Asia

SGHC Announces Exit from India

Published

2 years ago

October 4, 2023

Niji Narayan

Reading Time: < 1 minute

Super Group (SGHC) has announced that it has stopped providing all services to the Indian market due to changes to the Indian Goods and Services Tax, effective as of 1 October 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,” the Company said.

Recently, India announced that it was going to impose a 28% goods and service tax on gambling impacting online gaming, horseracing and casinos. The increase in tax is due to the Indian Government wanting to increase its efforts to control gambling and gambling-related services in the country.

Neal Menashe, CEO of Super Group, said: “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.”

Related Topics:Neal Menashe SGHC Super Group

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.