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Read Full BioSuper Group, the parent company of Betway and Spin, has announced a record-breaking second quarter and raised its 2025 guidance. Along with these strong results, the company announced it has decided to exit the US iGaming market.
In a press release, the company attributed its strongest second-quarter results to strong sports performance, pricing optimization, robust customer engagement, and operational improvements. Super Group stated that it will release more details in August.
Reflecting its strong momentum, the company raised its 2025 ex-US revenue and adjusted EBITDA guidance:
- Super Group expects total revenue to exceed $2.0 billion, up from the previous estimate of $1.925 billion.
- The company expects Adjusted EBITDA to exceed $480 million, compared to the previous guidance of $457 million.
Notably, Super Group’s stock has been among the biggest gainers in recent weeks and has enjoyed strong growth this year. Since the beginning of the year, it has risen by over 80%.
Neal Menashe, Chief Executive Officer, commented:
“We are very pleased with our performance in the second quarter, reflecting continued momentum and discipline across our core markets and further validating the strength of our operating model and brands. We remain focused on driving profitable and sustainable growth through consistent execution and continue to be super-confident in the long-term growth potential of our business.”
Super Group Pulls the Plug on US Operations
While it’s expecting a record quarter, Super Group has decided to exit the US market. After withdrawing its flagship sports betting platform, Betway, last year, Super Group retained an iGaming presence through Spin Palace and Jackpot City. Both platforms operate in New Jersey and Pennsylvania, but have only been minor players in these competitive markets.
In New Jersey, for example, Spin Palace generated only $632,861 in May, while Jackpot City $1,796,113. For context, the total iGaming revenue in New Jersey for May was $246.8 million, meaning Spin Palace’s market share was 0.26%, while Jackpot City’s was 0.73%. Meanwhile, the market leader, FanDuel, generated over $54 million in May.
Given those numbers, Super Group’s exit decision is not surprising. Menashe confirmed that following evaluations of factors such as regulatory developments, the company has concluded that the US iGaming business no longer meets its hurdle rate for return on capital.
Recently, New Jersey raised its tax on gross gaming revenue to 19.75%, up from 15%, which could have been a contributing factor to the decision. The company did not provide details on when it will withdraw from the US, but said it will provide more information during its second-quarter earnings release.
CFO Alinda Van Wyk anticipates that the withdrawal will incur a one-time restructuring cost of $30 to $40 million.
US iGaming Market Proving Tough for European Brands
Super Group’s exit underscores a trend of European operators failing to gain traction in the US. While many major operators initially flocked to the market following the repeal of PASPA in 2018, most have withdrawn or scaled back on their operations.
Notable exits include:
- Super Group (Betway, Jackpot City, Spin Palace Casino).
- Evoke (formerly 888 Holdings), which operated 888, SI Casino, and SI Sportsbook.
- Kindred Group, which ran Unibet.
- Tipico, which sold its US platform to MGM Resorts.
- Betsson, which entered Colorado via a B2B arrangement but later withdrew.
- Betfred is now only active in Pennsylvania after exiting nine other states.
While not European, Australia-based PointsBet also struggled and ultimately sold its US business to Fanatics.
There are also a few exceptions, especially those that have chosen to partner with US brands. Flutter has become the market share leader in many states, thanks to its acquisition of FanDuel. Meanwhile, Entain’s joint venture with MGM Resorts for the BetMGM brand is proving to be the pillar of the company’s turnaround.
bet365 is also gaining momentum. While it played a waiting game for an extended period, it has now expanded to 13 states, including online casinos in New Jersey and Pennsylvania. In Ohio, the company holds a comfortable third spot, trailing only the market leaders, FanDuel and DraftKings.
