Super Group’s Impressive Q2 Highlights Growth in Africa
Super Group, the operator behind Betway, has showcased remarkable performance in the second quarter, largely propelled by its expanding influence in Africa.
In its recent earnings release, the NYSE-listed company reported a 30% surge in year-over-year revenue, totaling $579.4 million for Q2. This impressive growth can be attributed to heightened activity across markets in Africa, Europe, and North America, leading to record quarterly figures for Super Group.
However, this positive momentum was tempered by decreasing revenues from the Latin American, Middle Eastern, and Asia-Pacific regions.
Super Group has also witnessed a significant uptick in its customer base, with monthly active users climbing 21% to reach 5.5 million, up from 4.5 million in the same period last year. This marks the fifth consecutive quarter of growth in active users.
In terms of revenue distribution, Africa and the Middle East contribute 40% of the total, a slight increase from 37% last year. North America and Europe follow, accounting for 34% and 19%, respectively.
The company reported a profit before tax of $38.8 million, prompting a revised full-year adjusted EBITDA forecast of $470-$480 million, along with an increase in its adjusted EBITDA target for markets outside the US to $500-$510 million.
Super Group CEO Neal Menashe praised the company’s achievements in the first half of 2025, noting, “The strong performance this quarter was driven by exceptional execution in our core markets, an extensive calendar of global sports events, higher deposit levels, impressive customer retention, and improving profit margins."
CFO Alinda van Wyk added that these results highlight Super Group’s scalable and cost-effective operational strategy, emphasizing a connection between their marketing efficiency and financial results. The company concluded the quarter with $393 million in cash reserves and no debt, returning $20 million to its shareholders, which pushes total shareholder returns for the year to $166 million.
Adjusted EBITDA Surges Despite US Exit
Super Group’s adjusted EBITDA for Q2 reached a record-setting $156.7 million, representing a remarkable 78% increase, despite experiencing a $5.4 million EBITDA loss in the US market.
During this period, Super Group announced its intent to exit the US completely, thereby shutting down its remaining iGaming services in New Jersey and Pennsylvania. Notably, the North American market, including Canada, delivered $199 million in revenue.
While the exit process, which lacks a specified timeline, is anticipated to incur costs between $30 million and $40 million, Menashe believes this decision will ultimately benefit the company’s future. He stated, “Our choice to withdraw from the US was challenging, but it signifies our dedication to capital efficiency and sustainable profitability. By concentrating on scaling our technology globally, Super Group is poised for ongoing growth.”
Unprecedented Growth in Africa
Super Group’s first quarter results already indicated that its operations in Africa and the Middle East had surpassed North America as the company’s largest market. This trend has continued through Q2, with revenues from Africa and the Middle East soaring by 38.8% year-on-year, climbing from $165 million to $229 million.
Throughout the first half of the year, total revenue from Africa and the Middle East rose from $317 million to $432 million. Notably, Super Group ranks among the top three operators in seven of its eight African markets, showcasing its robust presence.
Ghana stands out as a particularly promising growth market for Super Group, with remarkable annual increases of 48% in sports betting and 71% in casino gaming.