In an 8.38pm ET tweet, the company announced that it had shuttered its platforms in Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, Tennessee and Virginia at 8pm ET on Friday. SuperBook is the fourth platform to wind down operations this year.
Prophet Exchange, SaharaBets and Unibet all closed earlier in 2024. Like those three, SuperBook was unable to capture significant market share in any state outside of Nevada.
SuperBook is known for its massive retail location in Nevada and its NFL SuperContests. SuperBook had plans to offer the contests in other states. But it could not bring in players outside of Nevada without violating the Wire Act. However, plans to offer similar contests locally did not materialise.
SuperBook’s closing will mean that licences become available in several states with a cap, in which regulators are at or near the maximum number of licences allowed. In particular, a tribal licence will eventually come available in Arizona. This will allow a new operator to enter what has been a “full” market. SuperBook was partnered with the Fort Mojave Indian Tribe.
Latest Arizona application window just closed
Arizona’s regulator can issue up to 20 event wagering licences, 10 each to operators partnered with pro sports franchises and tribes. Since SaharaBets shut down earlier this month after NHL Coyotes owner Alex Meruelo announced he was disbanding team operations, seven of the pro-franchise licences are spoken for. It does not appear that another pro franchise in the state could qualify for the remaining licences.
On the tribal side, nine of the 10 available licences are allocated after Unibet announced its exit from the state. The operator was partnered with the Quechan tribe of the Fort Yuma Indian Reservation. The Arizona Department of Gaming on Friday (19 July) closed its current application window. The agency said it would consider a minimum of one event wagering application each for a tribal casino and professional sports franchise.
Operators exiting Arizona are mandated to give 180 days notice before shutting down. SuperBook is the second operator in a month to shut down on far less notice. In addition, other jurisdictions require similar notice and some have strict processes in place for unwinding platforms. But the company will have to navigate each state individually in the coming months.
In its announcement, SuperBook shared that customers can continue to withdraw funds.
Original article: https://igamingbusiness.com/sports-betting/superbook-shuts-down-in-eight-states/
