Super Group Exits US iGaming Market Amid Regulatory Pressures

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 through a transitional period.

Neal Menashe, CEO of Super Group, stated: “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.”

Looking ahead, the group plans to focus its capital and resources on markets with the greatest potential for “scalable, sustainable, profitable super growth.”

Super Group’s US withdrawal began in July last year when it decided to shut down its Betway sports betting brand in nine states, reducing its US operations to Jackpot City and Spin, which currently operate in New Jersey and Pennsylvania.

Despite seeing positive growth in its US online casino business, with Spin recording record results in Q4 2024, the group opted to exit the market altogether.

Alinda Van Wyk, CFO at Super Group, confirmed that multiple strategies are being explored to reduce the financial impact. The group anticipates a one-time cash restructuring cost between $30M–$40M.

Earlier, Super Group paid $32.7M as a one-time cost for Betway’s US exit.

Following the US departure, Super Group’s only North American operations will remain in Ontario, where it runs the Betway sportsbook and over a dozen online casino brands.

Menashe emphasized the “continued strength” of the Canadian business, revealing that Q1 2025 brought in a record $517M in revenue for the company.

As a result, Super Group has raised its revenue and EBITDA projections for 2025 after a record Q2 performance. The company expects revenue (excluding US) to exceed $2B, with adjusted EBITDA surpassing $480M.

For FY2024, Super Group posted €1.7B ($1.99B) in revenue excluding the US and €330M in adjusted EBITDA. Earlier guidance for FY2025 predicted $1.925B in revenue and $457M in EBITDA.