Despite previously expressing optimism over the market, Super Group has confirmed its plans to exit the US iGaming market.
The decision comes following an evaluation of the operator’s global priorities, as it continues on a transitional period.
Neal Menashe, Super Group’s CEO, commented: “Recent regulatory developments combined with ongoing assessment of capital allocation requirements have led us to believe that our stringent hurdle for return on capital will likely not be met in this market any time soon.”
Going forward, he continued, the group’s focus will be on allocating capital and resources in markets where it sees the greatest opportunity for “scalable, sustainable, profitable super growth”.
Super Groups’s withdrawal from the US began last year when in July it chose to shut down its Betway sports betting brand in nine states.
This reduced the company’s presence to just its Jackpot City and Spin brands, which currently operate in New Jersey and Pennsylvania.
Following Betway’s US exit, the company recorded favourable growth for its US online casino business in the final quarter of 2024, as Spin posted record results.
Despite this uptick in performance and projections that the brand would generate $89m in revenue in FY2025, the decision has been made to pull out of the US.
Alinda Van Wyk, Chief Financial Officer at Super Group, confirmed that various strategic options are being considered to minimise the financial impact of the decision. Van Wyk expects the group will incur a one-time cash restructuring cost of between $30m and $40m.
Super Group previously forked out $32.7m as a one-time payment to facilitate Betway’s US withdrawal.
Once its US exit is completed, Super Group’s sole presence in North America will be in Ontario, where it operates Betway sportsbook and over a dozen online casino brands.
Menashe highlighted the “continued strength” of Super Group’s Canadian brand as the company posted record quarterly revenue of $517m in Q1 2025.
Super Group has since raised its revenue and EBITDA guidance for 2025 after announcing a record Q2 performance.
Citing strong sports results, pricing optimisation robust customer engagement and Super Group expects revenue (excluding US) to exceed $2bn, and adjusted EBITDA to exceed $480bn.
Super Group recorded ex-US revenue of €1.7bn ($1.99bn) for FY2024 and €330bn adjusted EBITDA. It previously released guidance of $1.925bn and $457bn for FY2025 revenue and adjusted EBITDA, respectively.
