Super Group increased UK revenue by 13% year on year in the third quarter, even as higher gambling taxes put pressure on licensed operators. The company said its lean operating structure could help it manage the tax changes and benefit as smaller businesses leave the market.
Group revenue rose 10% to $611 million. Adjusted EBITDA was $165 million, up 8% from the same quarter in 2025, and net profit reached $142 million. UK revenue came through the Betway and Spin brands.
Menashe warns of black market risks
Remote gaming duty rose from 21% to 40% on 1 April this year. The Autumn Budget last month also announced an increase in machine games duty for land-based operators, from 20% to 25%. Menashe described the UK sector as “overtaxed” and called on the government to find a “happy medium”.
He said Super Group had consolidated its UK businesses to mitigate some of the tax impact. Menashe also argued that higher costs could drive operators out of the regulated market and push some towards unlicensed activity, where, he said, there would be no tax contribution, player protections or responsible gaming measures.
Africa accounts for 43% of revenue
Africa remained a major growth market. Super Group’s regional revenue climbed almost 17% year on year to $262 million in Q3, with iGaming revenue up 21.3% to $205 million. The continent contributed 43% of group revenue.
The company operates in eight African countries and expects to launch in Namibia next year. It has also applied for authorisation in Kenya, where it previously held a licence before giving it up ahead of its 2022 New York Stock Exchange listing. Menashe said the company had paid its back taxes and would go through the licensing process again, calling Kenya “the cheapest market in Africa” following regulatory reforms.
Super Group has secured sports betting and casino licences in Rwanda. Menashe said taxes there were “quite high”, but the licences would allow the company to increase marketing for its live product if the tax burden falls.
He also described the African sportsbook as “radically different” from the international business: parlays account for about 70% of betting activity, with an average of 13 or 14 legs and some bets reaching 30. The format can produce swings in sportsbook margins, he said, while customer retention remains strong.
Cautious approach to acquisitions
Super Group ended Q3 with $602 million in cash and cash equivalents. Menashe said the company would consider acquisitions only where it could add value, and had been deterred by prices it viewed as “crazy”. He added that Super Group would not buy standalone businesses and leave them untouched or take on companies with substantial debt.
