The CEO of multibrand iGaming operator Super Group said he expects the company to grow at a double-digit rate in Alberta once that province launches regulated online gambling.
Licensed in Ontario’s iGaming market, Super Group also has a longstanding presence in other Canadian provinces. It runs platforms including the Betway sportsbook and casino and online casinos such as Spin and Jackpot City and is reputedly Canada’s grey-market iGaming leader.
In the lead-up to its latest earnings call on Tuesday, Super Group reported that its North American revenue grew 14% year-over-year for the quarter ended Sept. 30, which CEO Neal Menashe said on the call was supported by higher deposit volumes and strong customer retention. North American earnings comprised 33% of the company’s total revenue, behind only Africa (40%).
In Canada, which is now Super Group’s only operational footprint on the continent after its U.S. withdrawal, growth was considerably stronger outside Ontario (15%) than in the regulated iGaming province (3%).
Super Group intends to seek a license in Alberta when it opens its doors and begins regulating iGaming play, touted to be in 2026. CEO Neal Menashe said on Tuesday that he expects that even when facing strong competition in a regulated market, Super Group will post double-digit revenue growth in Alberta.
“We’ve learned our lessons, as we always say, in Ontario,” he told investors and analysts. “We’ve got a new casino client being launched in the next quarter in Ontario, enhancing that product. All of that will help us to deliver more in Alberta. I would say Alberta would be higher teens, etc. We would expect to be close to what else we see in Canada.”
At its September investors’ day, Super Group pushed back its projected timeline for Alberta launching its regulated market into the second half of 2026. Menashe added at that time that he expects his company to maintain its existing “podium position” in that province whenever the doors do open.
Ontario growth flatter amid intense competition
Outside of Ontario, Super Group competes with other grey market players and the respective province’s government-owned gaming operators, such as Alberta Gaming, Liquor and Cannabis’ Play Alberta. In Ontario, its five licensed platforms — also including the Royal Vegas and Ruby Fortune casinos — compete with more than 80 other approved sites for players’ time and dollars.
Menashe admitted on a previous earnings call in August that Super Group’s growth in Ontario, which was 5% in Q2 and 3% in Q3, is “still below our expectations.”
Still, executives said in September that the operator has utilized “out-of-the-box marketing tactics” to build brand awareness in Ontario, and Menashe has long said that he expects its Ontario positioning and its longstanding visibility and growth elsewhere in Canada to give his company first-mover advantage in Alberta.
Menashe said on Tuesday’s call that Super Group plans to launch with a new casino client in Ontario in the first half of 2026, which he expects to boost the operator not just in Ontario but in its ramp-up to Alberta regulation, too.
Online casino leads the way
Given that all five of Super Group’s Ontario-facing brands offer online casino while only one offers sports betting, and that more than 80% of Ontario’s market by wagering activity and revenue is iCasino, it should be no surprise that vertical is leading the way.
Super Group’s total revenue increased 26% year over year to around $784 million CAD last quarter, with about 84% of that coming from online casino. That iCasino revenue number was up 21% year over year, and the company said it enjoyed solid casino growth in Canada specifically.
On the sports betting side, Betway’s revenue in Ontario grew 5%, making the province the company’s flattest sports region. In comparison, that growth was 23% overall (ex-U.S.), 32% in Europe and 33% in its largest region of Africa.
Super Group posted a total profit of approximately $135 million CAD for the quarter, nearly nine times the amount it reported in the same quarter of 2024, and adjusted EBITDA grew 65% to $214.4 million CAD. Total monthly active customers across all Super Group brands increased 18% to a new all-time quarterly high of 5.5 million. Menashe said that number hit six million by the end of September and then grew again in October.
As a result of the growth, Super Group has again raised its full-year revenue and EBITDA guidance.
