Super Group, the parent company of Betway and Spin Casino, has decided to exit the US iGaming market, ending its operations in Pennsylvania and New Jersey.
This marks the company’s complete withdrawal from the US just a year after shutting down its sports betting business there. The decision stems from concerns about long-term profitability in the US, particularly in light of recent regulatory changes that have made the market less attractive.
The company stated that this move is part of a broader strategic review to simplify its operations and improve shareholder returns. The exit is expected to cost between $30 million and $40 million, but the company anticipates operational savings starting in 2026. Previously, Super Group had projected $99.5 million in revenue from its US operations in 2025. Its North American division, including Canada, made up 35% of its business in Q1 2025.
The US iGaming landscape has become increasingly unstable, with the pace of state-level legalization slowing, new tax proposals emerging, and growing competition from unlicensed sweepstakes and prediction markets. These factors have challenged the outlook for legal operators.
Super Group had already closed its sportsbook in nine US states in July 2024 due to poor profitability prospects. That decision resulted in a €32.7 million one-off cost, though the company continued with iGaming in Pennsylvania and New Jersey, hoping to expand its Spin brand there.
However, CEO Neil Menashe explained that recent regulatory shifts and capital allocation reviews now suggest the company’s return-on-investment benchmarks won’t be met in the US anytime soon. A final exit date hasn’t been disclosed yet, as the firm is still reviewing its options. More details will be shared in the Q2 2025 earnings report and at Investor Day in September.
Super Group initially entered the US market in 2023 after acquiring Digital Gaming Corporation, which owned Betway’s US rights. Betway had been operating in the country since 2021 under DGC.
Looking ahead, the company has raised its 2025 revenue forecast (excluding the US) to over $2 billion, up from $1.92 billion. For 2024, Super Group reported revenues of $1.99 billion – an 18% increase from the previous year – and expects 2025 adjusted EBITDA to exceed $480 million, compared to $386.8 million in 2024.
The growth is credited to improved sports outcomes, enhanced pricing strategies, and more efficient risk management. Super Group went public in 2022 after a $4.75 billion merger with Sports Entertainment Acquisition Corp, listing on the NYSE. The listing was seen as a success, boosting the company’s credibility with investors, regulators, and customers. However, following the US exit announcement, the company’s stock dipped slightly from $11.38 to $11.02.
