Super Group, the operator behind the Betway and Spin brands, plans to apply for three of the 15 online gambling licences the New Zealand Department of Internal Affairs (DIA) will auction ahead of the market’s 2027 launch. The disclosure came from CFO Alinda Van Wyk following the group’s Q2 results call on Wednesday. New Zealand revenue rose 14% year-on-year in the quarter despite the operator pulling back on marketing spend. And that combination of growth and restraint is the story management wants investors to hear.
What the New Zealand Bid Means for Super Group
Before the specifics, the shape of the opportunity: New Zealand is closing a long-open regulatory gap, and only a handful of operators will get through the door. Super Group intends to be one of them.
- The group will “probably apply for three licences,” the maximum any single operator is permitted under the DIA framework.
- New Zealand revenue grew 14% year-on-year in Q2, lifting rest-of-world revenue by 6% according to CEO Neal Menashe.
- Entain, which runs the incumbent TAB sports betting monopoly, has signalled it will also chase three licences, setting up direct competition for scale.
- Eligibility requires proof of access to at least NZ$7.5 million in capital, a threshold that quietly filters out smaller players.
- A licence cap of three per operator across 15 total slots points to a deliberately concentrated market.
A Regulated Market Built for the Well-Capitalised
New Zealand opened its expression of interest (EOI) window in July, inviting operators to register ahead of the licensing auction. The market is primed to go live in 2027. On paper, 15 licences sounds generous. In practice, the capital requirement and the three-licence ceiling narrow the field to established, well-funded names.
Super Group’s pitch rests on history. It has run its Betway sportsbook operation in New Zealand for years, and Van Wyk was quick to frame that longevity as a compliance credential rather than just a commercial one. “We’ve been operating in New Zealand for many years and it already has quite a significant tax regime,” she said. “At the time of the re-regulation there was a lot of noise around marketing, we didn’t market there because you don’t want to fall into the trap of a bad actor.”
That restraint is worth reading closely. Choosing not to advertise into an unregulated grey zone is a positioning move, one that reads well to a regulator drawing up a shortlist. Whether the DIA rewards good behaviour in the run-up, or simply weighs balance sheets, is the question no operator can answer yet.
Gaining Ground in the UK After the Duty Hike
The UK told a different but equally deliberate story on the call. Super Group does not break out UK revenue, but the market fed a 19% year-on-year rise in European revenue, which reached $132 million. Menashe said the group has been taking share since the Remote Gaming Duty increase landed in April.
“We’re not a major player in the UK, so there’s a lot of market share we are getting,” he said. Being small, in other words, can be an advantage when a tax change squeezes the incumbents.
Van Wyk pointed to marketing discipline as the engine. “Our marketing is really returning to what we’re spending at the moment, which is really a good strategy and we’re happy with that performance,” she said, adding that efficiency in the market “would just deliver better margin in that jurisdiction.” The group also finalised a sponsorship deal this week with Premier League club Manchester United, aimed at lifting brand presence across the UK and, pointedly, Africa.
M&A on the Horizon
Asked whether Super Group might buy in the UK as smaller operators reassess their footing, Van Wyk left little doubt about appetite. “Somewhere down the line, I 100% believe that there would be also some operators, [which we could] plug market share into our business. We’re quite excited.”
Betway has historically leaned on sports betting in the UK, but the group has been building out its online casino product. A recently completed project to centralise its technology and product platforms, paired with the marketing efficiencies, pushed World Cup casino cross-sell to 50% of new customers. That figure matters because casino margins tend to outrun sportsbook margins, and a customer who arrives for football but stays for slots is a more valuable customer.
Guidance Raised on Stronger Earnings
The numbers underneath the strategy moved in the right direction. Super Group lifted full-year revenue guidance to more than $2.6 billion, up from $2.55 billion, and now expects adjusted EBITDA above $710 million.
| Metric | Q2 2025 | Prior year |
|---|---|---|
| Adjusted EBITDA | $204 million | $157 million |
| Profit | $123 million | -$3 million (loss) |
| Europe revenue | $132 million | Up 19% year-on-year |
| FY revenue guidance | >$2.6 billion (raised from $2.55 billion) | — |
The swing from a $3 million loss a year ago to $123 million in profit is the headline figure. It reframes the marketing pullback not as retreat but as calibration.
Why the Timing Works in Super Group’s Favour
Two regulatory shifts are moving at once, and Super Group sits on the right side of both. In the UK, a tax increase is thinning the herd, and a lightly-exposed challenger picks up share while heavier incumbents absorb the hit. In New Zealand, a brand-new licensing regime rewards operators who can prove capital strength and a clean operating record, both of which the group is presenting as its case.
What links the two markets is patience. The group spent years in New Zealand without marketing aggressively, and it is spending in the UK only where the return justifies it. That is a slower posture than some rivals, and it may cost visibility in the short term. But it positions the balance sheet for the auction table and, potentially, for acquisitions once distressed sellers appear.
The precedent New Zealand sets, a capped, capital-gated market, gives other regulators a template. Several have already watched closely.
Frequently Asked Questions
How many New Zealand licences will Super Group apply for?
The group intends to apply for three, the maximum permitted per operator, out of 15 total licences the DIA is putting to tender.
When will the New Zealand online gambling market launch?
The regulated market is set to go live in 2027. The expression of interest window opened in July, ahead of the licensing auction.
What capital do operators need to qualify?
Applicants must demonstrate access to at least NZ$7.5 million in capital, a requirement designed to restrict participation to established, well-funded operators.
How is Super Group performing in the UK?
It has been gaining market share since the April Remote Gaming Duty increase. UK figures are not disclosed separately, but they contributed to a 19% year-on-year rise in European revenue to $132 million.
Did Super Group raise its financial guidance?
Yes. Full-year revenue guidance now sits above $2.6 billion, up from $2.55 billion, with adjusted EBITDA expected to exceed $710 million.
