Super Group has formally ended Betway’s operations in Portugal after the Gaming Regulation and Inspection Service (SRIJ), the national gambling regulator, approved the cancellation of the brand’s license last Friday. The decision followed a request submitted by the operator and reflects a broader shift in how the company allocates resources across its international footprint.
A spokesperson for Betway confirmed the reasoning behind the move, stating: “After a thorough review we have decided to relinquish our license in Portugal in order to focus on existing markets and growth areas with more potential.” The company did not indicate whether additional withdrawals from other jurisdictions are planned.
License Withdrawal Marks End of a Short Market Presence
Betway entered Portugal in 2020 as part of Super Group’s expansion in regulated European markets. The operator later joined the Portuguese Online Gambling and Betting Association, known as APAJO, in 2021. While the license was not due to expire until 2026, Super Group opted to step away earlier as it reassessed where future investment could deliver stronger returns.
Company representatives told iGaming Business that management intends to prioritize markets already in operation as well as regions offering stronger growth prospects. Reporting around the exit has pointed to Africa as one area that has increasingly attracted the group’s attention as it rebalances its portfolio.
The Portugal decision aligns with a pattern of selective withdrawals rather than an isolated change. Super Group has emphasized that each market is evaluated individually based on regulatory conditions and financial outlook, rather than on geographic strategy alone.
Capital Allocation Shapes Market Exit Decisions
The withdrawal from Portugal follows Super Group’s exit from the United States last year. That move came after regulatory developments altered expectations around future profitability. At an investor day held in September, the company’s head of data and analytics, Spencer McNally, described the US departure as a disciplined choice grounded in long-term analysis.
“Our financial models did actually project a profit for the USA in 2027 if we stayed,” McNally said. “But despite what I’ve just shown you, the US market simply wasn’t projected to meet our return on capital requirements.”
Super Group had taken a similar step in 2023 when it pulled out of India after the government introduced a new online gambling tax set at 28% of turnover. Although the move had an immediate financial impact, executives later framed it as a necessary adjustment. Reflecting on that period, Betway chief operating officer Kevin Kovarsky told investors: “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.”
Chief executive Neal Menashe has consistently framed these exits as part of a straightforward financial approach. Speaking previously about the company’s criteria, he said: “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 less the other is not profitable, then you’re never going to make money.”
European Performance Continues to Show Momentum
Despite leaving Portugal, Super Group has reported strong results across other European markets. In the third quarter, the company recorded a 46% increase in European revenue compared with the same period a year earlier. Growth in the UK reached 71%, while Spain posted an 11% gain.
Europe accounted for 20% of Super Group’s total revenue during the quarter, up from 17% in the comparable period of 2024. Commenting on these results during the post-earnings call, Menashe said: “This outstanding performance reflects a combination of regulatory stability, product innovation and enhanced marketing execution.”
The contrast between strong performance in some regulated markets and the decision to exit others underscores Super Group’s focus on financial thresholds rather than market size alone. With Betway now withdrawn from Portugal, the company appears set to continue refining its geographic mix while concentrating on regions that meet its internal return benchmarks.
