Super Group reports 18% revenue rise in second quarter earnings

Charlotte Capewell

5 August 2026 at 7:06am UTC-4

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Global betting, gaming and technology company Super Group reported an 18% increase in revenue for 2Q26, totaling US$684 million, attributed to growth of its operations in Africa, Europe and the Rest of the World.

Super Group operates brands including online global sportsbook Betway, Jackpot City Casino, Lucky Nugget Casino and more.

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The company left the US-regulated market following last year’s second-quarter results but this year’s earnings don’t appear to be hindered by the exit. Profit for the second quarter was US$123 million (compared to a US$3 million loss for 2Q25), while its adjusted EBITDA increased 30% to US$204 million.

Monthly active customers also increased by 13% to 6.2 million, while cash and cash equivalents stood at US$548 million at the end of June, up from US$513 million at the end of last year.

The company reported cash inflows of US$248 million from operating activities during the period, with investing outflows of US$58 million, of which US$28 million was related to a March 2026 payment linked to the acquisition of Apricot sportsbook, which the group assumed full ownership of in February of this year. Financing outflows were also reported as US$157 million.

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Super Group’s international igaming revenue for the quarter came in at US$325 million, up from the previous year’s total of US$299 million. International sportsbook revenue totaled US$42 million during the quarter, slightly down from 2025’s figure of US$44 million.

“The second quarter generated record performance across Super Group, marking all-time highs in Revenue, Adjusted EBITDA, deposits and wagering. 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,” commented Super Group CEO Neal Menashe in an earnings statement.

“In tandem with this momentum, we secured Betway’s landmark partnership with Manchester United, further strengthening our global presence and growth ambitions. As we continue to invest in our brands, products, and technology, we remain confident in our ability to compound value for our shareholders,” noted the executive.

Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.

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The Backstory

World Cup lifted a casino-led model

Super Group’s second-quarter results landed in a market already primed for strong sports-betting comparisons, with the 2026 FIFA World Cup driving engagement across operators and suppliers. The company’s 18% revenue increase to $684 million, record adjusted EBITDA and sharp swing to profit show how a major tournament can amplify an established customer base rather than merely create a temporary spike.

The World Cup effect was visible across the sector. Kambi returned to growth after processing more than €1 billion in World Cup sportsbook turnover, with its Americas partner base contributing a larger share of network activity than during the 2022 tournament. Codere Online also credited the tournament for a standout quarter, saying net gaming revenue more than doubled compared with the prior World Cup period as Spain, Mexico and other Latin American markets accelerated.

For Super Group, the tournament provided a commercial boost, but management emphasized that the quarter was not solely a sportsbook story. The company’s international igaming revenue rose to $325 million from $299 million a year earlier, while international sportsbook revenue slipped slightly to $42 million from $44 million. That contrast matters. It suggests the business was helped by the World Cup but not dependent on it, with casino brands such as Jackpot City Casino and Lucky Nugget Casino continuing to anchor revenue.

Leaving the U.S. sharpened the earnings story

The earnings report also served as an early test of Super Group’s decision to exit the U.S.-regulated market after last year’s second-quarter results. U.S. online sports betting and igaming remain attractive for scale, but the market is expensive, highly competitive and fragmented by state. Super Group’s stronger profit profile a year later indicates that retreating from the U.S. did not derail growth and may have helped refocus capital on markets where the company has better brand recognition or a more favorable cost structure.

That decision stands in contrast to companies still building or defending U.S. exposure. Some U.S.-linked operators are dealing with uneven online performance even when broader businesses remain stable. Boyd Gaming reported flat second-quarter revenue despite a decline in online revenue, underscoring the difficulty of turning digital operations into consistent expansion when market-access economics, promotional costs and competitive pressure weigh on results.

Super Group’s exit also reflects a broader divide in the industry. Companies with deep balance sheets and leading U.S. positions can justify continued investment. Others are choosing to prioritize international markets where online casino, established sportsbook brands or localized marketing can produce faster payback. Super Group’s $123 million profit, compared with a $3 million loss a year earlier, gives investors a clearer view of what the business looks like when management is not chasing an expensive U.S. growth thesis.

Regulation is reshaping where growth pays

The company’s performance comes as enforcement and regulation increasingly determine where online betting revenue migrates. In the U.S., legal sportsbooks have benefited in states that crack down on offshore competitors. GeoComply reported stronger Super Bowl sportsbook engagement in states that enforced against offshore operators, including faster growth in active player accounts where cease-and-desist actions had been taken.

That trend is important for Super Group because it illustrates the trade-off between regulated-market opportunity and regulatory burden. Enforcement can channel consumers toward licensed platforms, improving tax collection and consumer protections. But operating in those markets often requires significant investment in compliance, licensing, local partnerships and promotional spending. For companies without a dominant position, the cost of participation can outweigh the benefits.

In markets where Super Group remains active, the key question is whether regulation supports durable economics rather than just headline growth. Latin America, Africa and parts of Europe can offer expanding customer pools, but policy changes can quickly alter margins. Codere’s second-quarter update showed how tax changes in Colombia and competitive shifts in Mexico affected guidance and investment decisions. Super Group’s diversified footprint gives it multiple growth levers, but it also exposes the company to the same political and regulatory volatility that now defines online gambling globally.

Media, data and customer ownership move closer together

The quarter also fits into a broader race to control customer acquisition and engagement. Sports betting and igaming companies are placing more value on media inventory, data, fan activation and technology that can lower acquisition costs or increase player lifetime value. That is one reason Genius Sports agreed to acquire Legend in a deal valued at up to $1.2 billion, adding a digital sports and gaming media network with large audiences and marketing technology.

The Genius-Legend transaction reflects how the industry is moving beyond traditional advertising. Operators and suppliers want to reach fans when they are searching for teams, players, odds or scores, then convert that attention into betting or gaming activity. The economics are straightforward: lower-cost acquisition, better targeting and more cross-sell opportunities can produce higher margins.

Super Group’s record deposits, wagering and monthly active customers show the same strategic need from an operator’s perspective. Its 13% increase in monthly active customers to 6.2 million gives the company a larger base to monetize across sports and casino. The Manchester United partnership for Betway adds another layer, using a global soccer brand to reinforce reach in markets where fandom can translate into account signups and repeat engagement. The partnership also signals that Super Group is still willing to invest in brand visibility, even after tightening its geographic focus.

Cash flow raises the stakes for capital allocation

Super Group ended June with $548 million in cash and equivalents, up from $513 million at the end of last year. Operating cash inflows of $248 million gave the company room to absorb investing outflows, including a $28 million payment linked to the Apricot sportsbook acquisition, and $157 million of financing outflows. The balance sheet provides flexibility at a time when competitors are using acquisitions, partnerships and technology upgrades to expand.

The Apricot transaction is particularly relevant because sportsbook technology and product control are becoming more important differentiators. Kambi’s report highlighted the role of AI trading during the World Cup, calling the tournament its first fully AI-traded FIFA World Cup. Suppliers are pushing automation and scale, while operators are deciding where to own technology and where to rely on partners. Super Group’s full ownership of Apricot suggests a preference for more control over sportsbook capabilities even as casino remains the larger revenue engine.

Other companies are confronting similar capital-allocation questions. Codere executives said they were prioritizing Latin America and potential licenses over share repurchases, while Genius Sports plans to fund its Legend acquisition with debt as it bets on higher-margin media growth. Super Group’s improved profitability gives it options, but also raises expectations. Investors will look for evidence that cash is being deployed to strengthen technology, expand in profitable markets and support brands without re-creating the cost pressures that led to the U.S. exit.

The next comparison will be harder

The second quarter gives Super Group a stronger narrative: a leaner footprint, higher revenue, record adjusted EBITDA and customer growth during one of the biggest sports calendars. But the World Cup also creates a tougher benchmark. Operators that benefited from tournament volume will need to prove that new customers remain active and that sports betting can continue feeding casino and other higher-margin products.

That is the central question for the next few quarters. If Super Group can retain World Cup-acquired customers, grow casino revenue and keep marketing efficient, the latest results will look like evidence of a more durable post-U.S. strategy. If activity normalizes sharply, investors may treat the quarter as a tournament-driven peak. For now, the company has shown that international scale and a casino-led model can produce growth without the U.S., even as the rest of the industry keeps searching for the right mix of regulation, media, technology and market exposure.