LISBON / LONDON – Global gambling powerhouse Super Group has officially confirmed that its flagship brand, Betway, has been authorized to withdraw from Portugal’s regulated online gambling market. The decision comes as the brand’s local license was due for renewal in 2026, signaling the Group’s continued execution of a “disciplined capital allocation” strategy, prioritizing regions with higher return on investment (ROI).
Discipline First: Abandoning Underperforming Markets
Betway first entered the Portuguese market in 2020 and became a key member of the national trade association APAJO. However, following a thorough internal review, Super Group has decided to relinquish its license rather than pursue renewal.
- Core Business Logic: CEO Neal Menashe summarized the strategy in simple terms: “You pay X to get the customer in the front door, you deliver Y in retention. If the one less the other is not profitable, then you’re never going to make money.”
- The ROI Threshold: Spencer McNally, Head of Data and Analytics, previously used the US market as an example, noting that even if models projected a profit in future years, the market simply did not meet the Group’s internal “return on capital requirements.”
Shrinking Global Footprint: India, USA, and Portugal
Portugal marks the third major market exit for Super Group in recent years:
- India (2023): Withdrew following the introduction of a 28% turnover tax, which fundamentally altered market economics.
- USA (2024/2025): Exited the US sports betting market and phased out iGaming operations in New Jersey and Pennsylvania, with estimated exit costs between $30M and $40M.
- Portugal (2026): Relinquished the license to focus on “growth areas with more potential.”
“We made the tough decision to exit these markets, but it has turned out to be a blessing in disguise. It allows us to reallocate capital to our higher-returning core territories.” — Kevin Kovarsky, COO of Betway
Strong Growth: Offsetting the Departures
Despite these strategic exits, Super Group’s Q3 2025 financial results demonstrated remarkable resilience. Group revenue increased by 26% year-over-year, driven largely by performance in core hubs:
- Europe: Revenue surged by 46%, with the UK (+71%) and Spain (+11%) serving as major highlights. Europe now accounts for 20% of the Group’s total revenue.
- Africa: Reaffirmed as a primary growth engine, with the Group continuing to tilt resources toward this high-potential region.
Xingbow Perspective: Super Group’s series of exits highlights a broader industry shift from “expansion at all costs” to “profitability as priority.” In an era of rising tax burdens and tightening regulatory thresholds, proactively abandoning low-efficiency markets to preserve cash flow is becoming the gold standard for large-scale operators.
