Super Group revised its 2026 outlook after customer-friendly sports results in August and September cut into third-quarter margins. The operator now expects full-year revenue of $2.525 billion to $2.575 billion and adjusted EBITDA of $700 million to $720 million, assuming fourth-quarter sports margins remain within its normal range.
Third-quarter revenue nevertheless rose 10% year on year to $611 million, while adjusted EBITDA increased 8% to $165 million, producing a 27% margin. Profit for the period reached $142 million, compared with $96 million a year earlier, and average monthly active customers rose 9% to 6 million.
Sports results reduced quarterly revenue by about $40 million and adjusted EBITDA by about $25 million. The sports margin fell to 12.1%, below Super Group’s 13.7% trailing 24-month average, although its year-to-date sports margin of 13.8% remained within the company’s expected structural range.
Sports wagers increased 4% in the quarter, but sports gross revenue declined 2% as gross margin fell from 12.8% a year earlier. The earnings presentation identified sports-margin pressure, higher U.K. taxes, the post-regulation environment in Alberta, reinvestment in high-growth markets and margins remaining below the high end of expectations as factors in the guidance revision.
The U.K. tax effect did not prevent an improvement in the company’s international segment. International revenue increased 5% to $344 million, or 9% excluding the United States, while adjusted EBITDA rose 24% to $93 million. International margin expanded by more than 400 basis points despite the higher U.K. taxes.
Casino remained the larger and steadier part of the business, accounting for 85% of third-quarter net revenue, compared with 15% from sports betting. Casino gross revenue increased 16%, while record iCasino wagers rose 11%, or 14% excluding the United States. Neal Menashe said the casino-led model provided a durable earnings base able to absorb short-term sports volatility.
Africa was a major source of growth, with revenue up 17% to $262 million and adjusted EBITDA up 23% to $88 million, for a 34% margin. Sports wagers in the region rose 6% and casino wagers increased 21%.
Super Group ended September with $602 million in cash and cash equivalents, up from $513 million at the end of 2025. Its board authorized a share-repurchase programme of up to $150 million through December 2027. Menashe said October had produced the company’s highest sports margin of the year, describing the start of the fourth quarter as strong.
