SGHC Announces Exit from India
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.”
