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Super Group, the parent company of the Betway sportsbook and Spin online casino, reported positive trading for Q1 2025, including a continuing strong contribution from North American activities.
The company has been embarking on a streamlining strategy over the past year or two, including exiting some markets across multiple continents in a bid to improve operational efficiencies and focus on markets with the most potential for its brands.
According to FY24 results and Q1 2025 results, this approach seems to be having the desired effect. The group closed Q1 with revenue up 25% year-over-year to $516.8m (Q1 2024: $411.9m), profit up 25% to $59.4m ($44.6m), and EBITDA up 120% to $111.1m ($50.4m).
Neal Menashe, Super Group CEO, has cited “sports betting margins and consistent casino margins, as well as our ongoing efforts to optimise return on investment across all markets” as key factors behind the group’s Q1 progress.
“We started 2025 on a high note, delivering a strong first quarter with impressive revenue growth, a surge in customer acquisition, and effective retention strategies,” he said.
Super Group’s global outlook
From a geographic standpoint, growth was attributed primarily to a commercial expansion across Africa, Europe and North America, with Canada its main market in the latter.
The Canadian market, which is restricted to the only regulated province of Ontario but could expand to Alberta this year or next, seems to be providing a good North American bulwark for Super Group after its exit from the US sportsbook space in July last year – something which impacted Q2 2024 results despite overall stellar trading that quarter.
Group-wide revenue from North America rose 15% YoY from $153m to $181m, with Spin and online casino the leading growth driver for Super Group. Spin’s revenue stood at $142m ($118m) in comparison to $39m ($35m) for Betway.
European revenue also continued to rise during Q1, growing 34% from $63m to $96m with Spin reporting revenue of $26m and Betway revenue of $70m, its latest revenue margin reported outside of Africa and the Middle East.
Regarding this latter market, Super Group revenue rose 25% overall from $151m in Q1 2024, all of which was generated by Betway, to $203m in Q1 2025, divided between $201m for Betway and $2m for Spin. However, the firm has noted that Africa was the key growth driver here, and declines were actually recorded in the Middle East.
Another region which saw declines was Latin America/South America, down from $7m to $5m group-wide and from $3m to $2m for Spin and $4m to $3m for Betway. Overall, Super Group does not seem as fixated on the Latin American betting sector as other international players.
In fact, the firm actually opted to withdraw Betway from Brazil prior to the launch of the national regulated market in January 2025. Speaking in the latest issue of the SBC Leaders magazine, Group CEO Menashe explained that this fell in line with its plan for operational efficiencies.
“If we did Brazil we would have to give up somewhere else and we would have to take the marketing budget and give it to Brazil,” he said. “Well why? If we’re not even the market leader in some of these other countries surely it’s better to spend the money on marketing and improvements on the product.”
Closing Q1 trading, Super Group has opted not to revise its guidance despite the significant revenue gains. The group expects to close 2025 with revenue in excess of $2bn (2024: $1.9bn) and adjusted EBITDA in excess of $421m.
Breaking down the group’s Q1 financial performance, Alinda van Wyk, CFO, stated: “Along with record first-quarter revenue growth, Group Adjusted EBITDA increased by 120% to $111m.
“Total Revenue ex-U.S. grew 24% to $502m, with Adjusted EBITDA ex-U.S. growing 62% to $121 million, keeping us on track to deliver on our annual guidance.”
