Super Group has announced it will exit the US igaming market following a “comprehensive evaluation of its global priorities”, as the operator also reported record Q2 results in a preliminary update released today, 8 July.
The New York-listed firm behind Betway and Spin also raised its full-year 2025 revenue and adjusted EBITDA guidance as a result of the strong second quarter performance.
Revenue is now expected to exceed $2bn (£1.5bn) versus the prior guidance of $1.9bn, while adjusted EBITDA should breach the $480m mark, up from $457m.
On its Q2 performance, Super Group said a host of factors, including “solid revenue growth across all markets”, had helped drive the operator forwards.
The company added: “This was driven by strong sports results, improvements in pricing models, more efficient risk management, a full calendar of sporting events, record deposit levels and ongoing robust customer engagement and retention across both casino and sports in key markets.”
Despite the positive Q2 performance and updated guidance, bosses said the company intends to exit the US, which will result in a one-time restructuring cost of between $30m and $40m.
Cost savings would then come into play from 2026, management stated.
Super Group remained live in New Jersey and Pennsylvania with an igaming-only approach, having ditched its US sports betting aspirations in 2024.
The firm’s Q1 report showed US igaming revenue was up 152% to $15m while adjusted EBITDA losses had shrunk. Management also revealed Betway Casino had migrated to Spin Palace Casino.
However, Super Group has now elected to pull the plug on its US operations, citing other global priorities, the changing regulatory landscape stateside and financial performance as its rationale behind the decision.
One such regulatory shift would be the update to New Jersey’s tax rate, with online casino operators in the Garden State expected to see the tax jump from 15% to 19.75% of GGR.
Super Group said it was still evaluating its strategic options in regard to a US exit.
Evoke, which previously operated online casino after ditching its online sports betting efforts, sold its assets to Hard Rock Digital as part of its exit last year.
Neal Menashe, Super Group CEO, said: “This is a difficult decision, particularly because our US team has worked hard and made progress over recent quarters.
“Nonetheless, recent regulatory developments combined with ongoing assessment of capital allocation requirements have led us to believe that our stringent hurdle for return on capital will likely not be met in this market any time soon.
“We therefore intend to focus capital and resources on markets where we see the greatest opportunity for scalable, sustainable, profitable super growth with a disciplined emphasis on operational efficiency.”
On the improved guidance and Q2 performance, the boss added: “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.”
The post Super Group to exit US igaming race while FY 2025 guidance raised first appeared on EGR Intel.
Betway and Spin parent company to focus on other global opportunities, as bosses reveal $30m to $40m one-off cost to be associated with decision to depart the US
The post Super Group to exit US igaming race while FY 2025 guidance raised first appeared on EGR Intel.