determine tax rates, exemptions, and administrative processes.
“The newly effective tax rules make the Indian market no longer commercially viable for Super Group,” – a statement read.
Despite the immediate Indian market exit, the governance of Super Group maintains its full-year financial projects as outlined in its Q2 trading update.
Neal Menashe, CEO 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.”
