Super Group Boosts 2026 Outlook Following Strong Q2 Growth Performance

The global gaming industry is closely watching the latest results from Super Group. The company, which owns major brands like Betway and Spin, delivered an impressive performance in the second quarter of 2026. With revenue of $684 million, the group significantly exceeded expectations. In the same period last year, this figure stood at $579.4 million, representing an increase of approximately 18 percent. Particularly pleasing for shareholders is the return to profitability. After suffering a loss of $3 million in the second quarter of 2025, the books now show a substantial profit of $123 million.

This financial upswing has led management to raise its forecasts for the entire 2026 fiscal year. Originally, the company expected total revenue of more than $2.55 billion. The target has now been set at over $2.6 billion. Expectations for adjusted EBITDA were also revised upward from $680 million to over $710 million. The company is benefiting from a stable customer base, which grew by 13 percent year-on-year to 6.2 million monthly active users. These figures prove that the Betway brand continues to gain massive global traction.

Numbers and facts

A closer look at regional markets shows where the momentum is coming from. Africa remains Super Group's strongest pillar. There, the company generated $310 million in revenue during the second quarter, a significant increase from $228 million the previous year. The international segment, which includes Europe, increased its contribution from $344 million to $368 million. In the Americas, however, revenue remained flat at around $200 million. This is partly due to the strategic withdrawal from the US, which is expected to be completed by the fourth quarter. For the US business, an adjusted EBITDA loss of approximately $25 million is expected for the year 2025, with revenue exceeding $40 million.

The company maintains strong liquidity. As of June 30, 2026, cash and cash equivalents totaled $548 million. Part of the capital has already been reinvested. For instance, the group paid 24 million euros (about $28 million) for the acquisition of Apricot's sportsbook software. Additionally, Super Group distributed $177 million in dividends to its investors during the first half of 2026. Neal Menashe, CEO of Super Group, emphasized the importance of diversification and technological independence for this success.

"The second quarter generated record performance across Super Group, marking all-time highs in Revenue, Adjusted EBITDA, deposits and wagering. While we maximized the commercial boost from the FIFA World Cup, these results once again demonstrate the core strength of our casino-led, diversified business model, disciplined execution, and highly durable customer base." - Neal Menashe, Chief Executive Officer of Super Group

Background

The strategic shift away from the US market is one of the most significant decisions in the company's recent history. Super Group had operated online casinos in Pennsylvania and New Jersey but decided to exit due to regulatory changes and a lack of long-term profitability. While this move incurs short-term costs, such as a $63.9 million non-cash goodwill impairment and $22.6 million for onerous contracts, it is intended to improve capital efficiency in the long run. Instead, the focus is on top-tier football partnerships, such as the prestigious collaboration with Manchester United, to further enhance the Betway brand's global visibility.

Why it matters for German players

For customers in Germany, Super Group's development is highly relevant as Betway is one of the most prominent holders of a German license from the Joint Gambling Authority of the States (GGL). The group's solid financial position ensures that payouts are secure and player protection remains at the highest technical level. In Germany, the offering is subject to the strict rules of the 2021 State Treaty on Gambling. This includes the monthly deposit limit of 1,000 euros across all providers and the 1 euro stake limit per round for virtual slot games. As Super Group strengthens its IT infrastructure through acquisitions like the Apricot software, German players can expect even smoother integration with the central monitoring systems LUGAS and OASIS.

What it means for GGL-licensed casinos

Super Group's success demonstrates that regulated gambling can be profitable even under strict requirements. GGL-licensed providers face tough competition from illegal offshore offerings. A financially strong player like Betway can afford to bear the high compliance costs in Germany while investing heavily in marketing. Raising the guidance sends a signal to the entire industry: those who prioritize transparency and local licenses win user trust in the long term. While competitors without a German license often struggle with blocked payments, Super Group offers a legally secure environment through its GGL compliance, backed by these record-breaking figures.

Alinda van Wyk, the group's CFO, highlighted the board's confidence in operational workflows. The adjusted EBITDA margin increased to 30 percent, indicating an efficient cost structure.

"The quality of our business continues to be demonstrated in our financial performance, as we delivered another quarter of record revenue, profitability and cash generation. Revenue reached $684 million, an increase of 18% compared to the same period last year. Adjusted EBITDA increased 30% to $204 million with margin expanding to 30%." - Alinda van Wyk, Chief Financial Officer of Super Group