Ontario Comes into Focus as Super Group Reports Q3

The Ontario online gambling market continues to heat up as we head into the Fall, and Super Groups' Q3 earnings show just how central this northern outpost has become in the global iGaming market. The company behind such operators as Betway, Jackpot City, and Spin reported $557 million in revenue for the third quarter, which was a significant bump of 26% YOY, with Canada seeing significant improvements. 

This followed a difficult decision in July to exit the US market entirely, where its Jackpot City and Spin Palace brands struggled in both New Jersey and Pennsylvania. Betway had already beat a retreat in the Summer of 2024. Restructuring costs related to the exit were placed at between $30 and $40 million.

This meant that Ontario, where all of the country's licensed North American assets are now located, had all eyes on it going into the Q3 earnings period. It currently operates five licenses in the province, Betway, Spin, Jackpot City, Royal Vegas, and Ruby Fortune, which may seem a bit excessive until one realizes that there are currently over 80 licensed online casino brands in the region which has a population of just 16 million.

It’s probably worth pointing out that Super Group operates in a grey market capacity throughout the rest of Canada, and is considered the iGaming leader in that rather dubious field. In any case, North American, read licensed and unlicensed Canadian operators were up 14% YOY, and revenues from Canada now make up about a third of the total for the company, which still sees the lion's share of revenues coming from Africa. 

That may change in the near future, however, as Neal Menashe, Super Group CEO, has high hopes for next year’s launch of licensed iGaming in Alberta. In fact, he voiced his belief that the company would see double-digit growth in the province once new licenses are granted. Perhaps moving North America(Canada) to the largest share of revenue across regions in the very near future even without a single licensed US platform.

Interestingly, the company leans into the iCasino segment much more heavily than online sports betting in the North American segment, unlike many of its competitors. A full 80% of total wagering revenue comes solely from iCasino, and in fact, only one of its licensees in the state even offers online sports betting. 

The company as a whole saw adjusted EBITDA numbers come in at 152 million, up nearly 65%, while its GAAP net profit reached 95 million. Despite failure in the US and tightening regulations in Europe, Super Group finds its African and Canadian verticals which account for nearly 75% of revenue well-positioned for 2026 as both of these regional markets look to continue explosive growth in both licensed and unlicensed iGaming.