Super Group targets Alberta Q2 launch after record FY 2025

Super Group reported full-year revenue of $2.2 billion and adjusted EBITDA of $559.5 million for 2025 as CEO Neal Menashe confirmed the company is ready to enter Alberta’s regulated iGaming market when it opens in Q2 2026.

Record Year Underpinned by US Exit and Canadian Growth

FY 2025 revenue grew 22% year over year from $1.8 billion in 2024. Adjusted EBITDA surged 57% to $559.5 million, lifting the margin from roughly 19% to approximately 25%. Profit before tax for the full year reached $355.9 million, up from $203.8 million in 2024.

Q4 revenue came in at $578.3 million, up 8% from $533.3 million in Q4 2024. Q4 adjusted EBITDA rose 11% to $139 million. Monthly average customers hit 6.1 million in the quarter, a 16% increase year over year and a record for the group. Year-end cash stood at $513 million, up 32% on the prior year.

Growth was driven by Africa, Europe (primarily the UK), and North America outside Ontario. Africa remained the largest net revenue contributor. Canada ex-Ontario grew 15% in Q4, with online casino revenue up 14% and sports betting up 30% in that segment. In Ontario, the company recorded record engagement and deposits.

The results came without any US contribution. Super Group pulled its Betway sportsbook and Spin casino from the US market in July 2025, citing regulatory uncertainty and a preference to concentrate resources in markets where the group holds longer-term structural advantages.

“2025 was a standout year for Super Group. We sharpened our focus by exiting the US iGaming market and concentrating resources in countries where we expect durable advantages, driving record customer growth.”

CFO Alinda van Wyk added that the 57% EBITDA growth and 25% margin demonstrated the scalability of the model, with incremental revenue flowing through to the bottom line at roughly 50% to 60%.

Alberta Strategy: Grey Market Advantage and Ontario Lessons

Menashe used the earnings call to set out the company’s approach to Alberta, the second Canadian province to launch a competitive regulated iGaming market after Ontario went live in April 2022. Alberta Gaming, Liquor and Cannabis is targeting a Q2 2026 opening.

Super Group operates Betway, Jackpot City, Royal Vegas, Ruby Fortune, and Spin in Ontario. Its brands have also built substantial grey market presence in Alberta and other provinces where the provincial crown corporations have been the only regulated option. That installed base is central to the company’s Alberta thesis.

“We are ready. We’ve learned our lessons from Ontario in how to migrate the customers from our dot-com product to now Alberta. We’ve also enhanced our rest-of-Canada products and our Ontario products and all those features will come into the Alberta product. I’m not sure that all the competitors can keep spending as they have been spending. We think there will be a more rational competitive environment. And as you know, we’ve already got the revenue.”

The Ontario launch in 2022 was accompanied by aggressive marketing spend from US operators including FanDuel and BetMGM entering the market for the first time. Menashe’s position is that Super Group can avoid that cost structure in Alberta because it is converting existing customers rather than acquiring from scratch.

An industry source cited in regional coverage noted the stakes of that customer retention play: established grey market brands need to ensure their existing customer base is sticky before well-funded newcomers arrive with promotional firepower.

AGLC’s registration process opened in January 2026. The regulator has made clear that operators seeking licences are expected to cease unregulated activity in the province before going live. Alberta iGaming registration opened for applicants in January, with a commercial market launch targeted for mid-year.

2026 Guidance and Headwinds

Super Group guided FY 2026 revenue of at least $2.55 billion and adjusted EBITDA of more than $680 million. The guidance assumes marketing spend at approximately 22% of revenue, UK gambling tax increases taking effect in April 2026, and Alberta transitioning to local regulation from midyear.

The UK rate changes, with online casino duty rising to 40% and sports betting to 25%, represent a material headwind. Van Wyk confirmed these were embedded in the 2026 figures alongside Alberta regulatory transition costs.

The company also flagged the 2026 FIFA World Cup as a potential uplift, noting that 40% of its operating countries have qualifying teams. Management expects the tournament to support long-term customer engagement beyond the event itself.

On capital returns, Super Group raised its minimum quarterly dividend target from $0.04 to $0.05 per share, equivalent to a minimum of $0.20 per share annually. A special dividend of more than $125 million was paid in February 2026, on top of the $156 million returned to shareholders across 2025.

Menashe also confirmed that Super Group is assessing Brazil and the UAE as potential future markets, subject to tax structures and product fit. The Apricot transaction, which brings Betway’s sportsbook technology in-house outside Africa, received final regulatory approval during the quarter and integration is underway.

For context on the broader Canadian trajectory, Ontario iGaming revenue reached C$4 billion in 2025, up 34% year over year, a benchmark that will inform analyst expectations for the Alberta market’s trajectory once regulated operators go live.

Source: Super Group (SGHC) Limited