Super Group Swings to Profit

Super Group (SGHC) Limited (SGHC ), the NYSE-listed parent of the Betway sportsbook and the Spin online-casino brands, posted a second-quarter profit of $123 million on August 4, 2026, reversing a $3 million loss in the same period of 2025, as record World Cup trading pushed quarterly revenue to an all-time high of $684 million.

The $684 million revenue figure, detailed in the company’s unaudited results release, is up 18% on the $579 million booked in Q2 2025. Adjusted EBITDA rose 30% year on year to $204 million, a margin of 30%, and monthly active customers climbed 13% to 6.2 million. For the first half of 2026, profit reached $208 million against $56 million a year earlier, on revenue of just under $1.3 billion.

The year-ago quarter was weighed down by a $63.9 million non-cash impairment of Digital Gaming Corporation iGaming assets and $22.6 million in onerous-contract charges, both tied to the group’s US exit. Strip the noise out and the swing is still substantial: the company reported what Chief Executive Neal Menashe called all-time highs in revenue, adjusted EBITDA, deposits and wagering.

“The second quarter generated record performance across Super Group,” Menashe said in the release. “While we maximized the commercial boost from the FIFA World Cup, these results once again demonstrate the core strength of our casino-led, diversified business model, disciplined execution, and highly durable customer base.”

Alongside the numbers, Super Group raised its full-year 2026 guidance for the second time this year. Total revenue is now expected to exceed $2.6 billion, up from greater than $2.55 billion, and adjusted EBITDA is guided above $710 million, up from $680 million. Chief Financial Officer Alinda van Wyk said the group ended the quarter with $548 million in cash even after returning $25 million to shareholders during the period, with dividends of $177 million paid across the half year bringing 12-month capital returns to $218 million.

Africa now carries 46% of Super Group’s revenue

The quarter is the clearest numerical statement yet of where Super Group’s center of gravity sits. Africa segment revenue rose from $228 million to $310 million in Q2, with African iGaming revenue up from $156 million to $202 million and African sportsbook revenue up from $72 million to $108 million. Over the half year, Africa contributed $577 million of the group’s $1.28 billion in reportable segment revenue.

Africa’s share of segment revenue has moved from 40% in Q2 2025 to 46% in Q2 2026, and the segment’s adjusted EBITDA grew from $90 million to $133 million, comfortably outpacing the International segment, which was flat at $84 million. Within International, America, now chiefly Canada after the group completed its US exit in July 2025, slipped from $204 million to $200 million, while Europe rose from $108 million to $132 million.

The regional split is now how the company formally reports itself. From Q1 2026, Super Group switched its two reportable segments from the Betway and Spin brand split to Africa and International, a change the company said reflects how the operations are actually managed. A business that once described itself by brand now describes itself by geography, with Africa named first.

The quarter Super Group left the US behind

The Q2 2025 comparative loss was an artifact of retreat: the $63.9 million DGC impairment and the onerous-contract charge came out of the withdrawal from US iGaming, and the adjusted-EBITDA reconciliation for that quarter carried a further $23 million line for the US iGaming closure. Twelve months later, the cleanup is done. The Q2 2026 reconciliation shows a $2 million impairment and nothing else of size, while intangibles on the balance sheet have roughly doubled to $323 million since December 31, 2025, after the group paid $28 million (€24 million) on March 31, 2026 for the Apricot sportsbook platform, owning the software outright from February 28, 2026 once final regulatory approvals landed.

Trading through the FIFA World Cup delivered the commercial lift Menashe referenced, and the group moved quickly to lock in post-tournament visibility. On August 4, 2026, the same day the results landed, Manchester United announced Betway (MANU ) as its Official Principal Partner and Exclusive Global Betting Partner in a multi-year deal beginning with the 2026/27 season, putting the brand on the club’s training kits and around Old Trafford. Menashe said the club’s reach, “particularly with their massive fanbase across Africa, aligns perfectly with our key markets.”

What the raised guidance commits Super Group to

The new full-year floor of more than $2.6 billion in revenue and over $710 million in adjusted EBITDA replaces the targets set when 2026 guidance was introduced alongside the Q4 2025 results in February 2026. H1 delivered $1.3 billion of revenue and $356 million of adjusted EBITDA, so the raised guidance asks the second half, which no longer contains a World Cup, to roughly match the first.

The next scheduled checkpoint is the third-quarter report. On last year’s cadence, Super Group published its Q3 numbers in early November, and management hosts its earnings webcast at 7:00 a.m. ET the morning after each release.