Less can sometimes mean more when it comes to international expansion, Super Group CEO Neal Menashe tells the new issue of SBC Leaders magazine.

The Betway owner has withdrawn from Portugal, France, Belgium and India since it floated on the New York Stock Exchange in 2022, reducing its number of licences to 17. Despite those retreats, Super Group has thrived. Its 2024 net revenue (excluding the U.S.) rose 18% to a record €1.66 billion ($2.59 billion CAD), while ex-U.S. adjusted EBITDA grew more than 50% to €391 million ($611 million CAD).

Menashe attributes that success to the company becoming more efficient and applying greater focus to its pursuit of profits. “It’s not about chasing revenue at all costs,” he explains.

That attitude was key to Super Group’s thinking on Brazil, where it applied for a license but eventually decided that the regulatory regime meant that it was not worth entering the market.

“If we did Brazil, we would have to give up somewhere else and we would have to take the marketing budget and give it to Brazil,” says Menashe.

“Well, why? If we’re not even the market leader in some of these other countries, surely it’s better to spend the money on marketing and improvements on the product. With this, we get huge operational leverage. The UK is one of them. We have a small market share there relative to, let’s say, Flutter, which owns a lot of brands. But we can grow easily — and that’s really the point.”

Menashe also uses the interview to detail the thinking behind Super Group’s decision to withdraw its sportsbook offer in the U.S., as well as why Africa is central to the company’s strategy, and why the state of the market in Germany upsets him.

Not taking a punt on Brazil

Elsewhere in issue 36 of SBC Leaders magazine, Codere Online CEO Aviv Sher expresses a similarly cautious view on the opportunity on offer in the newly-regulated Brazilian market.

“Our focus is on capitalising on our positive momentum in our core Mexican and Spanish markets,” says Sher. “Brazil has been a focal point for much of the industry, and as we’ve seen, there are already 68 operators that were live on the very first day the market opened up.

“If we feel like we can make a difference, be successful, and navigate a strong entry, then we may change our current outlook.”

Setting a safe play example

Lori Kalani looks back on a whirlwind first year as DraftKings’ chief responsible gaming officer and shares her hopes for the U.S. industry’s approach to player protection.

“I would like to see that all operators are doing what we are doing at DraftKings — and what the top operators are doing — which is really pouring our heart and souls into doing the right thing and building the tools and investing the resources,” she says.

“I hope to work myself out of a job someday. That everybody gets it and there’ll be nothing to do because we’ll be doing everything perfectly and everyone will understand.”

There are also deep dives into the resurgence of online poker, the career opportunities for women in the Brazilian betting and gaming sector, regulation in Chile, AI-driven efficiencies and the challenges the U.S. industry faces in dealing with sweepstakes casinos and sports prediction markets.

Pick up a copy of SBC Leaders issue 36 at SBC Summit Americas 2025, which takes place at Fort Lauderdale’s Broward County Convention Center May 13-15, or read the digital edition here.