One year after shutting down sports betting operations in the U.S., Super Group has decided to exit two online casino markets as well.
Key Takeaways
- Super Group plans to stop offering iGaming brands Spin and JackpotCity in the U.S. because of regulatory changes and market performance
- The gaming company expects to incur a $30 million ot $40 million restructuring cost for the exit
- A strong second quarter in other global markets led to increased guidance for 2025
The global online gaming company announced on Tuesday that it intends to stop operating the iGaming brands Spin and JackpotCity in New Jersey and Pennsylvania following an evaluation of priorities.
Super Group cited market performance, recent regulatory changes, and asset allocation requirements as reasons why the operator believes it can’t reach the necessary return on capital in the U.S.
“We therefore intend to focus capital and resources on markets where we see the greatest opportunity for scalable, sustainable, profitable super growth, with a disciplined emphasis on operational efficiency,” Super Group CEO Neal Menashe said in a statement.
Super Group stopped offering sports betting through its Betway brand in nine U.S. states in July 2024, including Pennsylvania and New Jersey. The company was losing money with its sportsbook and said it didn’t see a path to long-term profitability.
Spin factor
In the first quarter of 2025, 72% of Super Group’s $199 million in global online casino revenue came from its North American sector, which includes Ontario. Spin helped the company set revenue records in the final quarter of 2024.
According to the Pennsylvania Gaming Control Board, Super Group has hauled in over $40 million in revenue from July 2024 through May 2025. New Jersey, where Super Group operates Spin and JackpotCity through partner Golden Nugget, has produced a little over $10 million in revenue from January 2025 through May 2025.
Super Group faces a new, higher tax rate in New Jersey. The Garden State’s lawmakers recently approved a bill that will increase the amount online casino operators pay from 15% to 19.75%.
“This is a difficult decision, particularly because our U.S. team has worked hard and made progress over recent quarters," Menashe said.
Exit strategy
Super Group CFO Alinda Van Wyk said the operator is expecting a one-time restructuring cost of $30 million to $40 million for exiting the U.S. Still, measures to minimize the financial impact are being pursued, and the savings cost is projected to begin in 2026.
Super Group’s high-ranking executives didn’t offer a timeline for the market departures, but future updates are expected in August during the second-quarter earnings release.
“Various strategic exit options are under consideration,” Wyk said.
Increasing guidance
While the numbers haven’t been released yet, Q2 2025 went so well that Super Group increased its yearly expectations on Tuesday. The company announced that ex-U.S. revenue projections increased from $1.925 billion to $2 billion following a record Q2.
Total Adjusted EBITDA is also increasing to an excess of $480 billion, up from prior guidance of $457 million. Super Group cited high-performing sports betting results, solid pricing optimization, strong customer engagement, and operational improvements as reasons for its successful Q2, which led to improved guidance.
“We are very pleased with our performance in the second quarter, reflecting continued momentum and discipline across our core markets and further validating the strength of our operating model and brands,” Menashe said. “We remain focused on driving profitable and sustainable growth through consistent execution and continue to be super-confident in the long-term growth potential of our business.”
