Super Group pulls Betway out of Portugal to prioritize higher-growth markets

Betway has exited the Portuguese market after formally requesting to relinquish its operating license, a move granted by the country’s regulator on Friday. 

A Betway spokesperson confirmed the exit in a statement to iGB, saying: “After a thorough review, we have decided to relinquish our licence in Portugal in order to focus on existing markets and growth areas with more potential.” The operator did not disclose whether additional market withdrawals are planned.

Super Group entered Portugal in 2020 and became a member of the national trade body APAJO the following year. However, with its license up for renewal in 2026, the company has opted not to pursue a renewal as it redirects efforts to other regions, particularly in Africa.

The Portugal exit follows a series of similar moves by Super Group. In 2023, the company withdrew from India in response to the government’s imposition of a 28% turnover tax on online gambling.

“In Q3 2023, we made the tough decision to exit India. We took a short-term hit in revenue and profits, but it turned out to be a blessing in disguise,” said Betway COO Kevin Kovarsky during an investor presentation in September.

Super Group’s departure from the US market was announced last year, citing regulatory changes that had negatively affected long-term profitability projections. At the company’s investor day, Spencer McNally, head of data and analytics, described the US exit as a calculated decision in line with the group’s capital discipline.

“Our financial models did actually project a profit for the USA in 2027 if we stayed,” McNally said. “But despite what I’ve just shown you, the US market simply wasn’t projected to meet our return on capital requirements.”

Super Group CEO Neal Menashe, speaking about the rationale behind such exits, stated: “Listen, it’s really simple, this business. You pay X to get the customer in the front door, you deliver Y in retention. If the one minus the other is not profitable, then you’re never going to make money.”

Despite the retreat from several markets, Super Group reported strong performance in Europe during the third quarter of 2025. European revenue rose 46% year-on-year, with the United Kingdom and Spain showing respective increases of 71% and 11%. The region’s contribution to total Q3 revenue grew to 20%, up from 17% a year earlier.