It appears sports betting operators have used the relative downtime in the summertime to take a hard look at their measures of success in what is a very competitive and top-heavy environment.
On Friday, Superbook Sports announced it's leaving the sports betting scene in all states, except for Nevada. This means Superbook bettors in Colorado, New Jersey, Tennessee, Maryland, Virginia, Ohio, Arizona, and Iowa can no longer place wagers and will need to withdraw their funds.
We regret to inform you that SuperBook Sports will no longer be accepting bets or deposits in the following states: AZ, CO, IA, MD, NJ, OH, TN & VA.
— SuperBook Sports (@SuperBookSports) July 20, 2024
Thank you for being a loyal customer of SuperBook Sports. pic.twitter.com/5uXpbU8pEx
This announcement does come as a bit of a surprise since bettors received promotional offers for NFL futures just a few days earlier. Also, Superbook signed a long-term partnership a couple years ago with the Baltimore Orioles that included current signage in Camden Yards, plus their sports bar held a grand opening just 14 months ago.
But we are entering the least popular part of the sports betting calendar (when there is neither basketball nor football). If an operator is thinking about closing, this is the time to make hard decisions, and they are not alone. This summer we have seen closures from Betway, Prophet Exchange, Sahara Bets, Betfred, and Tipico.
How did Superbook fare?
Superbook – like many operators not named DraftKings, FanDuel, or BetMGM – struggled to carve out a profitable slice of the huge sports betting pie.
In Maryland’s latest breakdown, Superbook accepted $454,000 in wagers, which was 0.1% of the statewide handle. In Arizona’s most recent report, Superbook accepted $934,000 in bets, also 0.1% of the state’s mobile action. In Iowa, Superbook took in $160,000, which was, again, 0.1% of the handle.
