Super Group Gives Up on the US and Drops iGaming Operations
Super Group (SGHC) Limited, the parent company of Betway and Spin, announced its intent to exit U.S. iGaming operations, citing recent regulatory changes and unviable long-term profitability.
The decision follows a record-breaking Q2 2025, driven by strong sports betting results and robust customer engagement, prompting the company to raise its ex-U.S. revenue guidance to over $2 billion and adjusted EBITDA to exceed $480 million for 2025.
U.S. iGaming Exit Strategy
Super Group’s exit from U.S. iGaming stems from a strategic review with growing regulatory hurdles and insufficient returns on capital.
CEO Neal Menashe called the decision “difficult” but necessary, noting that recent U.S. regulations, including tax hikes in states like Illinois, have eroded profitability prospects.
The company anticipates a one-time restructuring cost of $30–$40 million, with cost savings starting in 2026. CFO Alinda Van Wyk emphasized ongoing efforts to minimize these costs, with details to be shared in the Q2 earnings release in August.
Strategic exit options, such as asset sales or partnerships, are under evaluation.
Stellar Q2 Performance Fuels Optimism
Despite the U.S. retreat, Super Group reported its strongest quarter ever in Q2 2025, fueled by optimized pricing, efficient risk management, and record deposit levels across sports and casino offerings.
A packed sports calendar and enhanced customer retention in key ex-U.S. markets drove revenue growth. The company upgraded its 2025 guidance, projecting ex-U.S. revenue above $2 billion (up from $1.925 billion) and adjusted EBITDA over $480 million (from $457 million).
Menashe highlighted the “strength of our operating model” as a foundation for sustainable global expansion.
Super Group’s U.S. exit hints at the company’s disciplined capital allocation strategy, redirecting resources to markets with “scalable, sustainable, profitable super growth.”
The company, valued at $1.2 billion, operates in 27 jurisdictions, with Betway and Spin thriving in Europe, Africa, and Canada. At its Investor Day on September 18, 2025, in London, Super Group will outline its long-term vision.
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