Sunbet Income Jumps 75.9% to R2.1 Billion as Sun International Declares Special Dividend
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Sun International has reported one of the strongest years on record for its online betting arm, with Sunbet income rising 75.9% to R2.1 billion for the year ended 31 December 2025. Adjusted EBITDA more than doubled, up 109.6% to R744 million, according to the group's audited annual results published on Sun International's investor site.
Second half drove the numbers
The second half was even stronger than the first. H2 income was up 79.8% on H2 2024, active player days grew 72.8%, and the platform added about one million new sign-ups during the year, up from 648,000 in 2024. Average daily cash deposits reached R27.2 million, up 102.2% year on year.
Inside Sunbet, the online gaming vertical was the main growth driver. Slots GGR alone grew 115.6%, while sports betting also posted volume growth across the board.
Sunbet now out-earns GrandWest
The most striking point in the results is structural: Sunbet's R744 million adjusted EBITDA is bigger than the R530 million GrandWest generated in the same year. GrandWest, Sun International's flagship Cape Town casino, saw EBITDA fall 14% as income dropped 6% to R1.85 billion.
"Sunbet is performing incredibly well. 80% growth in the second half of the year," CEO Ulrik Bengtsson told Money Show host Africa Melane, as reported by EWN. The group declared a final ordinary dividend of 252 cents per share plus a 100-cent special dividend.
Where Sunbet sits in the market
Sun International said Sunbet currently holds about 4.5% online market share in South Africa, the fourth-largest in the country. At the group's Capital Markets Day, management said it wants to roughly double that share, with CEO Bengtsson flagging a more aggressive product and acquisition strategy. SA's total online GGR is forecast to roughly double to around R100 billion by 2030.
What it means for punters
Sunbet customers should expect more product investment and marketing spend over the next 12 months as the brand pushes for share. We saw some of that already in 2025 with the launch of the Sunbet mobile app and the expanded live casino lobby. Read our full Sunbet review for the current bonus, payment methods, and score breakdown.
The results also land against a shifting tax backdrop. National Treasury's proposed 20% online GGR tax is still under consultation and would apply on top of existing provincial taxes of 6-9%. For context on the proposal, see Treasury eyes 20% online gambling tax.
Sources: Sun International Audited Summary Group Financial Results 2025, EWN, 17 March 2026, CDC Gaming, 19 March 2026.