Unibet pulls out of Iowa, doubling down in multiproduct states

by Pride
Published 28/10/2022

CEO Henrik Tjärnström said on Thursday that Unibet sports betting would be ceasing operations in Iowa later this year. This was announced during the 3rd quarter financials presentation. 

Is there more to Unibet’s departure from Iowa

Iowa is Unibet’s smallest market. The Malta-based operator is also live in Pennsylvania, Arizona, New Jersey, Virginia, and Indiana, where it has online casino and sports betting interests. Recently, the company adopted a new approach, focusing more on multi-product states. 

Tjärnström reemphasized this point, saying:

“We have reviewed the state footprint in line with our strategy to focus more on multiproduct states and have decided to exit Iowa now in the fourth quarter of 2022,”

What next for Unibet?

Unibet might have exited Iowa, but this in no way means it is fixing to move out of the US. The gambling group is still bullish about the US gambling market. It even realised a 15% rise in quarterly winnings revenue, totalling $ 11 million. 

Tjärnström reported that the Kindred group expects to break even in 2026 in the US and Canadian markets. 

“We have been on an investment position across our (American) footprint, and that is what we’ve been saying all along – that it will take some time and few years to get to profitability in the US,” he said. “We’re very confident that this is a good investment still for the longer term. We know exactly what we need to put in place, and we are doing that.”