Financial
Super Group Raises Full-Year 2025 Group Revenue and Adjusted EBITDA Guidance
Super Group (SGHC) Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced that the Group anticipates delivering another quarter of strong financial and operational performance in Q3 2025, outperforming prior expectations despite what is usually a softer seasonal period. Continued momentum in sports betting, supported by optimized pricing and more efficient trading, was complemented by consistent engagement in casino and improving operational leverage across the Group’s core international markets.
This continued momentum reinforces confidence in the full-year outlook, and as a result, Super Group is raising its full-year Ex-U.S. revenue and Ex-U.S. Adjusted EBITDA guidance, which underscores the Group’s belief in the scalability of the business and the strength of the Group’s brand-led, data-driven model.
- Group revenue is now expected to be between $2.125 billion and $2.200 billion vs. prior guidance of greater than $2.04 billion
- Group Adjusted EBITDA is now expected to be between $550 million – $560 million vs. prior guidance of $470 million – 480 million
Neal Menashe, Chief Executive Officer, commented, “Our performance through the third quarter continues to demonstrate the resilience of our model and the strength of our execution. We’re seeing strong contributions from both sports and casino, deeper customer engagement, and continued margin improvement across key markets. As a result, we’re pleased to raise our full-year outlook and remain confident in our ability to deliver for our shareholders.”
Alinda van Wyk, Chief Financial Officer, noted, “The consistency of our financial performance this quarter gives us confidence in our ability to drive both top-line and margin expansion. With cost ratios improving and our product-led strategy gaining traction, we remain focused on disciplined execution and long-term value creation.”
As previously announced, Super Group will host its Investor Day beginning at 8:00am EST/1:00pm UK on September 18th, 2025. The full agenda and live stream of presentations can be found on the Super Group Investor Relations website and dedicated Investor Day website. A replay will be available after the event concludes.
Bally’s Corporation announced that it secured an extension of the October 1, 2026 maturity of $460 million of its revolving credit facility (RCF) commitments to a new extended maturity tranche date of October 1, 2028. In addition, all RCF lenders, representing $620 million in commitments, consented to the proposed sale and leaseback of the Company’s Twin River Lincoln Casino Resort (the SLB Transaction) pursuant to an existing agreement between the Company and Gaming and Leisure Properties Inc. (GLPI – Nasdaq) for cash proceeds of $735 million before transaction expenses and taxes. Upon receiving similar consents to the SLB Transaction from holders of at least approximately $630 million of term loans, which represent approximately 33% of currently outstanding amounts, the Company will have received sufficient consent from its senior secured lenders to proceed with the SLB Transaction. The amended RCF financing and the proposed SLB Transaction are subject to the approval of various regulatory authorities.
Bally’s has agreed with its RCF lenders, that upon completion of the SLB Transaction, Bally’s will take actions to reduce secured debt and credit facilities outstanding by an aggregate amount of $500 million, with first a permanent reduction of outstanding RCF commitments by 7.5%, to approximately $574 million, and thereafter to prepay Bally’s outstanding term loan and first lien notes on a pro rata basis, or an approximate 19% reduction of such outstanding balances. The net sale proceeds after transaction expenses and provision for taxes from the SLB Transaction are expected to reduce outstanding RCF drawings.
If the SLB Transaction is consummated, based upon the agreed amendments with Bally’s RCF lenders, and if similarly ratified by Bally’s term loan lenders, the combined outstanding balances of Bally’s term loans and first lien notes is expected to be reduced from approximately $2.4 billion to approximately $1.94 billion. Separately, Bally’s continues to make progress towards the consummation of its announced €2.7 billion sale transaction of Bally’s International Interactive business to Intralot S.A., which is expected to close during the fourth quarter of 2025. Bally’s is expected to receive approximately €1.5 billion in cash, with the balance of the consideration to be received in Intralot stock, which when combined with Intralot shares currently held by Bally’s, will result in pro forma ownership by Bally’s in excess of 60% of outstanding equity interest in the combined company. Accordingly, Bally’s is expected to receive its pro rata dividend distributions when paid by Intralot S.A., based upon local statutory provisions that require a minimum of 35% of net income to be paid out to shareholders as dividends.
Maryland’s six casinos combined to generate $170,270,670 in revenue from slot machines and table games during August 2025. The statewide total was down $3,653,847 (-2.1%) compared to August 2024.
Casino gaming contributions to the state during August 2025 totaled $72,752,422, a decrease of $906,021 (-1.2%) compared to August 2024. The August 2025 contributions included $52,406,595 to the Education Trust Fund, a decrease of $697,990 (-1.3%) compared to August 2024.
Casino gaming revenues also support the communities and jurisdictions where the casinos are located, Maryland’s horse racing industry, and small, minority- and women-owned businesses.
Maryland’s six privately owned casinos offer both slot machines and table games: MGM National Harbor in Prince George’s County; Live! Casino & Hotel in Anne Arundel County; Horseshoe Casino Baltimore in Baltimore City; Ocean Downs Casino in Worcester County; Hollywood Casino Perryville in Cecil County; and Rocky Gap Casino Resort in Allegany County.
The gaming revenue totals for August 2025 were as follows:
MGM National Harbor (2266 slot machines, 208 table games)
$70,125,664 in August 2025, a decrease of $4,883,129 (-6.5%) from August 2024
Live! Casino & Hotel (3844 slot machines, 179 table games)
$63,162,305 in August 2025, an increase of $1,286,403 (2.1%) from August 2024
Horseshoe Casino (1365 slot machines, 115 table games)
$15,061,954 in August 2025, an increase of $634,571 (4.4%) from August 2024
Ocean Downs Casino (895 slot machines, 18 table games)
$10,251,407 in August 2025, an increase of $366,757 (3.7%) from August 2024
Hollywood Casino (714 slot machines, 15 table games)
$6,720,037 in August 2025, a decrease of $1,001,717 (-13.0%) from August 2024
Rocky Gap Casino (630 slot machines, 12 table games)
$4,949,304 in August 2025, a decrease of $56,731 (-1.1%) from August 2024.
The Michigan Gaming Control Board has reported that Detroit’s three casinos—MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown—collectively generated $106.9 million in revenue for August 2025.
Table games and slot machines accounted for $105.7 million of the monthly total, while retail sports betting contributed $1.2 million.
August 2025 Market Share
• MGM Grand Detroit: 48%
• MotorCity Casino: 30%
• Hollywood Casino at Greektown: 22%
Table Games and Slot Machine Revenue
Revenue from table games and slots decreased by 4.6% compared with August 2024 and 0.3% from July 2025. From January 1 through August 31, combined table games and slots revenue was down 1.2% year-over-year.
Casino-specific revenues compared to August 2024 were:
• MGM Grand Detroit: $51.7 million, down 4.0%
• MotorCity Casino: $31.2 million, up 1.4%
• Hollywood Casino at Greektown: $22.8 million, down 13.0%
The three casinos paid $8.6 million in state gaming taxes in August 2025, down from $9.0 million in August 2024. They also submitted $12.6 million in wagering taxes and development agreement payments to the City of Detroit.
Retail Sports Betting Revenue
In August 2025, the casinos reported a combined retail sports betting handle of $6.8 million, generating $1.2 million in gross receipts. Qualified adjusted gross receipts (QAGR) from retail sports betting decreased by 26.7% from August 2024 but increased 20.2% from July 2025.
QAGR by casino:
• MGM Grand Detroit: $264,076
• MotorCity Casino: $548,749
• Hollywood Casino at Greektown: $427,999
The casinos paid $46,903 in state taxes from retail sports betting revenue and submitted $57,326 in wagering taxes to the City of Detroit.
Fantasy Contests
Fantasy contest operators reported $513,880 in adjusted revenues for July 2025 and paid $43,166 in taxes.
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