• Super Group, owner of Betway and Spin Casino, will completely exit US iGaming operations in Pennsylvania and New Jersey.
• The company cited challenging US regulatory conditions and a low return on capital as reasons, following its US sports betting exit in July 2024.
• A one-time restructuring charge of 30 million to 40 million US dollars is expected, with operational savings anticipated from 2026.
• Super Group is strategically shifting its focus and resources to more profitable markets, particularly Canada and Africa, which has now become its largest revenue market.
• Despite the US withdrawal, the company raised its full-year 2025 revenue guidance to over 2 billion US dollars and adjusted EBITDA above 480 million US dollars, driven by strong performance elsewhere.

Super Group, the global online sports betting and gaming giant behind Betway and Spin Casino, has announced a dramatic strategic pivot: the complete withdrawal from its remaining US iGaming markets in Pennsylvania and New Jersey. This move marks the end of the company’s American operations, driven by a sobering assessment of regulatory challenges and long-term profitability concerns in the region.

The company confirmed on Tuesday, July 8, 2025, its intention to exit the US. This decision is part of a broader strategic review designed to streamline operations and enhance long-term shareholder value. The withdrawal from iGaming follows Super Group’s earlier departure from US sports betting operations in July 2024. The full exit is expected to incur a one-time restructuring charge estimated between 30 million and 40 million US dollars, though operational savings are anticipated to begin from 2026.

Neal Menashe, Super Group CEO, stated that recent regulatory developments combined with an ongoing assessment of capital allocation requirements have led the company to believe that its stringent hurdle for return on capital will likely not be met in the US market any time soon. He acknowledged that this was a difficult decision, particularly given the hard work and progress made by their US team in recent quarters.

Why the US Dream Faded: Regulatory Headwinds and Market Competition

Super Group’s decision to exit the US market stems from a combination of significant challenges identified within the American iGaming landscape. The company cited a general slowdown in iGaming expansion across the US, contrasting with initial rapid growth projections. Furthermore, the market is characterized by rising taxes in several states, coupled with steep licensing costs, particularly evident in jurisdictions such as Michigan and Ohio. The US iGaming scene also presents a highly concentrated operator landscape, leading to fierce competition. Adding to these pressures, the legal betting industry faces a growing shadow from unregulated sweepstakes offerings and prediction markets, which operate outside the legal framework and its associated costs. These combined factors created market instability and challenged the long-term profitability outlook for legal operators.

Menashe emphasized that the company intends to focus capital and resources on markets where it sees the greatest opportunity for scalable, sustainable, and profitable growth, maintaining a disciplined emphasis on operational efficiency. This strategic shift will see Super Group direct its attention to other key regions. Canada, where the company successfully operates in Ontario and plans to launch in Alberta by 2026 (Alberta’s iGaming market is set to launch early next year, following the passage of the iGaming Alberta Act), is a primary focus. Africa has also emerged as a critically important region, having now surpassed North America (which includes Canada) as Super Group’s largest market by revenue share. In Q1 2025, North America accounted for 35% of the company’s revenue.

Bolstered Guidance Despite US Withdrawal

Despite the planned withdrawal from the US, Super Group has raised its full-year 2025 financial guidance (excluding the US operations). The company now expects total revenue to exceed 2 billion US dollars, an increase from its prior forecast of 1.92 billion US dollars. Adjusted EBITDA for 2025 is now anticipated to exceed 480 million US dollars, up from previous guidance of 457 million US dollars.

This upward revision in guidance follows a record-breaking second quarter performance, which Super Group expects to be the strongest in the company’s history. The robust results are attributed to a combination of factors, including strong sporting outcomes, improvements in pricing models, more efficient risk management, a full calendar of sporting events, and consistent, robust customer engagement across both casino and sports betting in key markets. For the full year 2024, Super Group reported revenues of 1.7 billion Euros (approximately 1.99 billion US dollars) and adjusted EBITDA of 330.3 million Euros (approximately 386.8 million US dollars), reflecting significant growth from the prior year.

Super Group, which went public in 2022 through a 4.75 billion US dollar SPAC merger with Sports Entertainment Acquisition Corp, listing on the New York Stock Exchange, has consistently stated that its public listing has enhanced its credibility with regulators, financial institutions, and customers alike. Following the US exit announcement on Tuesday, the company’s shares experienced a slight dip, falling from 11.38 US dollars at market open to 11.02 US dollars. However, the stock remains up 77.77% year to date, solidifying its position as one of the best-performing gaming equities of 2025. Super Group has not yet set a final date for its US withdrawal, stating that more details will be provided during its Q2 2025 earnings call in August and at its Investor Day in London on September 18, 2025.