Neal Menashe, CEO of Super Group, is optimistic about the company's ability to capitalize on the ongoing consolidation in the UK gambling market.
The UK licensed sector has experienced significant turbulence following tax increases for both online and land-based operators announced since November 2025. This enhanced tax burden has forced numerous operators out of the market, while larger companies have responded with shop closures and job reductions.
Despite these challenges, Super Group reported a year-on-year revenue increase of 13% in the UK market during the third quarter of this year through its Betway and Spin brands. Overall, the group achieved a total revenue of $611 million for the quarter, reflecting a 10% growth.
Adjusted EBITDA for Q3 reached $165 million, representing an 8% year-on-year increase compared to the same quarter in 2025. Super Group's net profit for this period was $142 million.
Menashe stated that the company has managed these substantial tax hikes in the UK effectively due to its operational efficiency. With many smaller operators exiting the market, he sees an opportunity to reclaim lost revenue.
"We’re actually doing alright, believe it or not," Menashe remarked. "We run a super lean machine, so we consolidated all our UK businesses. This helps us mitigate some of the taxes. The small operators don’t exist anymore, so we can start mopping up that revenue."
In light of the changes in taxation, effective from April 1, the remote gaming duty in the UK has surged from 21% to 40%, while the machine games duty for land-based businesses rose from 20% to 25% as per the recent Autumn Budget. Menashe criticized the excessive tax pressures on the sector, suggesting a need for a balanced approach.
"I saw they increased the shops [machine games duty] now from 20% to 25%," he noted, warning that such increases lead to more job losses. "Increasing taxes too much drives operators out, resulting in a rise of black operators that do not pay taxes. This diminishes protections and responsible gaming measures."
Meanwhile, Africa remains a crucial growth area for Super Group. In Q3, the company recorded nearly a 17% year-on-year revenue increase in Africa, totaling $262 million. The iGaming segment in Africa performed especially well, surging 21.3% to $205 million.
During this quarter, Africa constituted 43% of Super Group’s total revenue. Menashe mentioned their plans to explore other growth opportunities beyond their current operations in South Africa, including an expected launch in Namibia next year and a renewed application for a license in Kenya.
After previously exiting the Kenyan market, Menashe reflected on their decisions, stating, "We closed the company down, paid our back taxes, which were minimal in the end. Now it’s the cheapest market in Africa. We should have kept it open; we’re learning as we go, so we won’t make that mistake again."
In Rwanda, Super Group received licenses for both sports betting and casino operations. Menashe also indicated that although taxes in Rwanda are relatively high, having secured the necessary licenses allows them to ramp up marketing for their live product if tax conditions improve.
"If they adjust the tax tomorrow and we’re not in the market, that’s just a lost opportunity," he emphasized.
He further explained that Super Group's African sportsbook differs significantly from its international operations, with parlays making up approximately 70% of their betting activity. This unique betting environment can lead to volatile margins influenced by sporting outcomes.
"We are quite different from our competitors," Menashe expressed. "We’ve almost got two sports businesses. The African sportsbook is radically distinct. The average parlay consists of about 13 to 14 legs, creating a lottery-like experience. Winning big is what we aim for over time, and while it may take longer to recoup, customer retention remains strong."
Super Group ended Q3 with $602 million in cash and cash equivalents, raising speculation about potential mergers and acquisitions. However, Menashe conveyed the company's cautious approach to M&A, explaining that they have refrained from pursuing acquisitions due to inflated valuations.
"We only invest in companies that we believe we can enhance," he stated. "We don't simply acquire standalone businesses and leave them as is. We are conservative in our approach and won’t take on debt-heavy companies. Any M&A activity must align with our strategic objectives. ".
