Spin and JackpotCity to Shut Down in New Jersey and Pennsylvania

Super Group is dialing up its expectations for 2025 after a record-setting second quarter, while also deciding to move away from the US iGaming market. The company now expects stronger full-year numbers and is shifting focus toward markets that it believes offer better long-term value.

Good to know

• Super Group now expects over $2 billion in full-year revenue (excluding the US).
• Adjusted EBITDA forecast has been raised to more than $480 million.
• The company is preparing to exit the US iGaming market after an internal review.

Ahead of its full second-quarter earnings release in August, Super Group updated its outlook and now forecasts more than $2 billion in annual revenue outside the US, up from its earlier estimate of $1.925 billion. The company also raised its adjusted EBITDA projection from $457 million to over $480 million.

Strong customer engagement, record deposit levels, and a packed sports calendar all contributed to the record quarter. CEO Neil Menashe said:

“We are very pleased with our performance in the second quarter, reflecting continued momentum and discipline across our core markets and further validating the strength of our operating model and brands.”

Super Group’s financial momentum comes as it begins to step back from the US. The company announced plans to wind down its iGaming brands Spin and JackpotCity in New Jersey and Pennsylvania. This follows an earlier move in July 2024, when it pulled its Betway sports betting brand out of nine US states—including those two.

According to Menashe, the decision was not made lightly:

“This is a difficult decision, particularly because our US team has worked hard and made progress over recent quarters. Nonetheless, recent regulatory developments combined with ongoing assessment of capital allocation requirements have led us to believe that our stringent hurdle for return on capital will likely not be met in this market any time soon.”

Menashe also said Super Group will concentrate on regions with stronger growth prospects, aiming for efficient operations and better returns. “We therefore intend to focus capital and resources on markets where we see the greatest opportunity for scalable, sustainable, profitable super growth, with a disciplined emphasis on operational efficiency,” he continued

Group CFO Alinda Van Wyk explained that several exit strategies are under discussion. “We are still early in the process but nonetheless would expect to incur a one-time cash restructuring cost of approximately $30 million to $40 million,” she said. More details will follow during the Q2 earnings update.

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