Super Group 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 statement clarified that: “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.”
Recently, India announced that it was going to impose a 28% goods and service tax on gambling impacting online gaming, horseracing and casinos.
The decision was made at the council’s 50th meeting, during which the group also made the decision to reduce tax on food and drinks served in cinemas from 18% to 5%, and provided exemptions to certain pharmaceutical products.
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. The Ministry of Information and Broadcasting in India released an advisory paper, requesting that all advertisements for gambling products cease immediately across all platforms.
In July it was announced that ENV Media partnered with Indian research firm, Ken Research, to conduct surveys and case studies analysing Indian gambling behaviour. Reports will cover a variety of different topics related to player behaviour and the demand for gambling in India.
Neal Menashe, CEO 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."
