Multi-brand gambling operator Super Group continues to post strong growth across Canada, particularly outside Ontario, and its withdrawal from the U.S. market only strengthens its hand north of the border.
That was the message from CEO Neal Menashe, speaking on the Betway, Jackpot City and Spin Casino parent company’s quarterly earnings call on Thursday, Aug. 7.
For the three months ended June 30, 2025, Super Group “exceeded our own expectations” by setting new quarterly records in both revenue and adjusted EBITDA. Total revenue hit a new high of $579 million USD ($796.4 million CAD), up 30% year over year, and adjusted EBITDA reached a new benchmark of $157 million USD ($215.9 million CAD), representing surging growth of 78%. Adjusted EBITDA margin rose to 27%, another record.
Menashe said the results were down to factors including favourable sports outcomes, smarter pricing and continued traction of its Bet Builder parlay product, robust casino acquisition and retention and stronger marketing effectiveness.
He also said that Super Group has been prioritizing more profitable markets by reinvesting heavily in the jurisdictions in which it performs best, including Africa and Canada.
Ontario ‘below expectations’ but cross-Canada growth strong
Super Group has five licensed online gaming brands in Ontario, the sports betting-only Betway and four online casinos.
Those five sites are among the 85 online gambling platforms that compete for players’ dollars and market share in what is the most crowded iGaming market in North America.
In the quarter just ended, Super Group’s Ontario revenue grew 5% year-over-year despite what Menashe called “ongoing elevated marketing spend from competitors.” In the first quarter of the calendar year, that uptick in the province had been just 2%.
Although Menashe suggested that better digital marketing and continued customer engagement helped fuel the quarter-over-quarter improvements, he admitted that the company’s growth in Ontario is “still below our expectations.”
Meanwhile, outside Ontario, Super Group is active in the grey market and is reputedly Canada’s commercial market leader, per H2 Gambling Capital data provided to Canadian Gaming Business last fall.
In the non-Ontario provinces, where the government-run iGaming platforms are the only ones formally approved, Super Group’s revenue surged 22% year over year last quarter as the company expanded its product and enjoyed higher customer retention. While sports betting revenue was flat across Canada, online casino revenue rose by 20% across Canada and by 24% when excluding Ontario.
US exit will fuel Canadian growth, says Menashe
Menashe said the decision announced last month to shut down all remaining U.S. operations was centered on a desire to focus more on the markets where it has made the biggest impact.
“Changing dynamics in the U.S. market, including the recent tax increase in New Jersey, led us to this decision,” he said on Thursday.
“We’ve always said there’s been a high cost in the U.S. to make an operating profit. We looked at it and said, actually, the opportunity cost of trying to support our product in that market to try to get to breakeven is much better to go into our other markets. We have now got the extra resources because of the U.S. closure to focus on the product in [Canada]. You can see the rest of Canada is doing really well.”
The company expects the exit in the U.S., where the company has still been running online casino in some states after pulling Betway from the market last year, to cost around $69 million CAD. But it expects around $82.5 million CAD in cost savings in the second half of 2025 as a result of the move.
As for what comes next, Super Group has just hired its first-ever chief technology officer. And it plans to convert its longstanding grey-market presence in Alberta into licensed operations when that province launches regulated iGaming next year, just as the company did in Ontario in 2022.
Super Group certainly has the money to make a strong continued push in Canada. It ended the quarter with $540 million CAD in unrestricted cash and no debt, and has raised its FY25 ex-U.S. adjusted EBITDA guidance midpoint by more than $30 million CAD to $694 million CAD. Once the U.S. closure is complete, it expects total adjusted EBITDA to be around $650 million CAD, including the U.S. loss.
