Super Group Locked and Loaded for Alberta Launch

Posted on: May 12, 2025, 11:57h. 

Last updated on: May 12, 2025, 12:30h.

Mark Keast Read More
Expertise: Canadian Gaming, iGaming, Las Vegas, Sports Betting, NFL, Boxing, UFC.
  • Super Group CEO reveals 13% year-over-year market growth in Canada in Q1 2025 investor call
  • CEO says company is ready to go when Alberta market goes live
  • Both regulated and unregulated marks in Canada driving North America financial results for company

It is tough to underestimate the advantage Super Group Ltd. will have in Alberta when that province launches its regulated iGaming market, possibly in Q1 2026.

Super Group Ltd. (Betway is the company’s sportsbook brand) CEO Neal Menashe said in an investor call Friday that Canada is leading the way in terms of the company’s performance in North America, with sights set on growth in Alberta when that market goes live. (Image: Shutterstock)

Super Group is regulated in Ontario with its Betway sports betting product, and Jackpot City and Spin on the casino side. The company also has those brands operating in the unregulated market in Canada, including Alberta.

According to data from H2 Gambling Capital, the global specialist gambling sector market data provider, Super Group has an 8% market share in Ontario, behind bet365 (15%), FanDuel (13%), and Betano (9%).

In a call with investors last Friday, Super Group CEO Neal Menashe, talking about the company’s Q1 2025 financial results, was asked about plans for Alberta. Bill 48 – the iGaming Alberta Act – passed the third reading in the provincial legislature last week. Royal Assent is the last step needed before it becomes law.

“Alberta … might be the latter half of 2026, based on where the regulation is currently,” said Menashe. “We learned how we migrate our customers’ databases from Ontario. Maybe we didn’t do it correctly then, and we will never make the same mistake twice. We will wait for all the regs, so we know exactly what we need to do then. The product is being built.”

Q1 2025 Revenue at $516.8 Million

When Alberta goes live, Super Group will have a running start. In the investor call, Menashe talked about a robust Q1 2025 – combined revenue of US$516.8 million (25% year-over-year increase), profit of US$59.4 million, surges in customer acquisition and effective retention strategies, an increase in Group Adjusted EBITDA of 120% to US$111 million, with an unrestricted cash position of US$351 million.

Menashe was asked about expansion plans for the company in the US, where it currently operates online casino brands in New Jersey and Pennsylvania, along with its plans for Africa and the Middle East, where it’s seeing growth (Super Group’s top-performing market, with US$203 million in revenue for Q1 2025, 39% year-over-year growth).

Canada Drives North American Market

“Sports is all about the product,” Menashe said. “We’ve had huge product development across the world. And as we deploy, we get more engagement with our customers. And of course, we’ve got this huge marketing budget, and as we make that more effective, you get more people into the funnel. I think that’s all a process of keeping the customers engaged. And then, of course, 80% of our business is casino … so we’re seeing good traction there.”

Overall, the Canadian market grew 13% year over year. Ontario grew 2% while the rest of Canada grew 16%, Menashe said. 

“Our performance highlights the continued strength of our brands across Canada, where profitability remains very good,” he said. “We maintain tight control of overhead and are holding marketing spend stable as a percentage of revenue.”

In terms of their balance sheet and cash flow, Menashe was asked about whether the company grows via the organic route and continues to “grind it out” in the US, or would the company entertain mergers and acquisitions.

Product Being Built for Alberta

“We have the cash flow,” Menashe said. “We can buy anyone we want. It must be the right price and the right fit … for the business. And we are all over this. We always are looking at stuff. 

I think our performance shows … this is a formidable company. And we’ve got the cash … we’ve got no debt. We can get debt facilities if we want. We’ve got everything available to us … we’ve got a big marketing budget. So, we’ve got everything. It’s just how we deploy this. We’re working every day to deploy this in the most cost effective and profitable way.”

Super Group shut down its Betway sportsbook product in the US last year and just has Spin and Jackpot City in the two US states in which it operates.

With the success of Canada, predominantly driving North American growth for the company (North American revenue in Q1 2025 was US$181 million), all eyes are on how Super Group will roll out in Alberta.