Super Group cuts revenue outlook despite growth
Super Group, the parent company of Betway and online casino business Spin, has lowered its full-year revenue outlook following customer-friendly sports betting results. The operator now expects 2026 revenue of $2.525 billion–$2.575 billion and adjusted EBITDA of $700 million–$720 million, according to its November 3 results announcement.
The revised outlook replaces August guidance for revenue above $2.6 billion and adjusted EBITDA exceeding $710 million. That earlier increase accompanied second-quarter revenue of $684 million and adjusted EBITDA of $204 million, following a period that included the FIFA World Cup. The new EBITDA range straddles the previous $710 million threshold, rather than placing its entire range below it.
For the third quarter, revenue increased 10% year over year to $611 million, while adjusted EBITDA rose 8% to $165 million. Both measures were below second-quarter levels. Profit for the period reached $142 million, compared with $96 million a year earlier.
Chief Financial Officer Alinda van Wyk attributed approximately $40 million in revenue pressure and around $25 million in adjusted EBITDA pressure to sports outcomes favorable to customers. Chief Executive Officer Neal Menashe said: “Casino provides a durable earnings base that allows us to absorb short-term sports volatility.”
Africa and casino support quarterly performance
Africa generated $262 million in segment revenue, up from $224 million a year earlier. Within the region, iGaming revenue reached $205 million, compared with $169 million, while sportsbook revenue increased to $57 million from $55 million. Africa represented 43% of reportable segment revenue.
International segment revenue rose to $344 million from $328 million. Its iGaming business generated $310 million, compared with $290 million, while sportsbook revenue declined to $33 million from $36 million. Total reportable segment revenue was $606 million; a further $5 million in unallocated brand-license fees brought consolidated revenue to $611 million.
Alongside the results, Super Group disclosed an authorization to repurchase up to $150 million of ordinary shares through December 2027. The board approved the program on October 30. It permits purchases but does not require the company to spend the full authorized amount or acquire any shares.
Cash and cash equivalents stood at $602 million on September 30, compared with $513 million at the end of 2025. Van Wyk said the balance sheet supported shareholder returns while preserving capacity for investment. The updated forecasts follow the guidance increase announced just three months earlier, when management raised expectations after its stronger second-quarter performance.
