Q&A: Super Group on the company’s record Q4 performance and outlook

Super Group posted a standout Q4 report earlier this week, with revenue reaching €500m (£413m) and adjusted EBITDA more than tripling to €118.1m for the online operator.

The Betway and Spin parent company also reported record actives with 5.3 million users on the platform, excluding US operations.

And on the US, with a pivot to an igaming-only model in New Jersey and Pennsylvania, bosses said the market returned its highest-ever revenue for a quarter at €14m.

Adjusted EBITDA losses in the US are also expected to halve in 2025 to €30m in a best-case scenario, against a full-year 2024 loss of €60.8m.

Speaking on the analyst call following the report being released, CEO Neal Menashe said there were more market launches in Africa to come as he highlighted Botswana as a recent expansion, with the region now accounting for the lion’s share of Super Group’s revenue.

The CEO also said that cost efficiencies across the business would allow it to “weather” some of the increases in tax, with plans afoot in New Jersey to hike the igaming tax rate to 25% in the 2026 budget.

As this interview was being published, Super Group also confirmed chief commercial officer Richard Hasson’s resignation had taken effect from today, 28 February.

Hasson tendered his resignation in December. He said he would leave the firm during H1 2025 to ensure a “thorough and smooth transition”.

Here, EGR caught up with Menashe following the earnings publication and analyst call to touch on some key markets and report-adjacent moves the operator has recently made.

EGR: A record quarter for group revenue at €500m, with Africa highlighted as a key region. On the analyst call it was mentioned Botswana had gone live, so how have operations gone so far?

Neal Menashe (NM): It’s early stages in Botswana – we’ve just gone live – but we are confident we can build a sustainable and profitable business in this market.

Our strong operational experience in Africa, coupled with our localised product and marketing strategies, should resonate well in-country.

EGR: The UK was labelled as “solid growth” for the quarter. With the threshold for financial risks checks lowering further at the end of February, does that impact the market at all?

NM: Enhanced financial checks and the increased regulatory burden are going to have minimal impact.

We pivoted a number of years ago to a low-stake, high-volume business model in the UK, so I believe we are well placed to weather these changes. We are a very agile business and are able to adapt to regulatory changes quickly.  

EGR: Canada was another strong growth market for the quarter. What are your hopes for Alberta launching a regulated market this year? And would that change the FY 2025 guidance at all?

NM: Alberta is expected by most of the industry to regulate at some point during H1 2026, so we have not projected any impact in FY 2025. 

EGR: Adjacent to the Q4 report, could you talk us through the rationale behind the new Williams deal in Formula 1?

NM: Our Atlassian Williams sponsorship is wholly consistent with our wider partnership strategy. Williams are one of the greatest teams in the history of F1, with fans across the globe.

The increase in interest in F1, as it has rapidly expanded into new markets in the last few years, is phenomenal.

We are delighted to have done a deal that includes both our Betway and Jackpot City brands, as the exposure they will receive across the majority of the races in the calendar is going to drive global awareness of our business.

EGR: And finally, Merrick Wolman has been added to the board. What do you expect him to bring to the group?

NM: Merrick has a deep understanding of the gaming industry and a wide range of experience in executive roles across finance.

We have worked closely with him for the last two decades and we know what value he will bring to the table as we continue to pursue our global growth strategy and build on our successes.