Super Group Broke All Its Records in Q2 2026 Without the US Market

Key Points

• Revenue in Q2 2026 stood at $684m, growing by 18% YOY, exceeding analysts’ forecast of $657m; profits jumped from -$3m to $123m.
• The 2026 World Cup group showed a casino cross-selling ratio of almost 50%, which is more than twice as high as that recorded in 2022 (23%).
• For the full year of 2026, Super Group forecasted $2.6 billion in revenue and $710 million in adjusted EBITDA, having $548m in cash reserves and no debt.

Super Group Broke Every Record It Had in Q2 2026, and Did It Without the US

Betway parent and Spin owner Super Group has just posted its best-ever quarterly results with revenues of $684m for Q2 2026, a 18% increase from the $579m recorded in the same quarter a year ago. The company recorded a profit of $123m compared to a $3m loss seen last year. The adjusted EBITDA jumped by 30% to $204m, taking margins to an all-time high of 30%, while monthly active users increased 13% to 6.2 million. Record highs were reported in revenue, EBITDA, deposits and wagering in the same quarter.

June has been a month full of action for the company owing to the FIFA World Cup, however, it seems that CEO Neal Menashe is not willing to take all the credit from the event. “Q2 has seen record performance across the Super Group portfolio with all-time highs in revenue, adjusted EBITDA, deposits and wagering,” he said. “While we have certainly capitalised on the commercial opportunities provided by the FIFA World Cup, these results yet again show the fundamental strength of our casino-led, diversified business model and customer base.”

The Cross-Sell Number Most Coverage Has Ignored

Every outlet has led with the revenue headline. The figure receiving far less attention is what the 2026 World Cup customer cohort did once they were on the platform. The cohort produced an almost 50% cross-sell rate into casino products, compared with 23% during the 2022 tournament in Qatar. Management attributed the improvement to deliberate retention work during the periods when match time zones were unfavourable for the group’s core African and European base, keeping users engaged with casino products between games rather than losing them to inactivity.

That number matters because casino is where Super Group generates most of its revenue. Online casino rose 16% year-on-year to $527m. Sports betting produced $150m, up 29%. The casino lead is not incidental; it is the architecture of the business model. A customer acquired through football who then converts to casino carries significantly more long-term value than one who bets only during tournaments. The 2022 cohort produced a 23% conversion rate. The 2026 cohort produced 50%. That improvement, rather than the headline revenue figure, is the more meaningful signal about where the business is heading.

What the US Exit Looks Like a Year On?

In July 2025, Super Group announced its departure from the US iGaming market, citing regulatory conditions and capital allocation priorities. The exit closed sportsbook and iGaming operations across nine states, with a $63.9m impairment charge and approximately $50m in one-time restructuring costs. At the time, walking away from the largest regulated betting market in the world looked difficult to defend.

The Q2 2026 results make the logic clearer. While rivals have deepened their commitment to the US, Super Group redeployed that capital into markets where its brands were already established and margins were higher. Africa and Europe delivered the record numbers; America contributed nothing, because there is no longer any American operation to account for. New customer acquisition more than tripled compared to the prior World Cup period, with over $166m in football bets placed during the tournament, all of it generated outside the US.

Africa Carries the Group, Manchester United Extends the Reach

Africa posted segment revenue of $310m in Q2, up 36% from $228m in the same period last year. No other segment came close. International revenue, covering Europe and the Americas, rose 7% to $368m. The African business runs on the ZAR Supercoin ecosystem and a widening suite of wallet functionality, with the group targeting Namibia for launch in Q4 2026 and planning to add one to three new African countries annually where tax and banking conditions allow.

The Betway-Manchester United partnership, announced alongside the Q2 results, extends that strategy. Betway became the club’s Principal Partner and Exclusive Global Betting Partner from the 2026-27 season, with its logo on training kits for the men’s and women’s teams and branding across Old Trafford. The deal is Betway’s largest football partnership to date. It arrives as the Premier League’s voluntary ban on front-of-shirt gambling sponsorship removes that placement from the market entirely; training kit and stadium visibility are among the most prominent options still available, and Betway secured one of the largest clubs in the world.

Management was explicit about the geographic logic. The partnership is designed around Manchester United’s substantial African fan base, giving Betway brand visibility in the markets already driving the group’s growth.

Guidance Raised, Balance Sheet Intact

CFO Alinda van Wyk said: “We ended the quarter with $548m in cash, even after returning $25m to shareholders during the quarter. Reflecting our confidence in the business, we are raising our full-year 2026 guidance to be greater than $2.6bn of total revenue and more than $710m of adjusted EBITDA.”

Previous guidance had stood at more than $2.55bn in revenue and more than $680m in adjusted EBITDA. Total capital returned to shareholders over the past 12 months reached $218m. The group carries no debt. Marketing spend is expected to normalise at 21% to 22% of revenue for the remainder of the year as the new football season begins. UK tax effects and Alberta’s regulatory transition were both incorporated into the raised targets rather than presented as risks to them.

Expert Analysis

The Q2 2026 results give Super Group something more useful than a strong quarter: they validate a two-year strategic reorientation that was far from obvious when it was made. Exiting the US, concentrating on Africa and established European markets, and building a casino-led model with annuity-style customer retention has produced a 30% EBITDA margin at scale. The near-50% casino cross-sell rate from World Cup customers is operationally the most important figure in the release. It confirms the platform is converting sporting events into sustained casino revenue rather than producing single-quarter spikes. With the EPL season now underway, the Manchester United partnership active, and African expansion continuing, the group enters H2 with the same structural advantages that produced the record Q2. The challenge is whether those numbers hold without a tournament to accelerate them.