Super Group, the parent company of Betway, Jackpot City, and Spin Online Casino, is forecasting further strong financial growth ahead of Alberta’s expected launch of a regulated iGaming market next year.
Speaking during the company’s Q3 2025 earnings call, CEO Neal Menashe said Super Group has taken lessons from its Ontario rollout and believes it is well-positioned to replicate its success in other Canadian markets when Alberta goes live.
“We would expect it to be closer to what else we see in Canada,” Menashe said during a recent call with investors and analysts.
Canada’s iGaming Market Pushes Revenue Up 26% Year-Over-Year
In its Q3 2025 earnings report released in November, the company announced revenue of $566.9 million and net income of $95.8 million — a sharp rise from the $10.3 million profit recorded in Q3 2024. This substantial growth was largely driven by strong performances across its African, European, and North American markets, particularly in Canada, pushing its full-year 2025 revenue forecast to $2.17 billion to $2.27 billion from $2.125 billion to $2.20 billion.
Despite the company’s plans to leave US markets in Q4 2025 as announced in July — a possible reason why it saw declines in its Latin and South American markets — the profit margins are still hard to ignore. Adjusted EBITDA rose to $152.1 million in Q3 2025, up from $92 million in Q3 2024 and recording a 65% year-over-year increase. Likewise, monthly active players on Super Group Ltd. sportsbook and casino operators grew 18%, from 4.7 million in Q3 2024 to the current 5.5 million users.
Menashe said: “Hitting 6 million monthly active customers was another significant milestone, a reflection of our product innovation and local execution. With continued momentum into Q4, and the highly anticipated launch of Super Coin, we are focused on driving long-term value for our shareholders and enhancing our global position.”
More impressive is that revenue from its North American markets grew 14% compared to the same period last year. Canada, in particular, emerged as a major driver of this growth, given the strong presence of its online gambling brands in the region.
In Ontario alone, the company saw a 3% gambling revenue uptick. As a result, the company seeks to launch a new casino client in the regulated market within the first quarter of 2026. After all, based on iGaming Ontario market performance in September, casino has an 84% market share.
Nonetheless, it was Super Group’s presence in the rest of Canada that delivered the massive earnings boost recorded in North America. Despite serving players within the grey market, Super Group Ltd. posted a 15% annual increase, owing to higher deposit volumes and robust customer retention efforts.
Strong Double-Digit Growth Expected in Alberta
Following yet another record third quarter, which ended Sept. 30, 2025, the Super Group CEO told investors it’s planning to join Alberta’s regulated market once it launches early next year, just like it did in Ontario. Other noteworthy brands like BetMGM and Caesars Palace will likely join the Betway and Jackpot City owner.
Just like Ontario, Alberta passed Bill 48, the Alberta iGaming Act, with a goal of bringing in grey market operators into the province’s regulated market and giving them licenses and a clear operational framework.
“We’re not trying to grow the market or create new gamblers in Alberta,” Service Alberta and Red Tape Reduction Minister Dale Nally said in May. “Our goal is to implement a regulated market for private companies to legally operate online gambling sites where safeguards are in place, consumers are protected, and market integrity and social responsibility are top of mind.”
However, one key question yet to be answered is when the open iGaming market will launch in Alberta. The expectation among legislators and operators is early 2026, but some experts say it might go well over Q2 2026. What we do know is that the provincial government and regulator are busy consulting with stakeholders, hoping to soon finalize all the rules for incoming participants.
Menashe pointed out that Alberta’ s growing interest in online casinos and sports betting is a huge chance for steady growth in its Canadian online casino and sports betting market. With player engagement and digital deposits already on the rise across the country, the company is pretty confident its entry into Alberta will bring a strong double-digit revenue jump in the first full year of operation in the province.
In fact, Citizens JMP Securities analyst Jordan Bender revealed that Alberta iGaming revenue could hit over $700 million in a year. If it does, Alberta would emerge as the eighth-largest iGaming market in North America, a potentially huge milestone for big global operators eyeing the province.
For Super Group Ltd., whose brands have been among the major grey market operators in the province, this presents a timely opportunity to get in on the action. Building on their success in Ontario’s regulated market as well as the rest of Canada’s grey market, the company is looking to replicate its success in Alberta once it is licensed to operate.
Given that it’s not starting from scratch and already has a solid track record of keeping players engaged, while doing it all responsibly, Super Group is well-placed to push for the podium position in Alberta iGaming, potentially achieving strong double-digit growth as soon as the first year of operation.
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