SuperBook Decides to Pull Out of Eight Different States

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00:00There's been so much pullback from operators here in the United States, and yet another

00:09one leaving the states in a lot of different places, and that is the ever popular Superbook

00:16out of Las Vegas, arguably the top sports betting sportsbook in Vegas, has decided they

00:22no longer want to operate in several states.

00:25So let's bring in Pat Evans from Legal Sports Report to get the very latest, and Pat, if

00:30anybody's ever been to Vegas and they're just into betting on sports, that is the place

00:35to go.

00:36So naturally, they thought opening up a sportsbook that people can bet live in a lot of different

00:40states would move the needle.

00:42Apparently not.

00:43No, I mean, they are now pulling, I think it's eight states, including, you know, they're

00:49partnered with the Orioles in Maryland, they're partnered with the Bengals in Cincinnati,

00:56in Ohio.

00:57I mean, there's some big partnerships, and they just have not been able to move the needle

01:01in terms of those markets.

01:02I think Matt Waters has a great story over at Legal Sports Report, you should go read

01:06it, kind of goes a little bit more in detail than we will today, but like all those states

01:11below 0.05 market share, and that's not moving the needle, and like you said, this is a huge

01:18retail sportsbook, and even online sportsbook in Nevada that a lot of people go to, know

01:24it.

01:25I mean, I think to your point, before the rise of sports betting, if you were talking

01:29about sports betting, you're thinking somewhere like the Superbook in Nevada.

01:35And yeah, just haven't been able to move the needle.

01:37What's interesting here is that kind of overshadowed another sportsbook that is pulling out of

01:43markets similarly in Betfred.

01:47They're still live in a few states, but they said they're pulling out of Ohio, they have

01:51already pulled out of Maryland, and those two things were right there on Friday and

01:54Saturday, or I think both on Friday.

01:58And I mean, that's two more sportsbooks that are calling it quits this year.

02:03I think that brings us up to five, maybe, if I'm pulling them out of my brain, and that's

02:10a lot.

02:11I mean, when you think about it, how many sportsbooks have been kind of generating noise

02:15in the industry, and, oh, this one's launching, this one's launching, oh, this brand is here.

02:20And they're just not moving the needle, and they say, you know what?

02:24It's not worth it.

02:25To your point, again, Superbook has a great business in Las Vegas, so I think they just

02:30want to concentrate on what they know and can do well.

02:33Of note, they can't do their super contest across state borders per the Wire Act, so

02:40I think that probably hurts them a little bit, because that's one of the things they're

02:43really known for, where, you know, maybe if they were able to do that, then maybe they'd

02:47have a little bit more incentive to stay active in these states.

02:52But yeah, two more sportsbooks, as of last week, are calling it quits in the, at Fred

02:57Sordoff, in the US sports betting landscape.

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