Super Group to quit U.S. iGaming market, boosts full-year revenue guidance to $2B

Super Group, the owner of Betway and Spin Casino, said on Tuesday it would exit its final U.S. iGaming markets in Pennsylvania and New Jersey, ending its American operations amid regulatory challenges and profitability concerns.

The company said the withdrawal is part of a broader strategic review intended to streamline operations and enhance long-term shareholder value. The move follows Super Group’s July 2024 exit from U.S. sports betting and is expected to result in a one-time charge of $30 million to $40 million. Savings from the departure are anticipated to begin in 2026.

“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,” CEO Neal Menashe said.

No final date has been set for the U.S. exit. The company said more details will be provided during its Q2 2025 earnings call in August and at its Investor Day in September.

Super Group had previously projected $99.5 million in 2025 revenue from its U.S. business. North America, including Canada, accounted for 35% of the company’s revenue in the first quarter of 2025. The company said it now plans to focus on more profitable markets, particularly Canada - where it operates in Ontario and plans to launch in Alberta by 2026 - and Africa, which has surpassed North America as its largest market by revenue share.

The company cited a combination of slowed iGaming expansion in the U.S., rising taxes, steep licensing costs in states such as Michigan and Ohio, and a highly concentrated operator landscape as reasons for its decision.

“This is a difficult decision, particularly because our US team has worked hard and made progress over recent quarters,” Menashe said. “We therefore intend to focus capital and resources on markets where we see the greatest opportunity for scalable, sustainable, profitable super growth, with a disciplined emphasis on operational efficiency.”

Super Group also raised its full-year 2025 revenue guidance (excluding the U.S.) to over $2 billion, up from a prior forecast of $1.92 billion. Adjusted EBITDA is now expected to exceed $480 million, compared to previous guidance of $457 million. The company cited strong sporting results, pricing improvements, efficient risk management, and robust customer engagement as key contributors to its upward revision.

For 2024, Super Group reported revenue of €1.7 billion ($1.99 billion) and adjusted EBITDA of €330.3 million ($386.8 million), up significantly from the prior year.

Despite lifting its guidance, Super Group shares fell 3.42% on Tuesday to $11.02, down from $11.38 at the market’s open. The stock remains up 77.77% year to date, making it one of the best-performing gaming equities of 2025.

Super Group, which went public in 2022 through a $4.75 billion SPAC merger with Sports Entertainment Acquisition Corp., said its listing has enhanced credibility with regulators, financial institutions, and customers.

“We’re also now more credible with regulators and banks than when we were privately held, and even our customers appreciate the clear message of strength and integrity that being a listed business gives us,” the investor relations team said.