\nSuper Group (SGHC) Limited (NYSE: SGHC) (\u201cSGHC\u201d or \u201cSuper Group\u201d) today announced that it has ceased providing any services to the Indian market due to changes to the Indian Goods and Services Tax, effective as of October 1, 2023. The newly effective tax rules make the Indian market no longer commercially viable for Super Group. Despite this development, Super Group reaffirms the full year financial projections provided on the earnings conference call on August 17, 2023.<\/p>\n
Neal Menashe, Chief Executive Officer of Super Group, stated:<\/b> \u201cWe 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.”<\/p>\n
About Super Group (SGHC) Limited<\/b><\/p>\n
\nSuper Group (SGHC) Limited is the holding company for leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering. The group is licensed in multiple jurisdictions, with leading positions in key markets throughout Europe, the Americas and Africa. The group\u2019s sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets. Its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and personalized customer experience. For more information, visit www.sghc.com<\/a>.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nCertain statements made in this press release are \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995.<\/p>\n \nThese forward-looking statements include, but are not limited to, projections of financial performance, market opportunity and expected growth of the business.<\/p>\n \nThese forward-looking statements generally are identified by the words \u201cbelieve,\u201d \u201cproject,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201copportunity,\u201d \u201cplan,\u201d \u201cpipeline,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cwill be,\u201d \u201cwill continue,\u201d \u201cwill likely result,\u201d and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities; (ii) the ability to maintain the listing of Super Group\u2019s securities on a national securities exchange; (iii) changes in the competitive and regulated industries in which Super Group operates; (iv) variations in operating performance across competitors; (v) changes in laws and regulations affecting Super Group\u2019s business; (vi) Super Group\u2019s inability to meet or exceed its financial projections; (vii) changes in general economic conditions; (viii) changes in domestic and foreign business, market, financial, political and legal conditions; (ix) future global, regional or local economic and market conditions affecting the sports betting and gaming industry; (x) changes in existing laws and regulations, or their interpretation or enforcement, or the regulatory climate with respect to the sports betting and gaming industry; (xi) the ability of Super Group\u2019s customers to deposit funds in order to participate in Super Group\u2019s gaming products; (xii) compliance with regulatory requirements in a particular regulated jurisdiction, or Super Group\u2019s ability to successfully obtain a license or permit applied for in a particular regulated jurisdiction, or maintain, renew or expand existing licenses; (xiii) the technological solutions Super Group has in place to block customers in certain jurisdictions, including jurisdictions where Super Group\u2019s business is illegal, or which are sanctioned by countries in which Super Group operates from accessing its offerings; (xiv) Super Group\u2019s ability to restrict and manage betting limits at the individual customer level based on individual customer profiles and risk level to the enterprise; (xv) the ability by Super Group\u2019s key executives, certain employees or other individuals related to the business, including significant shareholders, to obtain the necessary licenses or comply with individual regulatory obligations in certain jurisdictions; (xvi) protection or enforcement of Super Group\u2019s intellectual property rights, the confidentiality of its trade secrets and confidential information, or the costs involved in protecting or enforcing Super Group\u2019s intellectual property rights and confidential information; (xvii) compliance with applicable data protection and privacy laws in Super Group\u2019s collection, storage and use, including sharing and international transfers, of personal data; (xviii) failures, errors, defects or disruptions in Super Group\u2019s information technology and other systems and platforms; (xix) Super Group\u2019s ability to develop new products, services, and solutions, bring them to market in a timely manner, and make enhancements to its platform; (xx) Super Group\u2019s ability to maintain and grow its market share, including its ability to enter new markets and acquire and retain paying customers; (xxi) the success, including win or hold rates, of existing and future online betting and gaming products; (xxii) competition within the broader entertainment industry; (xxiii) Super Group\u2019s reliance on strategic relationships with land based casinos, sports teams, event planners, local licensing partners and advertisers; (xxiv) events or media coverage relating to, or the popularity of, online betting and gaming industry; (xxv) trading, liability management and pricing risk related to Super Group\u2019s participation in the sports betting and gaming industry; (xxvi) accessibility to the services of banks, credit card issuers and payment processing services providers due to the nature of Super Group\u2019s business; (xxvii) the regulatory approvals related to proposed acquisitions and the integration of the acquired businesses; and (xxviii) other risks and uncertainties indicated from time to time for Super Group including those under the heading \u201cRisk Factors\u201d in our Annual Report on Form 20-F filed with the SEC on April 27, 2023, and in Super Group\u2019s other filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in other documents filed or that may be filed by Super Group from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Super Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Super Group does not give any assurance that it will achieve its expectations.<\/p>\n \nSource: Super Group<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20231002511494\/en\/<\/a><\/span><\/p>\n Investors: KEYWORDS:<\/b> United States India North America Asia Pacific New York<\/p>\n INDUSTRY KEYWORDS:<\/b> Online Casino\/Gaming Communications Social Media Entertainment<\/p>\n MEDIA:<\/b><\/p>\n SGHC Announces Exit from India and Reaffirms 2023 Financial Forecast NEW YORK–(BUSINESS WIRE)– Super Group (SGHC) Limited (NYSE: SGHC) (\u201cSGHC\u201d or \u201cSuper Group\u201d) today announced that it has ceased providing any services to the Indian market due to changes to the Indian Goods and Services Tax, effective as of October 1, 2023. The newly effective tax rules make the Indian market no longer commercially viable for Super Group. Despite this development, Super Group reaffirms the full year financial projections provided on the earnings conference call on August 17, 2023. Neal Menashe, Chief Executive Officer of Super Group, stated: \u201cWe are continuously evaluating evolving regulatory landscapes across the many markets we serve. Informed by years of operating our geographically diverse business, … <\/p>\n<\/p>\n
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