Super Group reported favorable growth for its U.S online casino business after recently making the decision to shutter operations of its sports betting brand in nine states.
The European gaming holding company generated $1.8 billion in total revenue in 2024, an 18% increase year-over-year. The results were spearheaded by a quarterly record $526 million in revenue in Q4 2024, up from $378.4 million for the same period the year prior.
Super Group posted a profit before tax of $198 million in 2024, a substantial increase from its $18 million in profit reported in 2023. The company also posted growth in adjusted EBITDA with $346 million in 2024. By comparison, Super Group saw its adjusted EBITDA in 2023 close at $208 million. In 2024, the holding company reported 4.8 million monthly average customers, a 20% increase compared to the year prior.
Super Group’s presence in the U.S. is led by its Spin online casino brand, which operates in New Jersey and Pennsylvania. Spin’s portfolio of gaming options includes Jackpot City with plans to migrate the Betway Casino brand in Q1 2025 pending regulatory approvals.
In Q4 2024, Spin posted record results with October being the brand’s best-performing month for revenue ever. The historic results came after Super Group shifted its focus to iGaming in the U.S. leading to the decision to shutter operations of Betway in the U.S.
“In the U.S., while the business is still relatively small and developing, we continue to see green shoots since transitioning to an iGaming-only strategy, including new highs in Q4,” said Super Group CEO Neal Menashe during the company’s Q4 earnings call.
Super Group projects its Spin brand to generate $89 million in revenue in FY2025. Full-year revenue for the company’s entire portfolio of assets is estimated to reach $2 billion.
Super Group faces a potential tax hike
The gaming giant could potentially have its profits in New Jersey impacted by a potential tax increase on iGaming after Gov. Phil Murphy recently released his FY2026 budget plan.
The budget proposes raising New Jersey’s tax rate on online sports betting and iGaming to 25%. The state currently levies a 13% tax rate on sports betting with iGaming at 15%.
The tax increase is estimated to generate an additional $402.3 million in revenue as it is poised to impact how licensed iGaming operators drive profits from operations in the state.
“Any proposed increase in the tax rate forms part of our macro question, on whether there is a sustainable profitable path for us in those markets,” said Super Group CCO Richard Hasson during the earnings call. “If a higher tax rate in theory meant that there wasn’t, then we would take a view at that point. But for now, we continue doing what we’re doing.”
Betway leaves America
Last July, Super Group made the decision to shutter Betway operations in licensed U.S. markets following an internal review that determined a long road to profitability.
Betway had secured market access in Arizona, Colorado, Indiana, Iowa, New Jersey, Louisiana, Ohio, Pennsylvania and Virginia. Super Group reported a $24 million loss in Q1 2024 for its U.S. business when it provided both iGaming and sports betting.
