Super Group (SGHC) Ltd
For the period ended Dec 31, 2025. Filed Apr 17, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Apr 17, 2026
Contents
Spin:
Premier multi-brand online casino focused business with established market leadership in high-growth markets. This reportable segment aggregates Spin and Jumpman, which was acquired in the business combination with Verno, and DGC operating under the Jackpot City brand in 2025. Jumpman expands the Group multi-brand casino footprint in the UK, with a similar product offering when compared to Spin.
Information related to each reportable segment is set out below. Adjusted EBITDA is the segment profitability measure used by the CODM to evaluate segment performance and resource allocation; and this is consistent with the position in the prior year.
During the year ended 2025, the Company changed its presentation of its reporting by segment to enhance disclosures related to adjusted EBITDA by segment as used by the CODM. Accordingly, amounts related to prior years have been represented to be consistent with the current year's presentation.
| 2025Betway $ 'millions | 2025 Spin $ 'millions | |
|---|---|---|
| Revenue | 1,381 | 850 |
| Direct and marketing expenses | (892) | (588) |
| General and administrative expenses | (95) | (51) |
| Other operating Income | 1 | 1 |
| Adjusted EBITDA1 | 395 | 212 |
| Material non-cash items per segment: | 2025Betway $ 'millions | 2025 Spin $ 'millions |
| Impairment of assets | (1) | (67) |
Super Group (SGHC) Limited
Notes to the Consolidated Financial Statements (continued)
| 4 | Segment reporting (continued) |
| 2024Betway $ 'millions | 2024 Spin $ 'millions | |
|---|---|---|
| Revenue | 1,106 | 729 |
| Direct and marketing expenses | (799) | (493) |
| General and administrative expenses | (89) | (53) |
| Other operating Income | 4 | 2 |
| Adjusted EBITDA1 | 222 | 185 |
| Material non-cash items per segment: | 2024Betway $ 'millions | 2024 Spin $ 'millions |
| Impairment of assets | (40) | — |
| 2023Betway $ 'millions | 2023 Spin $ 'millions | |
|---|---|---|
| Revenue | 908 | 647 |
| Direct and marketing expenses | (759) | (416) |
| General and administrative expenses | (83) | (46) |
| Other operating Income | 3 | — |
| Adjusted EBITDA1 | 69 | 185 |
| Material non-cash items per segment: | 2023Betway $ 'millions | 2023 Spin $ 'millions |
| Impairment of assets | (39) | — |
1 Adjusted EBITDA is defined as profit / (loss) before taxation, finance income, finance expense, depreciation, amortization, unrealized foreign exchange, expenses in connection with RSU awards, change in fair values of options, impairment of assets, US iGaming closure, provision for remote gaming duty, provision for penalties, gain on disposal of business, US Sportsbook Closure, market closure costs and other adjustments. Refer to the Adjusted EBITDA reconciliation below for further details.
The Group’s CODM reviews segment performance based on Adjusted EBITDA, revenue, direct and marketing expenses, and general and administrative expenses excluding exceptional items and all other net costs. Exceptional items are adjusted at the segment level to reconcile to the consolidated results. Head office and other net costs, which are not allocated to segments, are presented separately to arrive at the consolidated totals as reported in the consolidated statement of profit or loss and other comprehensive income.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.