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Super Group has withdrawn its Betway brand from the Portuguese market, with the country’s regulator approving the operator’s exit request on Friday.
The company confirmed it will redirect focus toward existing markets and regions offering greater growth potential. Betway entered Portugal in 2020 and became a member of the market’s trade association APAJO in 2021. The operator’s Portuguese licence had been scheduled for renewal this year.
“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,” a Betway spokesperson said.
The operator did not disclose whether additional market exits are under consideration.
Strategic Market Withdrawals
The Portugal exit follows a series of calculated withdrawals from markets that failed to meet Super Group’s return on capital requirements. The company exited the US market in 2024, citing regulatory changes that affected long-term profitability projections.
Speaking at Super Group’s investor day in September, head of data and analytics Spencer McNally described the US exit as demonstrating disciplined capital allocation.
“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.”
Prior to the US withdrawal, Super Group departed the Indian market in 2023 following the implementation of a 28% tax rate on online gambling turnover.
In September, Super Group COO Kevin Kovarsky told investors: “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.”
CEO Neal Menashe explained the company’s exit framework: “You pay X to get the customer in the front door, you deliver Y in retention. If the one less the other is not profitable, then you’re never going to make money.”
European Performance Remains Strong
Despite the Portugal withdrawal, Super Group reported strong European performance in Q3, with regional revenue increasing 46% year-on-year. The UK market grew 71% while Spain posted 11% growth during the period.
Europe represented 20% of Super Group’s Q3 revenue, up from 17% in the corresponding period of 2024.
“This outstanding performance reflects a combination of regulatory stability, product innovation and enhanced marketing execution,” Menashe said on the post-Q3 earnings call.
The operator is increasingly concentrating efforts on high-growth regions including Africa, where it sees stronger long-term potential compared to more mature European markets.
Source: iGB
