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Super Group (NYSE: SGHC), the parent company of Betway and Spin, posted full-year 2025 revenue of $2.2 billion, a 22% increase from $1.8 billion in 2024, with adjusted EBITDA rising 57% to $559.5 million on a margin of approximately 25%.
Profit before tax reached $355.9 million, up from $203.8 million the prior year. Cash on hand stood at $513.2 million as of 31 December 2025, compared with $388.0 million at the close of 2024.
Casino Leads, Sports Betting Absorbs a Late Hit
Online casino was the primary earnings engine for the year. Revenue from the segment came in at $1.79 billion, up from $1.44 billion in 2024. Sports betting contributed $408 million, against $363 million the prior year, though December produced the weakest sports hold since October 2023 on a run of customer-friendly results.
Despite the soft sports performance late in Q4, monthly average customers for the fourth quarter reached 6.1 million, a 16% increase from 5.3 million a year earlier. For the full year, monthly average customers averaged 5.6 million, up 17% from 4.8 million in 2024.
Q4 revenue came in at $578.3 million, 8% above the $533.3 million recorded in Q4 2024. Q4 profit before tax was $95.1 million, compared with $103.3 million in the prior-year period, with the year-on-year decline reflecting the drag from sports outcomes. Q4 adjusted EBITDA was $139.0 million, up from $125.9 million.
Africa and Europe Drive Geographic Mix
Africa was the strongest regional performer over the full year, with revenue up 27% year-on-year. The Botswana launch in February 2025 contributed to that growth. Europe, driven primarily by the United Kingdom, and North America — largely Canada outside Ontario — also recorded gains. South and Latin America and Asia-Pacific posted declines.
The group’s U.S. exit, completed during 2025, was reflected in the adjusted EBITDA breakdown: the ex-US operation generated $573.5 million, offset by a $14.0 million loss from the U.S. business.
“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
The Apricot transaction, which gives the group access to upgraded sportsbook technology for its ex-Africa operations, cleared its final regulatory hurdle during Q4. Betway had exited the Portugal market in January 2026, with the operator citing a preference for regions offering stronger long-term returns.
Balance Sheet, Dividends, and New Credit Facility
Super Group returned $156 million to shareholders during 2025 and declared an additional $125 million special dividend in January 2026, paid in February. The board raised its quarterly dividend target from 4.0 cents to a minimum of 5.0 cents per share — translating to an annual floor of 20.0 cents, up from 16.0 cents previously.
On 13 February 2026, the group established a $100 million senior multi-currency revolving credit facility with Barclays, JPMorgan Chase, and Citibank, maturing in February 2029. The facility carries interest at 1.5% per annum above the applicable reference rate.
“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
2026 Guidance Points to Continued Growth
Management introduced full-year 2026 guidance calling for total revenue above $2.55 billion and adjusted EBITDA above $680 million. Both targets imply double-digit growth from the 2025 base.
The trajectory places Super Group among the operators posting sustained top-line momentum into 2026, a cohort that includes BetMGM, which reported record revenue of $2.8 billion for FY2025. For context on the wider B2B infrastructure supporting operators at this scale, Evolution’s Q4 2025 results illustrated the margin pressures live casino suppliers are managing on the other side of the same growth cycle.
The group’s annual financial statements are expected in early April 2026.
Source: Super Group (SGHC) Limited
