Super Group has doubled down on Africa in a significant way that we haven’t really seen from any other major iGaming operator globally.
The Betway and Spin owner has seen continued growth in the African continent, alongside a ramping up of operations in Nigeria, with $267m of its reported $612m revenue in the first three months of this year coming from the region.
As a result, the operator has changed the way it views its financial reporting segments, stepping away from brand segmentation and into Africa and International regional segmentation.
Super Group noted that the change is a reflection of its internal management structure and the strategic focus shift to regional performance and market-specific dynamics, as well as being consistent with internal reporting, resource allocation and decision-making processes.
The operator commented: “The group believes this change will enhance the transparency of its financial reporting and provide stakeholders with more meaningful information regarding performance, risks, and opportunities in its key geographic markets.”
African opportunities
During its Q1 earnings call, Chief Executive Officer Neal Menashe and Chief Financial Officer Alinda van Wyk delved further into the company’s plans for the African market, explaining that the region still offers a multitude of expansion opportunities.
Van Wyk stated: “I’m glad to be able to share that transparency now with the market to see what it brings to Super Group, the difference between Africa and international, so it’s not so heavily weighted. The expectation probably was that it was very heavily weighted towards Africa.
“Saying that, that gives us the ability to have really strong possibilities, to still have that market margin expansion and we always do it in two kinds of strategies.
“One is our return on investment, how we make sure the marketing that we spend in that jurisdiction is very localised, it’s bespoke for our customers and we see strong returns on that. Secondly, our product mixes, getting that product really fit for purpose for that local market, getting the pricing right.
“That really helps us with the expansion, not just in South Africa, but also in the rest of Africa and the margin bottom line.”
Menashe added: “We’ve got huge cross-pollination between the international side of the business and the African side. We’ve really, in the last six months, scaled that up from the call centres, same software to the risk and fraud, to all of that. We really are seeing super-efficient costs coming through there.
“Also in Africa, we’ve been pushing on different sports, Esoccer, cricket, tennis, etc, so it’s all coming together. We’ve also mentioned our trading; we are really getting stuck into the trading of all the various sports.”
Q1 financials: in numbers
Overall
- Revenue: $612m, up 18% year-on-year (YoY) (Q1 2025: $517m).
- Profit: $86m (Q1 2025: $59m).
- Adjusted EBITDA: $152m, up 36% YoY (Q1 2025: $111m).
- Monthly Active Customers: 6.4 million, a record and up 18% YoY (Q1 2025: 5.4 million).
- Cash and cash equivalents: $422m as of 31 March, 2026.
Africa revenue per segment
- iGaming: $190m (Q1 2025: $135m).
- Sportsbook: $77m (Q1 2025: $66m).
International revenue per segment and region
- iGaming: $299m (Q1 2025: $270m).
- Sportsbook: $38m (Q1 2025: $40m).
- Other: $2m (Q1 2025: $1m).
- America: $195m (Q1 2025: $186m).
- Europe: $113m (Q1 2025: $96m).
- Rest of World: $31m (Q1 2025: $29m).
Nigeria: top of our mind
During the first three months of the year, Super Group noted that Africa has benefited from ‘excellent sports and casino wagering momentum’, with a record January being offset by customer-friendly outcomes in February.
Meanwhile, trading product improvements continued throughout the quarter. The operator also continues to ramp up its operations in Nigeria to strengthen its growth profile.
Menashe commented: “Nigeria is an interesting one. We’ve been on the ground there, super interesting. I think what we have seen in the African continent, maybe led by Nigeria, is that the continent as a whole is doing much better.
“The free flow of currencies is improving, so we have to listen. Double, triple our business size there, at least. It’s the largest population in Africa, it’s a growing TAM, getting our product right and that. We can build or buy across the ways, or we can do both, so it’s really top of our mind.”
Earlier this year, Menashe spoke about the importance of the African iGaming market on iGaming Daily.
