Key Moments:
- Betway has withdrawn from Portugal, ending its license as approved by the national regulator.
- Super Group’s European revenue increased 46% year-on-year in Q3 2025, with notable gains in the UK and Spain.
- Recent withdrawals from India and the US reflect Super Group’s shift to more profitable markets.
Strategic Exit from Portugal
Betway has discontinued operations in Portugal after formally requesting and receiving approval to relinquish its local license. According to a statement from the company, “After a thorough review, we have decided to relinquish our licence in Portugal in order to focus on existing markets and growth areas with more potential.” The operator has not stated whether similar actions are planned in other markets.
History and Rationale
Super Group initially entered Portugal in 2020 and became a member of APAJO, the national trade association, in 2021. With its Portuguese license set for renewal in 2026, the decision has been made to forego renewal and instead concentrate efforts on regions viewed as having stronger growth prospects, particularly in Africa.
Broader Global Realignment
This move in Portugal adds to a recent trend of market withdrawals by Super Group. The company pulled out of India in 2023 following the implementation of a 28% turnover tax on online gambling by the Indian government. Betway COO Kevin Kovarsky said during an investor presentation in September, “In Q3 2023, we made the tough decision to exit India. We took a short-term hit in revenue and profits, but it turned out to be a blessing in disguise.”
Super Group also announced a departure from the US market last year due to emerging regulatory challenges affecting profitability. Spencer McNally, head of data and analytics, described the decision at a company investor day as “a calculated decision in line with the group’s capital discipline.” He added, “Our financial models did actually project a profit for the USA in 2027 if we stayed. But despite what I’ve just shown you, the US market simply wasn’t projected to meet our return on capital requirements.”
Super Group CEO Neal Menashe commented on the company’s broader approach: “Listen, it’s really simple, this business. You pay X to get the customer in the front door, you deliver Y in retention. If the one minus the other is not profitable, then you’re never going to make money.”
Strong European Results
Despite these market exits, Super Group delivered robust results in Europe during the third quarter of 2025. The group recorded a 46% increase in European revenue compared to the previous year. The United Kingdom saw a 71% rise, while Spain experienced an 11% boost. The European region’s share of Super Group’s total Q3 revenue climbed from 17% to 20% during the period.
| Region | Q3 2025 Revenue Growth | Prior Year Comparison |
|---|---|---|
| Europe | 46% | Up from previous year |
| United Kingdom | 71% | Up from previous year |
| Spain | 11% | Up from previous year |
| Europe as % of Total Q3 Revenue | 20% | Up from 17% |
- Author
Daniel Williams
