Super Group has explained why it has decided to shut down its iGaming operations in Portugal – it all comes down to market potential.
Betway has closed its online sports betting and online gaming sites in Portugal, handing over its licences to the country’s gambling regulator, Serviço de Regulação e Inspeção de Jogos (SRIJ), after they had been revoked upon request.
These licences were held by GM Gaming Limited, which operated the Betway brand in Portugal.
A Betway spokesperson told SBC News that following a recent review of its operations, it was determined that other existing iGaming markets have better forecasts than Portugal.
“As a global business listed on the NYSE, we take great care to continually evaluate all markets and their performance in relation to our targets,” the company stated.
“After a thorough review, we have decided to relinquish our license in Portugal to focus on existing markets and growth areas with more potential.”
Lever in motion?
Although not stated, one of the underlying reasons for the Portugal exit could be the recent tax increases in the UK iGaming market.
The UK government announced in November 2025 that remote gaming duty would rise from 21% to 40% in April of this year, while a new general betting duty rate of 25% for remote betting would be introduced from April 2027.
Super Group posted a statement following the announcement, declaring that they had plans in place to mitigate the impact of such tax rises in the UK.
The group’s CFO, Alinda van Wyk, said: “Going forward, we estimate that these new tax increases will have an impact of approximately 6% to our 2026 Group Adjusted EBITDA. However, Super Group already has several mitigation levers in motion, which are intended to offset the tax impact.
“Our strategy remains unchanged: sustainable growth and disciplined capital allocation. We don’t expect today’s news to alter our long-term trajectory nor our capital return priorities.”
In August last year, Super Group CEO Neal Menashe also told SBC News that the operator is not afraid to exit markets if things aren’t working out, such as its departure from the US.
“We are driven to make successful entries into markets, but we also know when to cut our losses, and occasionally have to do so,” Menashe said.
“We have close to three decades of experience in operating in multiple markets globally, and it gives us the insight to make strategic choices better than most of our competitors. Our range of podium positions in African markets and our recent exit from the US market is a testament to this approach.”
