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Super Group (SGHC) Limited announced its scaling back of US operations 18 months ago. Analysts and industry stakeholders finally got their first look at how the company performed in the aftermath. The quarterly and FY 2025 earnings call largely delivered what the market was hoping for.
The full-year 2025 report has several highlights that will also shape its Alberta igaming entry. The company exceeded its $2 billion revenue guidance. Super Group raised that target boldly soon after announcing its US exit plans.
The brand’s Ontario presence through Betway, Royal Vegas, Jackpot City, Ruby Fortune, and Spin is what drove its performance over the target. But so did the company’s grey market presence across other Canadian jurisdictions, including Alberta.
Super Group Recounts Successful 2025 in Financial Report
Super Group is a global digital gaming and online sports betting company, active across European, North American, and African markets. However, the company’s most robust growth throughout 2025 came from its Canadian markets.
Revenue from Super Group’s Americas segment held steady during Q4 2025. Its Betway and Spin products drove this performance. This was a notable achievement given the company’s US market exit earlier in the year.
The performance was largely carried by Canada, reinforcing just how central the Canadian market has become to Super Group’s North American strategy.
The headline numbers back that up. Full-year revenue hit $2.2 billion, a 22% jump on the prior year. Meanwhile, adjusted EBITDA surged 57% to $560 million, pushing margins to around 25%. For context, that margin sat between 9% and 19% the year before. Monthly active players in Q4 2025 also rose 16% to 6.1 million, compared to 5.3 million in the same period of 2024
The US exit has clearly paid off. Some observers viewed it cautiously at the time. Super Group doubled down on where it was already winning rather than spreading itself thin across a brutally competitive American market. The results speak for themselves.
“2025 was a standout year for Super Group. We sharpened our focus by exiting the US iGaming market and concentrating resources in countries where we expect durable advantages – driving record customer growth,”
said SGHC CEO Neal Menashe during the earnings calls with investors.
“Despite some unfavourable sports outcomes late in the quarter, Q4 was another record-breaking period for monthly active customers, wagers and deposits.”
Looking ahead, the company has set its 2026 revenue guidance at a minimum of $2.55 billion, with adjusted EBITDA targeted above $680 million. This guidance explicitly factors in the Alberta market regulation changes.
Super Group’s Market Approach Shows a Company That Knows Exactly Where It Wants to Play
The current numbers are impressive, but the more telling story is how Super Group got here. The record results weren’t the product of chasing every market opportunity that came along. Rather, they were the product of walking away from the ones that didn’t make sense.
Super Group exited US iGaming and concentrated resources in markets where it expected clear, durable advantages. This created operational efficiency, which turned a decent business into a record-breaking one. Many operators talk about this disciplined approach, but few actually follow through on it.
Analysts also noted the company’s predictable revenue stream and its disciplined approach to customer acquisition as the key differentiators. Roughly 80% of revenue comes from its online casino segment.
And that’s not by accident. It’s the result of years of refinement, cutting what doesn’t work and doubling down on what does.
Alberta fits squarely into that framework. North America, excluding the US, grew 10% in Q4 2025, driven largely by Canada outside of Ontario. This tells us Super Group’s Canadian instincts are already proving correct even before Alberta’s open market launches. When it does, Super Group won’t be starting from scratch. Instead, it will be accelerating from a running start.
Looking Forward to a Q2 2026 Market Launch
During the earnings call, Menashe made clear the company’s plans to bring its slots and other iGaming offerings to Germany as soon as Q1 2026. This will run alongside a review of its Nigeria strategy, while the company also keeps a close eye on regulatory developments in both New Zealand and Alberta.
Concerning Alberta’s iGaming market, Menashe said he expects it to launch in Q2 2026.
“We are ready. We’ve learned our lessons from Ontario, how to migrate the customer from our dot.com product. We’ve enhanced our rest of Canada product and Ontario’s products, and now those features will come into Alberta.”“We saw a lot of heavy marketing activity early on in Ontario. I am not sure the competitors can keep spending as they have been spending. We think there will be more of a rational competitive environment. And we’ve already got the revenue. When we spend X percentage on marketing, we already have that revenue.”
