Super Group CEO trumpets US opportunity amid potential market exits 

Super Group CEO Neal Menashe has said he will not hesitate to exit markets that fail to deliver as he plots a concerted push in the US.

Speaking following the New York-listed company’s full-year 2022 results, the CEO confirmed he is anticipating a €70m loss in 2023 as a result of investment plans to tackle the US market.

Super Group is currently live in eight US states and has secured market access in a further five for its Betway brand.

In Arizona, Ohio and Virginia, the group uses its in-house tech stack, while in Colorado, Indiana, Iowa, New Jersey and Pennsylvania it uses third parties.

On the plan for the US, Menashe said: “Keep in mind this is not a grow-at-all-costs scenario. We have been disciplined in our spending since inception and we intend to manage this expansion in the same way.”

COO Richard Hasson added: “The investment will be assessed on an on-going basis in terms of finding which states are commercially feasible.

“We’ve not going after states for the sake of having a large footprint. We’re going to be looking to have brands in states that make sense, and apply the same toolkit there.”

Looking at potentially pulling out of other markets, Menashe said there was a continual appraisal of operations and that if one market was not economically viable, an exit could follow.

“We will never stay in a market only for the sake of a larger footprint. If a market doesn’t continue to present us with a feasible case for long-term growth and profitability, we will leave that market,” Menashe explained.

“We actually have one in Africa and one in Europe. [One] was based on the tax regime.

“The other one was based on the technology stack. We’ve seen that we need our own technology stack in the markets that we operate in because [when you have your] stack across the world; all the benefits from one country you can take to the next,” he added.