Rapid growth in online casino engagement mitigated a significant dip in sports betting activity for Super Group as the operators accelerates its transitional period and adjust to shifting market trends.
Announcing results for the fourth quarter of 2025, the group revealed Americas’ share of revenue for the Betway and Spin operator remained steady during the quarter, despite its exit from the US iGaming market, with growth reported across Canada. Revenue across both Africa and Europe grew year-over-year as casino operations excelled in both markets, while Rest of World revenue stayed consistent.
Optimism remained high for 2026, despite incoming tax increases in the UK market, with the group expressing particular positivity towards the incoming tailwind from the FIFA World Cup as well as possible growth from reinvestment and the Canadian province of Alberta’s commercial market regulation.
Neal Menashe, Chief Executive Officer of Super Group, commented: “2025 was a standout year for Super Group. We sharpened our focus by exiting the US iGaming market and concentrating resources in countries where we expect durable advantages – driving record customer growth.
“Despite some unfavourable sports outcomes late in the quarter, Q4 was another record-breaking period for monthly active customers, wagers and deposits.
“Importantly, we received the final regulatory approval for the Apricot transaction, paving the way to strengthen our ex-Africa sportsbook technology platform and position the business well for the years ahead.”
Q4 breakdown
Super Group’s Q4 revenue stood at $578.3m, up 8% YoY (Q4 2024: $533.3m), thanks to growth across Europe, Africa, North America and Asia-Pacific markets.
Casino had 83% of the revenue share during the quarter (Q4 2024: 78%) while sports betting had 17% (Q4 2024: 22%). Both Betway and Spin revenue share remained consistent YoY at 63% and 37%, respectively.
Excluding the US, sports betting revenue was down 20% YoY to $95m due to customer-friendly outcomes in December, while online casino revenue rose by 19% to $473m.
Europe revenue rose by 23% YoY, with UK sports betting and iGaming operations driving 37% growth in the country, while Spanish operations increased by 5% thanks to a solid casino performance.
Africa saw 7% YoY growth, 25% for the full year, with Botswana leading the way. North America improved by 10%, excluding US operations (1% with US), with Canada ex-Ontario rising by 15%. While Asia-Pacific revenue rose by 6% YoY, revenue in New Zealand dipped by 5%.
For the full year, revenue increased by just under $400m to $2.2bn (2024: $1.8bn).
Market approach
Menashe went into detail about Super Group’s market approach when speaking to SBC Leaders in the spring last year, with the operator taking on the more sustainable direction by pulling out of markets such as Belgium, France, India and Portugal.
“We were piling all the resources into these markets when we should be piling into the markets where we are super-profitable and can make even more money,” said the CEO.
“Germany was a really big market for all of us – for the whole industry, and they just over-regulated it. The problem is the black market is just really big and no one does anything. You can’t punish the companies who are paying the taxes just because you can’t find the companies who aren’t… but the truth is you probably can find them if you assign a task force to it.”
Super Group has plans to bring its slots to Germany at some point in Q1 2026, while it is also assessing its Nigeria strategy and awaiting the regulation of Alberta and New Zealand.
Q4 figures:
- Profit before tax – $95.1m (Q4 2024: $103.3m).
- Adjusted EBITDA – $139m (Q4 2024: $125.9m).
- Monthly average customers – 6.1 million (Q4 2024: 5.3 million).
2025 figures:
- Profit before tax – $335.9m (Q4 2024: $203.8m).
- Adjusted EBITDA – $559.5m (Q4 2024: $356.8m).
- Monthly average customers – 5.6 million (Q4 2024: 4.8 million).
- Cash and cash equivalents – $513.2m (Q4 2024: $388m).
2026 guidance:
- Revenue – Greater than $2.55bn.
- Adjusted EBITDA – Greater than $680m.
