Betway and Jackpot City owner Super Group trumpeted its growth in Canada outside of Ontario in its latest earnings call on Tuesday as it waits for the curtain to rise and the green light to flash for entry into Alberta.
The multi-brand iGaming operator reported revenue of US$2.2bn (C$3.0bn) for the full 2025 year (up 22% from 2024) and US$578.3m (C$792.5m) for the fourth quarter of 2025. Adjusted EBITDA for the full year was 57% higher than it was in 2024, at US$559.5m (C$766.7m), and the company recorded a profit before tax of US$355.9m (C$487.7m).
Chief Executive Officer Neal Menashe credited the success to several things, including the completion of its exit from the U.S. online casino market. In July 2025, the company announced that it was pulling its Betway sportsbook and Spin casino brands out of the States, citing regulatory uncertainty and the fact that it felt its time and resources were better spent on markets where the brand had longer-term advantages and opportunities.
Canadian grey market presence serves Super Group well
One of those regions is Canada, particularly outside the regulated iGaming market of Ontario.
Super Group has five licensed brands in Ontario’s regulated market: Betway, Jackpot City, Spin, Royal Vegas and Ruby Fortune. It also has a longstanding grey-market presence across Canada, with particularly the first three of those skins having significant brand recognition in other provinces, where the government-run lottery corporations’ platforms are the only regulated online gaming offerings.
Industry data from H2 Gambling Capital suggests it is one of the biggest grey-market operators in Canada by estimated revenue share.
Super Group consistently posts stable rest-of-Canada growth and the latest numbers announced this week continue that trend. While its overall North American revenue in Q4 of 2025 grew 1% year over year, Canada ex-Ontario grew at 15%. Online casino revenue in Canada climbed 11% and its sports betting revenue ticked up 8%; excluding Ontario, those numbers were 14% and 30%, respectively.
Menashe said on a Feb. 24 earnings call that the Canadian growth was supported by strong customer retention and acquisition, coupled with improved product rollout.
“And Alberta continues to show solid growth,” he noted.
Super Group expects smooth transition in Alberta
Like many Ontario-licensed operators, Super Group is looking ahead eagerly to Alberta becoming just the second province to launch commercial regulated iGaming. Menashe said on Tuesday that the company expects the market to go live in Q2, so before the end of June.
“Alberta is now expected to regulate in Q2 2026,” he told investors and analysts. “We are ready. We’ve learned our lessons from Ontario in how to migrate the customers from our dot-com product to now Alberta. We’ve also enhanced our rest-of-Canada products and our Ontario products and all those features will come into the Alberta product.”
The CEO said last year that he expects Super Group brands’ Ontario positioning and Canadian presence to not only give it “first-mover” status in the regulated market, but to ultimately yield a continued “podium position” in the province. He later suggested that Super Group can continue growing at a double-digit rate in Alberta even once it is just one of numerous licensed operators in the market, as it is in its relatively flat-growth province of Ontario.
Avoid the marketing splurge
Alberta Gaming, Liquor and Cannabis (AGLC) made clear in its initial set of guidelines for the regulated market that it expects all license applicants to cease any unregulated activity in the province if they are to be approved to do business under the new regime.
But being well-established as a grey market operator has its advantages. Chief among them is visibility and brand recognition.
Menashe recalled that around the launch of regulated iGaming in Ontario in April 2022, there was a lot of what he called “heavy marketing activity” from market entrants. With the likes of Betway and Jackpot City hardly new names in Alberta, he’s hopeful of avoiding that kind of frantic expense.
“I’m not sure that all the competitors can keep spending as they have been spending,” he mused. “We think it will be a more rational, competitive environment. As you know, we’ve already got the revenue. We’re waiting to see. As soon as all the regs [regulations] come and we’re ready to go, we’ll go.”
