Super Group Q3 Revenue Rises 10% to $611M, Approves $150M Buyback
Super Group, the parent company of online casino and sports betting brands Betway and Spin, grew third-quarter revenue by 10% to $611 million, but cut the top end of its outlook for 2026 after a run of customer-friendly sports results. The NYSE-listed group published its unaudited results for the quarter on November 3, 2026.
Revenue for the three months to September 30, 2026 rose from $557 million a year earlier, with growth reported in Africa, America, Europe and the Rest of World. Profit for the period came in at $142 million, against $96 million in the third quarter of 2025.
Adjusted EBITDA, a non-GAAP measure, climbed 8% to $165 million from $152 million. That represents a margin of 27%. Monthly active customers increased by 9% to 6.0 million, compared with 5.5 million in the same quarter last year.
Casino was the engine of the quarter. Chief Financial Officer Alinda van Wyk said casino gross revenue grew 16% and that the long-term sports margin remains within the company's expected structural range. By product line, iGaming revenue in Africa rose to $205 million from $169 million, while International iGaming revenue reached $310 million from $290 million.
Sports Results Weigh on the Outlook
Customer-friendly sports outcomes reduced revenue by roughly $40 million and Adjusted EBITDA by around $25 million in the quarter, according to the company. Sportsbook revenue in Africa edged up to $57 million from $55 million, while International sportsbook revenue slipped to $33 million from $36 million.
As a result, Super Group has revised its full-year 2026 guidance. Total revenue is now expected to land between $2.525 billion and $2.575 billion, with Adjusted EBITDA between $700 million and $720 million.
Chief Executive Officer Neal Menashe said the quarter showed the strength of the casino-led model, describing casino as a durable earnings base that can absorb short-term sports volatility.
Africa and International Segments
Africa remained the largest segment, contributing $262 million of revenue, up from $224 million, and 43% of the group's reportable segment total. Adjusted EBITDA for Africa rose to $88 million from $72 million. International revenue grew to $344 million from $328 million, with segment Adjusted EBITDA of $93 million against $75 million a year earlier.
By region, America contributed $193 million of revenue, Europe $115 million and the Rest of World $36 million. For the first nine months of 2026, group Adjusted EBITDA stands at $521 million, up from $420 million over the same period of 2025.
Cash, Dividends and the New Buyback
Super Group ended September with cash and cash equivalents of $602 million, compared with $513 million at the end of 2025. Operating activities generated $377 million of inflows over the nine months. The company paid $203 million in dividends in that period, which brings its capital returns over the past 12 months to $223 million.
On October 30, 2026, the board authorised the repurchase of up to $150 million of ordinary shares through December 2027. The company stressed that it is not obliged to buy any shares and that the programme can be extended, shortened or ended by the board. Any purchases will be made on the open market or in negotiated off-market transactions.
Van Wyk said the buyback reflects confidence in the long-term value of the business while leaving room to keep investing in organic and strategic opportunities. Readers following operator earnings can find more in our Gambling news section.
The next test for Super Group is whether sports margins revert towards the structural range the company describes, and whether casino growth of this scale holds into the final quarter. Management is due to discuss the figures on a webcast, with a supplemental earnings presentation on its investor relations site.
