Super Group

History and Founding

Super Group traces its origins to the founding of Win Technologies in 2001 and the launch of Betway Group in 2011 by Neal Menashe, who remains CEO. The holding company Super Group (SGHC) Limited was established to consolidate these assets and went public on the NYSE in January 2022 through a SPAC merger with Sports Entertainment Acquisition Corp.

Business Model and Revenue

Super Group generates revenue primarily from online sports betting (Betway) and online casino operations (Spin portfolio). The company operates a B2C model, offering wagering services directly to consumers in regulated markets. In fiscal 2024, revenue rose 18% to €1.66 billion, while adjusted EBITDA surged 67% to €330.3 million, reflecting strong operational leverage and disciplined cost management.

Products and Brands

Betway is the flagship sports betting brand, offering wagering on a wide range of sports along with casino games. Spin is a multi-brand online casino platform encompassing Spin Casino, JackpotCity, Royal Vegas, and Ruby Fortune. These brands are established in markets such as the UK, Italy, Spain, South Africa, several U.S. states, and Ontario, Canada. In June 2022, Super Group entered Ontario with four brands. The company exited the U.S. iGaming market in 2024 to focus on higher-return international opportunities.

Market Position and Strategy

Super Group is one of the largest publicly traded online gambling operators globally, with a market cap of roughly $4.2 billion. It competes with firms like Flutter Entertainment, Entain, and DraftKings. The company emphasizes responsible gaming through its SuperPlan initiative, providing tools for safer play. In 2026, Super Group announced its first dividend program, targeting at least $0.20 per share annually, signaling a shift toward shareholder returns.

Licensing and Regulation

The company holds licenses in numerous regulated jurisdictions across Europe, the Americas, and Africa, including the UK Gambling Commission, Italian Customs and Monopolies Agency, and various state regulators in the U.S. and Canada. This broad licensing footprint supports its global customer base.

Leadership and Governance

The executive team is led by CEO Neal Menashe, CFO Alinda van Wyk, COO Kirsty Ross, CTO Alon Ben-David, and co-founder Spencer McNally as Chief Analytics & Modelling Officer. The board is chaired by former NFL executive Eric Grubman and includes industry veterans and independent directors. The company employs over 3,200 people worldwide.