Record actives, growing revenue and a strong cash balance in Q4 2025 helped fuel a 9% bump in Super Group’s shares yesterday, 24 February, after the publication of the New York-listed company’s latest earnings report. Growth in the UK and Canada (excluding Ontario) was singled out, while Africa still performed well despite customer-friendly sports betting results.
The full regulatory approval for the acquisition of tech platform Apricot was also confirmed, which will bolster sports betting efforts outside of Africa. Headwinds, including looming UK tax hikes, are on the horizon, but management have set full-year 2026 revenue and adjusted EBITDA targets that should see growth of 14% and 22%, respectively. The boon of the upcoming World Cup and Alberta going live with regulated sports betting and igaming, as well exploring further expansion across the African continent, remain key boosters for the operator behind Betway and multi-brand casino portfolio Spin.
The price has to be right
Super Group has tended to refrain from getting involved in mega-M&A and bolt-on deals in recent years, bar the exception of Apricot sportsbook. It has shied away from B2C deals, though, whereas certain listed rivals have unlocked their war chests to scale inorganically or to gain a foothold in target markets. That reserved approach seems set to continue, as CEO Neal Menashe explained any such transaction would have to move the needle significantly. He also suggested the valuations, both historical and current, are not at the level required to sanction a move.
“When it comes to M&A, we are always highly selective,” Menashe said. “We don’t really need M&A to hit our plans. Obviously, if bolt-ons improve tech, our product or market position with attractive returns, we will engage. I think the real key for us is we’re not overpaying.
“We’ve seen lots of our competitors overpay, and that’s not what we do. It has to make strategic sense for us. The businesses we acquire have to be either standalone, or if they are coming into our world, we can take them to another level.”
Coin operated
On the development of the South African rand-pegged Super Coin, Menashe outlined the stablecoin’s benefits for the operator. Super Coin launched in Q4 2025 in South Africa, with the first half of this year touted as “building the rails” for the token. That includes expansion on local exchanges, the launch of a customer wallet and expansion with a third-party payment provider. Listed on the Luno crypto exchange, Super Coin was unveiled at Super Group’s Q3 earnings presentation in November.
Menashe noted: “It’s a step towards broader payments and engagement. It’ll take time; you can’t just switch the lights on and it happens. Customers have to adapt to it. We have the customer base, and we have the product that our African customers love.
“We’re going to start as soon as the wallet comes in, in the first half of this year. It’s already helping us save on other banking fees. We are really seeing a benefit.”
’Berta, baby
Betway has established itself as a leader in Canada, with sports betting revenue in the country (excluding Ontario) jumping 30% year on year in Q4. Online casino revenue rose 14%. And with Alberta set to introduce its regulated market later this year, the brand will be plotting to become one of the province’s leaders as it switches from grey to white.
When pressed on what lessons had been learned from Ontario shifting to a regulated arena with online casino, sports betting and poker in 2022, Menashe explained Super Group had an understanding of what to expect. There is no official launch date yet for Alberta, but the licensing window is open, and news is being drip-fed out of the regulator, Alberta Gaming, Liquor and Cannabis, with the end of Q2 looking likely for go-live period.
He said: “We are ready. We’ve learned our lessons from Ontario of how to migrate the customers from our dotcom product. We’ve enhanced our rest of Canada products and our Ontario products, and all of those features will come into the Alberta product.
“I think we saw lots of heavy marketing activity early on in Ontario. I’m not sure all the competitors can keep spending as they have been spending. We think there’ll be a more rational competitive environment.
“As soon as all the regulations come [in] and we’re ready to go, we will go for Alberta.”
Rules of re-engagement
The World Cup is due to kick off across the US, Canada and Mexico in June, with the expanded format seeing 48 teams take part for the first time, up from the previous iteration with 32 nations. As always, the tournament will serve as an acquisition, reactivation and retention vehicle for operators the world over, with Menashe pointing to the expanded group stage as a benefit for his company.
The CEO said: “40% of the countries we operate in are participating in the World Cup. It’s an expanded format. In the beginning part of the World Cup, you’ll have really good teams against not such good teams. We might have more favourites winning in this World Cup, but it’s a longer tournament with a lot more games.”
The World Cup can often throw up bookmaker-friendly results in the early stages of the competition. For example, in 2022, eventual world champions Argentina lost 2-1 to Saudi Arabia in the opening group stage game in Qatar, while Japan beat both Germany and Spain to top Group E. Menashe noted Super Group would also use the World Cup to finetune its generosity strategy, having learned some “clever lessons” from the Africa Cup of Nations in December and January.
He continued: “We’ve always found in the early rounds, some of the favourites don’t win and sometimes don’t even qualify for the next round. We are all over our incentives and our boosts that we give the customers in the tournament. This is all a mass exercise of working out where the volatility lies. Remember, it’s not about the customer in that first week or two of the World Cup, it’s their engagement going forward.”
Save as your earn
Super Group also provided an update on the acquisition of Apricot, the sportsbook tech snapped up in 2024. The deal has received final regulatory approval, meaning it can be integrated into the business outside of Super Group’s African markets. At the operator’s Investor Day in September, bosses said the transaction would lead to $35m in savings, something which was picked out on yesterday’s analyst call.
As per the Investor Day deck, those savings will come from royalty fees, which stand at 10% of chargeable net gaming revenue, infrastructure and staff.
CFO Alinda van Wyk said: “During our Investor Day, we called out $35m. This is not a day one saving, this is an annual projection.
“These savings will come from reduced royalty fees, infrastructure enhancements and, most importantly, bringing staff closer to Super Group. We’re starting to bring the teams together and the savings have definitely started.”
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The post Five things we learned from Super Group’s Q4 2025 earnings first appeared on EGR Intel.
News editor Joe Levy sifts through the Betway and Spin parent company’s latest report, including AFCON informing its World Cup strategy and not overpaying for M&A
The post Five things we learned from Super Group’s Q4 2025 earnings first appeared on EGR Intel.