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Super Group, the parent company of Betway and Spin, posted record full-year revenue of approximately $2.2 billion in 2025, up 22% from $1.8 billion in 2024, as Africa, the UK, and Canada offset declines in Latin America and APAC.
Full-Year Financials
Revenue increased by $396.8 million year-on-year. Profit before tax reached $355.9 million, nearly doubling from $203.8 million in 2024. Adjusted EBITDA surged 57% to $559.5 million from $356.8 million, representing a margin of approximately 25%. The figure comprised Adjusted EBITDA ex-US of $573.5 million and an Adjusted EBITDA loss of $14.0 million in the US operation, which the company has since exited.
Monthly average customers for 2025 reached 5.6 million, up 17% from 4.8 million in 2024. The company closed the year with $513 million in cash and returned $156 million to shareholders during the year.
Q4 Performance
Fourth-quarter revenue grew 8% to $578.3 million from $533.3 million in Q4 2024, driven by Europe, Africa, North America — largely Canada excluding Ontario — and APAC. Profit before tax for the quarter came in at $95.1 million, down from $103.3 million a year earlier, with management citing unfavorable sports outcomes late in the period.
CEO and CFO Commentary
“2025 was a standout year for Super Group. We sharpened our focus by exiting the U.S. iGaming market and concentrating resources in countries where we expect durable advantages — driving record customer growth. Despite some unfavorable sports outcomes late in the quarter, Q4 was another record-breaking period for monthly active customers, wagers, and deposits. Importantly, we received the final regulatory approval for the Apricot transaction, paving the way to strengthen our ex-Africa sportsbook technology platform and position the business well for the years ahead.” — Neal Menashe, Chief Executive Officer, Super Group
“Financially, 2025 demonstrated the strength and scalability of Super Group’s model. Revenue grew 22% year-over-year to $2.2 billion and Adjusted EBITDA surged 57% to $560 million, representing an impressive margin of around 25%. We continue to maintain a strong balance sheet, closing the year with $513 million in cash. This liquidity supported $156 million in shareholder returns in 2025, and an additional $125 million special dividend declared this January and paid in February.” — Alinda van Wyk, Chief Financial Officer, Super Group
US Exit and Apricot Transaction
Super Group completed its exit from the US iGaming market during 2025, a move reflected in the $14.0 million Adjusted EBITDA loss recorded for that segment. The Apricot transaction, which received final regulatory approval in the period, is expected to strengthen the company’s ex-Africa sportsbook technology platform. Management has not disclosed the financial terms of the deal.
The US withdrawal follows a period of sustained investment in the market. The company now concentrates its North American exposure through Canada, where growth — specifically outside Ontario’s regulated iGaming framework — contributed to the full-year result. For context on how regulated Canadian markets are performing, Ontario’s iGaming market posted C$4 billion in revenue in 2025, growing 34%.
2026 Guidance
Super Group introduced formal 2026 guidance alongside the results. The company is targeting total revenue of at least $2.55 billion and Adjusted EBITDA in excess of $680 million. Quarterly dividends will increase by a minimum of 25% to 5.0 cents per share. Van Wyk attributed the targets to continued customer momentum, operating leverage, and capital allocation discipline.
The $2.55 billion revenue floor would represent growth of at least 16% on 2025’s record figure, with the EBITDA target implying a margin consistent with or above the 25% achieved last year. The guidance does not include any contribution from a US operation following the exit completed in 2025. Comparable full-year results from peers — BetMGM reported record revenue of $2.8 billion in FY 2025 — give context to the competitive scale Super Group is operating at outside the US market.
The declared $125 million special dividend, paid in February 2026, signals management confidence in the liquidity position heading into the guidance period. Super Group’s next scheduled reporting event has not been announced. Investors and analysts will be watching whether the Apricot platform integration delivers on the sportsbook technology improvements Menashe outlined, particularly across the company’s core African and European markets where digital segment growth is becoming the primary earnings driver across the broader industry.
Source: Super Group
