Super Group to Exit US iGaming Market Due Profitability Concerns

Super Group, the global online gambling company behind Betway and Spin Casino, has announced plans to exit the U.S. iGaming market, citing long-term profitability challenges and regulatory headwinds. The move will see the company fully withdraw from the U.S., just a year after shuttering its sportsbook operations in the country.

The operator currently offers iGaming in Pennsylvania and New Jersey but revealed Tuesday that it will cease operations in both states. In a statement, Super Group attributed the decision to “regulatory shifts impacting long-term U.S. expected profitability.” No specific date has been set for the withdrawal, with further details expected in the company’s second-quarter earnings report in August and during its Investor Day in September.

The exit marks the company’s full departure from the U.S. market, a reversal from its 2023 expansion following the acquisition of Digital Gaming Corporation (DGC), which held U.S. rights to the Betway brand. Prior to the acquisition, Betway had operated under DGC in the U.S. since 2021.

CEO Neil Menashe said the decision followed a broader strategic review aimed at optimizing capital allocation. “Recent regulatory developments combined with ongoing assessment of capital allocation requirements have led us to believe that our stringent hurdle for return on capital will likely not be met in this market any time soon,” he said.

Super Group expects the U.S. iGaming exit to cost between $30 million and $40 million. However, it anticipates savings starting in 2026. The company had previously forecast $99.5 million (€85 million) in 2025 revenue from its U.S. operations. In the first quarter of 2025, North America — including Canada — accounted for 35% of the company’s overall business.

The U.S. legal gambling industry is in a state of flux. Expansion of regulated iGaming has stalled, with no new states expected to go live this year. In addition, several states are considering tax hikes on gambling revenue, and legal operators face increasing competition from unregulated sweepstakes sites and emerging prediction markets.

This uncertain environment has led some international operators, including Super Group, to reconsider their U.S. investment strategies. The company had already pulled its sportsbook from nine U.S. states in July 2024, citing a lack of sustainable profitability.

Financial Outlook and Shareholder Focus

Despite its U.S. retreat, Super Group has raised its 2025 full-year revenue guidance — excluding U.S. operations — to over $2 billion, up from previous guidance of $1.92 billion. Adjusted EBITDA is now expected to exceed $480 million, compared to a prior forecast of $457 million. For 2024, the company reported €1.7 billion ($1.99 billion) in revenue, a year-on-year increase of 18%.

Super Group attributed the improved outlook to favorable sports results in the second quarter, enhanced pricing models, and more efficient risk management practices.

Still, investors reacted modestly to the news. The company’s share price on the New York Stock Exchange dropped slightly on Tuesday, falling from $11.38 at market open to $11.02 after the announcement.

Our stringent hurdle for return on capital will likely not be met in this market any time soon.

A Strategic Realignment

Super Group’s withdrawal from the U.S. forms part of a broader strategic repositioning. The company has emphasized its focus on operational efficiency and long-term shareholder value. While its U.S. ambitions have ended, the group appears confident in its ability to drive growth in other markets.

Since going public through a $4.75 billion SPAC merger in 2022, Super Group has used its U.S. listing to increase visibility with investors, regulators, and financial institutions. In a June interview, the investor relations team described the listing as a success, highlighting increased credibility and improved access to capital. Though its U.S. chapter is closing, Super Group’s revised guidance signals continued confidence in its global business — and a sharper focus on markets where profitability appears more assured.