Super Group (SGHC) Limited (NYSE: SGHC) (“SGHC” or “Super Group”) has 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: “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." 

Super Group (SGHC) Limited is the holding company for 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. 

The group’s 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 empower it to responsibly provide a unique and personalized customer experience.

It is to be noted that the GST Council had announced a 28 per cent GST on real money gaming, as a measure to regulate online real money gaming, which is effective from 1st October, 2023. Following this, SGHC is one of the companies shutting down its operations while it is expected to create a chaos in the industry as GST payments of companies will increase by about 1,000%.