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Stock chart showing Super Group (SGHC) price movement from December 2024 to May 2025, highlighting a breakout above $9.00 with rising volume.
Super Group (SGHC) stock surges past $9.00 in early May 2025, reflecting investor optimism following strong Q1 earnings. MarketScreener.com

Super Group Delivers $516.8M Q1 Revenue With Efficiency-First Strategy

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Super Group, the company behind Betway and Spin Casino, has kicked off 2025 with solid momentum, reporting a 25% jump in revenue to $516.8 million for Q1.

It’s the latest sign that the group’s efficiency-first strategy — streamlining operations, pulling back from certain markets, and doubling down on areas with real upside — is working.

“We started 2025 on a high note,” said CEO Neal Menashe. “Revenue’s up, new customer acquisition is strong, and retention is holding steady. This is what focus looks like.”

Revenue Breakdown: Where the Growth Is Coming From

Super Group’s headline numbers look good across the board:

  • Q1 revenue: $516.8 million (up from $411.9M in Q1 2024)

  • Net profit: $59.4 million (up 25%)

  • Adjusted EBITDA: $111.1 million — a 120% year-over-year increase

But the bigger story is where that growth is happening — and how the group is positioning itself.

Spin Casino Is Quietly Carrying the Load

While Betway continues to operate in key markets, it’s Spin, the group’s online casino brand, that’s been leading the charge.

In North America, revenue rose 15% to $181M:

  • Spin brought in $142M

  • Betway added $39M

In Europe, group revenue climbed 34% to $96M, with Betway at $70M and Spin at $26M.

Africa also delivered, with a 25% bump year-on-year to $203M — nearly all of that driven by Betway.

So what’s driving it? Casino margins are consistent, customer value is holding up, and Super Group isn’t burning money chasing promos that don’t convert.

A Focused Market Strategy — Not a Global Land Grab

Super Group’s leadership has made it clear: they’re not trying to be everywhere.

That’s why the company:

  • Exited the U.S. sportsbook space in 2024

  • Left Brazil ahead of the country’s regulated market launch in early 2025

The reasoning is straightforward: why pour marketing dollars into highly competitive markets where you’re not a leader, when that same budget could drive better results elsewhere?

“If we’re not the market leader, why spend just to show up?” Menashe said. “It makes more sense to improve the product where we’re already strong.”

Not All Regions Are Performing

While North America, Europe, and Africa are growing, not every region followed suit.

  • Middle East revenue was flat or slightly down

  • Latin America slipped to $5M from $7M year-over-year

  • Spin dropped from $3M to $2M, and Betway from $4M to $3M in LATAM

Unlike many global competitors, Super Group isn’t treating Latin America as a core focus — at least not for now.

No Guidance Change — and That’s the Point

Despite the strong quarter, Super Group isn’t raising its outlook for the year. The company still expects:

  • 2025 revenue: Over $2 billion

  • Adjusted EBITDA: $421 million+

“We’re not chasing headlines,” said CFO Alinda van Wyk. “The first quarter was strong, but this is about consistency. We’re on track — and that’s exactly where we want to be.”

Takeaway: Profit Over Presence

While some operators are still chasing market share, Super Group is clearly choosing its battles. With Spin leading growth, Betway holding strong in select regions, and marketing spend going where it works, the company is building a leaner, more profitable footprint.

And for once in this industry, staying focused might be the real competitive edge.

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