Super Group, the parent company of the Betway sportsbook and numerous online casino brands, has raised its full-year guidance and is confident about parlaying its status as an established operator in Ontario and the rest of Canada into a strong entry into a regulated Alberta market.
The multi-brand operator said this week its results last quarter outperformed expectations in what is typically a softer seasonal period. Speaking at the company’s inaugural Investor Day on Sept. 18, executives cited continued momentum in sports betting, optimized pricing and more efficient trading and consistent engagement in casino for the gains, as well as improved operational leverage across its core international markets including Canada, which is its second-largest region by revenue after Africa.
As a result of the over-performance, Super Group raised its FY revenue and adjusted EBITDA guidance to over C$3 billion and C$765 million, respectively, up from around C$2.8 billion and C$655 million. That’s despite projecting an adjusted EBITDA loss in the U.S. of approximately C$35 million as it completes its wind-down in U.S. iGaming markets before the end of the year.
“Our performance through the third quarter continues to demonstrate the resilience of our model and the strength of our execution,” said CEO Neal Menashe. “We’re seeing strong contributions from both sports and casino, deeper customer engagement, and continued margin improvement across key markets. As a result, we’re pleased to raise our full-year outlook and remain confident in our ability to deliver for our shareholders.”
Canada grey-market leader, Ontario regulated contender
In its Investor Day presentation, Super Group cited internal estimates that suggest its Spin Casino is a top 10 online casino brand in Ontario. We cannot know for sure, as iGaming Ontario (iGO) does not break down its financial reporting on an operator-by-operator basis. Some 50 operators run nearly 90 regulated iGaming websites in Ontario’s regulated market.
Five of those sites are Super Group’s. In Canada’s only regulated iGaming province, the company offers online sports betting and online casino on Betway and an iCasino-only quartet of brands: Spin, Jackpot City, Royal Vegas and Ruby Fortune. All five of those platforms are licensed by the Alcohol and Gaming Commission of Ontario (AGCO).
Despite that presumed positioning in Ontario, Menashe said on an earnings call in August that growth in the regulated province is “still below our expectations.” In the quarter ended June 30, 2025, Super Group’s Ontario revenue grew 5% year-over-year.
In the other provinces, where iGaming is unregulated outside of government lottery corporations’ platforms but Super Group has a strong and longstanding presence, growth has been much stronger at 22%. Super Group said in its presentation it has a podium position outside Ontario, a status supported by data that H2 Gambling Capital showed to Canadian Gaming Business last year.
The company added in its presentation that it has launched a new “Grizzly” Canada-focused brand using a bear mascot that it says offers an identity tailored to Canadian customers. Executives told in-person and online listeners on Thursday that the operator has utilized “out-of-the-box marketing tactics” to build brand awareness in Ontario, specifically referencing Jackpot City, which they said has established high brand awareness across the country through years of “above-the-line and affiliate marketing.”
Super Group and Ontario transit agency Metrolinx, which runs the Toronto-area GO Train network, were in talks last year over a sponsorship agreement that would have given Jackpot City the naming rights to Toronto’s Exhibition GO station, but the idea was reportedly halted by Ontario Minister of Transportation Prabmeet Sarkaria.
To Alberta, eventually… and beyond?
Super Group expects its Ontario positioning and its longstanding presence in other provinces including Alberta to give it “first-mover” status when that province begins regulating iGaming.
Incidentally, Super Group has pushed back its projected timeline for that happening to the second half of 2026.
When Alberta does launch regulated online casino and sports betting, Super Group is confident that it has a strong entry strategy, with the tools and historic presence to maintain what it called its “podium position” there. It also promised to utilize lessons learned from Ontario, where executives noted the TAM proved greater than they had expected prior to regulation in 2022.
“Honestly, if you told me 25 years ago that Canada would only have one state regulated by now and it would have gone state by state, I’d have said you’ve lost your mind,” Menashe told the room when asked about the potential of more provinces opening up after Alberta eventually gets off the ground, touted to be early next year.
“It depends on each of the regulations and it depends a little bit on the success of Alberta,” he added. “Maybe they’ll follow and have a look at that. No signs right now. But because we’ve got a good footprint there and we’ve learned how to do it, whatever comes, we are up for it.”
