igaming
Super Group Lowers Revenue Outlook Despite Higher Quarterly Profit
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Super Group reported higher third-quarter revenue and profit on November 3, 2026, but lowered its full-year revenue outlook after customer-friendly sports outcomes. The Betway and Spin parent generated $611 million in revenue and $142 million in profit, while its board authorized up to $150 million of share repurchases.
Revenue rose 10% from $557 million in the third quarter of 2025, and profit increased from $96 million. Adjusted EBITDA climbed 8% to $165 million from $152 million, with a 27% margin. Super Group defines that non-GAAP measure as profit before depreciation, amortization, finance income and expense, and income tax, followed by company-specific adjustments. Monthly active customers rose 9% to 6.0 million from 5.5 million.
Chief financial officer Alinda van Wyk said customer-friendly sports outcomes reduced revenue by approximately $40 million and Adjusted EBITDA by around $25 million. Casino gross revenue nevertheless increased 16%, while the long-term sports margin remained within the company’s expected structural range.
Chief executive Neal Menashe’s explanation centered on the balance between casino and sports betting: “Casino provides a durable earnings base that allows us to absorb short-term sports volatility.”
Africa and International Lift Earnings
Africa’s segment revenue increased to $262 million from $224 million. iGaming revenue rose to $205 million from $169 million, while sportsbook revenue edged up to $57 million from $55 million. Africa’s Adjusted EBITDA increased to $88 million from $72 million.
International revenue grew to $344 million from $328 million. Its iGaming revenue increased to $310 million from $290 million, offsetting a sportsbook decline to $33 million from $36 million. International Adjusted EBITDA climbed to $93 million from $75 million.
Revised Full-Year Outlook
Super Group now expects full-year 2026 revenue between $2.525 billion and $2.575 billion and Adjusted EBITDA between $700 million and $720 million. Van Wyk attributed the revised guidance to customer-friendly sports outcomes.
The second-quarter outlook issued on August 4, 2026 had called for more than $2.6 billion in revenue and more than $710 million in Adjusted EBITDA. The entire new revenue range sits below its former threshold, while the Adjusted EBITDA range straddles its own earlier benchmark.
Cash and Shareholder Returns
Cash and cash equivalents stood at $602 million on September 30, 2026, compared with $513 million on December 31, 2025. Net operating cash inflows totaled $377 million for the first nine months of 2026, while dividends paid to parent equity holders were $203 million.
The board approved the repurchase authorization on October 30, 2026. It runs through the end of December 2027 and allows purchases on the open market at prevailing prices or in negotiated off-market transactions. Super Group is not obligated to repurchase shares, and the board can extend, shorten or terminate the timeframe.
The quarter shows casino growth cushioning sports-betting volatility even as that volatility prompts a lower revenue target. Super Group’s immediate financial test is the revised guidance, while the scale and timing of any shareholder repurchases remain at the board’s discretion.
