Super Group has raised its full-year 2025 revenue forecast to $2.17–$2.27 billion, a 3% increase from its previous projection, following a strong third quarter powered by growth in the UK and Africa.
The Betway and Spin owner posted Q3 revenue of $556.9 million, up 26% year-on-year, alongside a net profit of $95.8 million, compared with $10.3 million in the same period last year. Adjusted EBITDA increased 65% to $152.1 million.
Africa and the Middle East contributed about 40% of total Q3 revenue, up from 38% in the same quarter last year, reflecting strong performance in key markets including Malawi, Tanzania, and South Africa.
Super Group also reached a record for monthly active customers, averaging 5.5 million in Q3, with September alone hitting approximately six million.
Neal Menashe, Chief Executive Officer of Super Group, commented: “We are incredibly pleased with our Q3 performance, which highlights the continued strength of our global platform and consistent execution across our core markets. Despite customer-friendly outcomes in September, we delivered record-level customer engagement, strong revenue growth, and margin expansion. Hitting six million monthly active customers was another significant milestone, a reflection of our product innovation and local execution. With continued momentum into Q4, and the highly anticipated launch of Super Coin, we are focused on driving long-term value for our shareholders and enhancing our global position.”
Revenue in Latin America declined from $6 million to $4 million during Q3, but gains in Africa, the UK, and Canada offset the dip. Canada recorded a 15% revenue increase, excluding Ontario, which saw 3% growth year-on-year.
Overall, North America revenue rose 12.4%, though Q3 is likely the final full quarter including US operations, as Super Group prepares to exit the US market in Q4. The company cited “regulatory shifts impacting long-term US expected profitability” as the reason for its withdrawal.
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Super Group reported an adjusted EBITDA of $152 million, up 65.2%, and a Q3 profit of $95.8 million, marking an 830% increase from $10.3 million last year. The group has also adopted USD as its presentation currency as of January, with comparative figures restated accordingly.
Alinda van Wyk, Chief Financial Officer of Super Group, stated: “This was another quarter of strong financial delivery. We generated an exceptional $152 million in Adjusted EBITDA, up 65% year-over-year and raised our full-year guidance above the targets we shared on Investor Day. Our disciplined investment in high-return markets, combined with operational efficiencies and improved marketing ROI, continues to translate into expanding margins. Our balance sheet remains robust with $462 million in cash, giving us both flexibility and confidence as we look ahead to 2026.”
The company had already raised its forecast in September following stronger-than-expected Q3 momentum, previously guiding for ex-US revenue of at least $2.04 billion and adjusted EBITDA of $470–$480 million.
In a market note, Regulus Partners commended Super Group’s selective expansion strategy, noting it had avoided “expensive new markets with the vigour of many of its competitors,” some of which now appear to be “potential M&A targets.”
However, Regulus suggested that future growth could depend on a strategic shift: “Super Group’s regulatory risk profile remains relatively ‘spicy’, our view, but while macro growth in mature markets has consistently saved the day in the past, Super Group must now pivot into emerging markets to maintain momentum.”
