Super Group CEO Neal Menashe said on an earnings call on Wednesday that an increased focus on Canada is paying off, something that appears to be particularly true in the cross-Canada grey market.

The company operates five brands in Ontario’s commercial regulated online market, the sportsbook-first Betway and the Spin, Jackpot City, Royal Vegas and Ruby Fortune online casinos. It also has significant brand recognition in other provinces, where the government-run lottery corporations’ platforms are the only regulated online gaming offerings.

In a release, Super Group said that while the shutdown of its U.S. sports betting operations had partially caused a drop in profits, success in Canada and growth in Europe and Africa drove it to a 13% year-on-year increase in Q3 revenue. Africa is now the business’ largest region in terms of revenue, while Canada is second.

“Canada, compared to year-on-year growth overall, has been very good,” Menashe said. “We are experiencing strong growth across both sports and casino…

“Ontario’s better, it’s not where we need it to be but we are still in a good position there and we still have a decent share of the market. We are probably relatively under-indexing marketing-wise, relative to some of the bigger competitors, but we are now looking at fixing that.”

Super Group did not provide any details on what that Ontario market share may be, and iGaming Ontario (iGO) does not break down revenue data by operator. But October 2024 data shown to Canadian Gaming Business by H2 Gambling Capital suggests that the company has captured around 7% of the total regulated market, including Ontario Lottery and Gaming Corporation’s slice. Per H2, Super Group’s share has grown from around 4% last year.

As a result of its performance through the year to date, Super Group has raised its ex-U.S. adjusted EBITDA full-year 2024 guidance.

“I think the distraction of too many countries means that when we go all-in on these countries, we can focus and get it right, which is what we’re doing,” added Menashe.

Super Group reaps reward of nationwide profile

As well as the regulated Ontario market, Super Group brands have significant visibility in other provinces.

Data from Wells Fargo released in the early weeks of Ontario’s regulated market in 2022 showed that Betway had the second-highest number of daily active users in the province. Morgan Stanley estimated around the same time that Betway accounted for the highest percentage of iGaming and sports betting smartphone app downloads in Ontario on a monthly basis for the whole of 2021.

In Alberta, the brand has been prominently advertising for years. Thanks to a partnership with the NHL, ads for the brand’s “non-gambling global website” betway.net have been displayed on boards at Rogers Place during Edmonton Oilers games, including during this year’s Stanley Cup Final.

Back in August, Menashe vowed that Super Group is “reading and waiting” to enter Alberta whenever it opens a regulated market. That timeline has been pushed back, but Menashe reiterated his stance on Wednesday.

“Obviously, we learned the lessons in Ontario from going to the regulated regime, all the lessons we learned there will come into Alberta,” he added. “Alberta is looking to move to the end of 2025, maybe 2026. So we are all ready for that. Our brands resonate there. Remember, we’ve got Betway, we’ve got Jackpot City, Spin. We’ve learned, we know what we need to do.

“And I think the rest of Canada, we’ve really dug deep and we’ve really sorted out where we were losing traffic… and I think it’s showing in our numbers.”

Menashe was referring to the solid Canadian financials, but it could also be applied to their apparent market share.

According to the H2 data, Super Group is by some distance the leading operator in Canada’s unregulated market with a huge 35% share. H2 did not provide an estimated brand-by-brand breakdown, but Super Group recognized Spin as its biggest revenue-generator and Menashe also noted on the call that “Jackpot City continues to be a leading brand across [Canada].”

Jackpot City will also be one of two Spin portfolio brands soon added to Super Group’s footprint in Pennsylvania and New Jersey, where Betway is live with online casino.