Sunday, October 1, 2023

Super Group gets Ontario’s two-year iGaming licenses for Spin and three other online casino brands | Yogonet International

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As the Ontario iGaming and sports betting market prepares to enter its third month in activity, Super Group announced it has been approved to launch four online casino brands in the jursidiction, including its main gaming brand Spin. It is set to receive licenses for each from the Alcohol and Gaming Commission of Ontario (AGCO).

The approved licenses are for Jackpot City, Royal Vegas, Rubin Fortune and Spin Casino, all owned by Super Group subsidiary Cadtree Limited. While many licenses in the market are for only one year, each of these will last two years, until June 2024.

This follows the company’s sports betting-led brand Betway’s license award in April. The four Super Group brands will be the latest casino-first entrants to the market, following on from approval for operators such as PokerStars, Casumo and SkillOnNet.

Ontario opened its market to operators on April 4 after the provincial government revealed plans to end the lottery’s online gambling monopoly in 2019. On April 19, Super Group received registration for its Betway brand for two years as well. The licence covers and various related dedicated domain names for sports, esports, virtual sports, casino, live casino, among others. 

Last month, Super Group reported revenue growth of 7% to €334.5 million (USD 357.6M) for the first quarter of 2022, driven by growth in African and Asia-Pacific markets. This was partially offset by adverse impacts from tightening regulation, and in some cases, ceasing in some European markets.

Loss after tax for the first quarter of 2022 was €163.2 million (USD 174.6 million) compared to a profit of €38.6 million in the same period of the prior year. This result was affected by costs and adjustments related to the business combination with Sports Entertainment Acquisition Corporation (SEAH), a publicly-traded special purpose acquisition company (SPAC), and the following listing on the New York Stock Exchange on January 28.


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