The company was listed on NYSE three years ago. Since then, it pursued market share by deploying its two flagship brands – the Betway sportsbook and the Spin online casino.
Going toe-to-toe with major domestic competitors like FanDuel and DraftKings, Betway managed to establish itself across a total of nine states.
Later on, year-on-year financials revealed that Super Group’s Spin iGaming brand outperformed local revenues from its sports betting division, leading to Betway US shutting down.
Super Group’s remaining presence in New Jersey and Pennsylvania through Spin will now also be withdrawn, despite the brand seeing record iGaming revenues earlier this year.
Reasons behind the exit
One reason that prompted this could be signs of increasing tax rates, with New Jersey policymakers openly discussing a hike of the current 13% levy to 25% for online sports betting and iGaming.
Another factor could be the significant marketing costs that Super Group currently endures in the US.
Super Group CEO Neal Menashe himself recently indicated that US marketing is a financial weak spot: “In the US, we are covering all costs except for marketing.”
Still, this remains an unlikely cause for the withdrawal. Marketing expenditure is budgeted annually at around 23% of income generated. Spin’s record performance should’ve been more than enough to cover that.
Super Group has now revealed that the main reason behind the US exit is the evolving regulatory landscape, coupled with operational streamlining and long-term value growth across other key markets like Europe and Africa.
Menashe added: “We…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.”
Despite its US exit, Super Group appears largely unfazed and remains focused on its other core markets. This falls in line with the firm’s vocal focus on operational efficiency adopted earlier this year.
Super Group has now confirmed expectations of total Q2 revenues to exceed $2bn against the prior guidance of $1.9bn. New guidance also forecasts total adjusted EBITDA north of $480m.
The US exit will incur one-time restructuring cash cost of between $30m to $40m, with cost savings expected to have an effect on 2026 results. Super Group will present its full Q2 update later in August.
Dingnews.com 11/07/2025