Super Group’s Betway is still getting leverage from North America even after the brand’s pullout of the US earlier this year, and with Alberta set to launch a regulated market next year its prospects could improve even more.

Taking US out

Earlier in July, Super Group CEO Neal Menashe announced the full withdrawal of the company from US territory together with its two brands – sportsbook Betway and online casino Spin. This came just three years after Super Group was listed on the NYSE.

Beway US struggled to compete against local major players FanDuel and DraftKings, with Spin even moving on to outperform annual Betway revenues in the country. Regardless, leadership opted in for a full US exit, citing regulatory uncertainty and a desire to reallocate investment to other high-growth markets.

However, Super Group’s latest Q3 results showed that Betway’s revenue retained the same portion of total North American revenue as it had shortly before exiting the US, thanks to continuing its operations in Canada.

No ice here, just hot prospects

For the three months ending 30 September, during which Betway operated solely in Canada, the sportsbook registered US$33m in revenue. While less than the $37m reported in Q2, this was still 10% of the total North American revenue – the same share it had for that period.

This is also not a result of North American revenues going down. While there was a drop, it was insignificant in a wider context – with North America responsible for 33% of Super Group’s worldwide Q3 revenue, down from 34% in Q2 and 35% in Q1.

This means that if Canada offers solid enough ground to keep Betway standing, it can also trampoline it back into revenue growth.

Menashe himself talked about Canada’s opportunities during a quarterly financial call in August, when he highlighted: “We’ve always said there’s been a high cost in the US to make an operating profit. 

“We looked at it and said, actually, the opportunity cost of trying to support our product in that market to try to get to breakeven is much better to go into our other markets. 

“We have now got the extra resources because of the US closure to focus on the product in [Canada]. You can see the rest of Canada is doing really well.”

The fact that Alberta is looking to move from a state-owned sportsbook system to a licensed regime sometime in 2026 will further strengthen Betway’s position in Canada.

This time for Africa

Another high growth market that Super Group has showcased commitment to time and again is Africa. 

Africa and the Middle East are after all the biggest markets for Betway, with the brand averaging around $200m in revenue on a quarterly basis. For Q3, that was $219m, up from the $164m for the same period in 2024.

A report by Regulus Partners added that Super Group’s early mover status in Africa will grow increasingly advantageous when the continent’s markets become more mature – both on the sportsbetting and online casino sides. 

Regulatory frameworks are also constantly improving, as seen by the recent developments in South Africa and Nigeria. Super Group’s Betway and Spin, together with its Jackpot City brand, are more than capable of aggressively targeting market gains.

Revenue growth leads to guidance correction

Total Super Group revenue in Q3 went up 26% YoY to $557m (Q3’ 24: $443m). This was primarily driven by Betway and Spin revenues across Europe, Africa, and North America (Canada).

As mentioned earlier, Betway brought $33m from North America (Q3’ 24: $37m) and $219m from Africa and the Middle East (Q3’ 24: $164m), together with $81m from Europe (Q3’ 24: $52m) and $6m from the Asia-Pacific (Q3’ 24: $6m).

Slight headwinds affected its South American performance, with revenue at $2m (Q3’ 24: $4m), with the group having opted to focus on opportunities in Europe, Asia and Africa, in contrast to many other gambling PLCs which have been chasing leads in Brazil in particular. 

Betway remained the biggest earner of Super Group’s two brands, with revenue standing at  $341m. For Spin, Q3 revenue was respectively capped at $148m in NA (Q3’ 24: $124m), $7m (Q3’ 24: $1m), $27m (Q3’ 24: $22m), and $32m (Q3’ 24: $31m). For South America, revenue was $2m, the same as Q3’ 24. Total Spin revenue was $216m.

This overall positive performance drove profitability for Super Group, with adjusted EBITDA in Q3 coming in at $152m, up 65% YoY from the $92m in Q3’ 24.

Super Group has now updated its full-year Group Revenue and Adjusted EBITDA guidance, with revenue now expected to reach between $2.17-$2.27bn as opposed to the previous $2.12-$2.20bn forecast.

Adjusted EBITDA for the full year is now projected to reach between $555-$565m, up from the previous guidance of between $550-$560m.