Super Group Makes $2.2B in 2025, Plans Higher Dividend
Super Group (SGHC) Limited, a global iGaming and online sports betting operator, closed 2025 with accelerating profitability, record customer activity and a strengthened capital return program.
The NYSE-listed iGaming group and parent of Betway and Spin reported:
Revenue of $2.2 billion (+22% YoY)
Adjusted EBITDA of $559.5 million (+57%)
Profit before tax of $355.9 million
Q4 revenue of $578.3 million, following record quarterly momentum earlier in the year.
6.1 million monthly average customers in Q4
The results reflect a year of strategic refinement rather than expansion at any cost.
Strategic Focus: Geography Over Volume
During 2025, Super Group exited the U.S. iGaming market, reallocating capital to jurisdictions where it sees stronger structural advantages, a strategic shift announced mid-year despite upgraded financial guidance.
CEO Neal Menashe described the year as “standout,” noting record quarterly metrics in wagers, deposits and customer activity despite unfavorable sports outcomes late in Q4.
From an operating standpoint, margin expansion tells the deeper story. Adjusted EBITDA margins approached 25%, underscoring improved operating leverage across regulated markets.
Balance Sheet & Capital Discipline
The company ended the year with $513.2 million in cash and entered into a $100 million revolving credit facility maturing in 2029, enhancing liquidity flexibility.
Super Group raised its annual dividend target from 16 cents to at least 20 cents per share for 2026. The first quarterly dividend of 5 cents per share will be paid March 31, 2026.
This follows $156 million in shareholder returns during 2025 and an additional $125 million special dividend declared in early 2026.
2026 Outlook: Scaling with Discipline
For FY2026, management projects:
Revenue greater than $2.55 billion
Adjusted EBITDA greater than $680 million
CFO Alinda van Wyk emphasized that the guidance reflects sustained customer momentum and disciplined capital allocation rather than short-term volume spikes.
Industry Context
Super Group’s FY2025 performance highlights a broader trend among global iGaming operators: prioritizing profitable scale over geographic sprawl.
With diversified licensing across more than 20 jurisdictions, 6.1 million quarterly active customers, and a strengthened dividend policy, the group enters 2026 positioned around sustainable cash generation rather than headline expansion.
In a market where volatility is often tied to sports outcomes, structural margin resilience is increasingly the metric investors watch most closely.
Source: Super group
