Africa powers Super Group’s surge as online betting giant reaps big gains
Africa may now contribute around 40 per cent of SGHC revenue, according to Macquarie estimates, as the company strengthens its footprint across the continent.
Ghana.- Africa is emerging as the main growth engine for Super Group, the parent company of Betway. Macquarie, a global investment bank and financial services firm, has revealed that rising digital adoption and expanding economies across the region have helped African revenues grow rapidly, now representing a significant share of the company’s total income.
Super Group is listed on the New York Stock Exchange under the ticker symbol SGHC, which investors use to follow the company’s stock and track its performance. On September 15, Macquarie initiated coverage of the stock with an Outperform rating and set a $17 price target. The price target implies the stock could rise nearly 34 per cent from its recent close of $12.69.
Macquarie analyst Chad Beynon said: “With 2025 estimated revenues up more than 90 per cent since 2021, Africa revenues have increased more than 200 per cent and comprise 40 per cent of total.”
Beynon highlighted that Super Group’s strong financial position, including $393m in unrestricted cash, zero debt and a market capitalisation of about $6.36bn, gives it room for mergers and acquisitions. The company also pays a $0.04 quarterly dividend and has issued special dividends in the past, signalling healthy free cash flow.
Africa at the core of Super Group’s strategy
Super Group maintains leading positions in several African markets, including Ghana, South Africa, Malawi and Botswana. Online gambling, particularly internet casinos, now makes up about 80 per cent of the company’s business mix and generates higher profits compared to sports betting. This focus positions Super Group to benefit from favourable regulations and limited land-based competition.
Beynon also noted that “Super Group meets the Rule of 40”, a benchmark often used for high-growth companies that adds the company’s revenue growth rate and profit margin to assess overall performance.
He added that the stock currently trades at about 12 times its expected earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2025, and 10 times for 2026. This is lower than the 20 times and 15 times multiples seen for similar companies, suggesting that Super Group’s stock may be attractively priced for investors.
Super Group’s focus on Africa coincides with its strategic exit from the United States igaming market in July 2025. This shift allows the company to concentrate on faster-growing regions. While South Africa remains the largest contributor, Super Group maintains strong positions in multiple other African markets, ranking among the top companies in eight countries.
High-margin igaming operations, a debt-free balance sheet and regional diversification position Super Group to sustain growth and profitability, with Africa emerging as the centrepiece of its global expansion.
