The globally renowned betting conglomerate Super Group has announced its complete withdrawal from the U.S. market, despite just having experienced "the strongest quarter in its history." In its latest financial report, Super Group has raised its full-year revenue forecast for 2024 from $1.93 billion to over $2 billion, with adjusted EBITDA also revised up to $480 million.
Super Group CEO Neal Menashe stated that the growth in the second quarter reflects the strong performance of core markets and the effectiveness of the company's operational model. He emphasized that the group remains focused on achieving profitability and sustainable expansion.
Despite positive performance, Super Group has decided to exit the U.S. iGaming market. Reasons include a complex regulatory environment, low expected returns on capital investment, and a reassessment of the group's global strategic focus. Menashe openly admitted, "We are uncertain if the U.S. market can meet our capital return threshold under the current conditions."
The group owns the Betway and Spin brands, with its main operations concentrated in Europe, other regions of the Americas, and the African market. Chief Financial Officer Alinda Van Wyk added that the company is evaluating various exit strategies, expecting to incur one-time restructuring costs of $30 to $40 million, with details to be disclosed in the second quarter financial report.
Super Group will reveal more about its strategic direction on Investor Day, September 18.
