After a record-breaking Q1 2026 for its Africa operations, SGHC CEO Neal Menashe is making no secret of his ambitions for Nigeria — the one major African market where Betway hasn’t yet cracked the top three. With household names like Bet9ja and SportyBet entrenched in the market, and a war chest of $422 million at hand, the question is whether Super Group can build — or buy — its way to a podium finish.
A Record Quarter — and a Continent Leading the Way
Super Group (SGHC) opened 2026 with the strongest quarter in its history. Group revenue climbed 18.4% year-on-year to $612 million, while adjusted EBITDA rocketed 36.9% to $152 million. Net profit reached $86 million — a meaningful step up from the $59 million posted in Q1 2025. By any measure, the numbers represent a business firing on all cylinders.
What made the result particularly striking was the engine driving it. For the first time, Super Group broke out its financials into two distinct segments: Africa and International. And it was Africa that stole the show. African revenue surged to $267 million — up from $201 million in the same quarter a year earlier — with iGaming performance especially impressive, growing 40.7% to $190 million. Sportsbook revenue also climbed, from $66 million to $77 million.
“Our performance reflects the strength of our strategy, the power of our brands and the discipline of our team.” — Neal Menashe, CEO, Super Group
For a company that has long held Africa as a strategic priority, the decision to present it as a standalone segment signals a shift in how seriously the business views the continent — not as a complementary revenue stream, but as a core growth pillar in its own right.
Nigeria: The Last Podium Still to Climb
Across its eight African markets, Super Group’s Betway brand has secured a top-three position in every single one — except Nigeria. That is a notable gap. Nigeria is not just another market: it is the most populous country on the continent, home to over 220 million people, with a young, digitally connected population and an insatiable appetite for football and betting.
The Nigerian online sports betting market has, for several years now, been dominated by a handful of powerful local and pan-African brands. Bet9ja, the Lagos-founded operator that became a household name through blanket sponsorships and deep local knowledge, has long set the standard. But increasingly, it is SportyBet that has emerged as the market’s defining force — growing with remarkable speed through an aggressive product strategy, competitive odds, and a UX finely tuned for mobile-first Nigerian players.
Into this landscape steps Betway Nigeria — a brand with real credibility across the continent, but one that has so far found it harder to replicate that success in West Africa’s biggest prize. CEO Neal Menashe was candid about both the opportunity and the gap when speaking to analysts following the Q1 results.
“Nigeria has the largest population in Africa. It’s a growing TAM, and we’re getting our product right and, again, we can build or buy across the ways, and we can do both. So it’s really top of our mind.” — Neal Menashe
Menashe revealed he had recently spent time on the ground with Super Group’s Nigerian team — a signal that this isn’t a market the company is managing from a distance. The visit appeared to reinforce his confidence in the company’s trajectory, and in the broader macro environment that is making Nigeria a more attractive operating environment.
A Changing Macro — and Why It Matters
For much of the past few years, Nigeria’s economic turbulence — particularly the dramatic devaluation of the naira and foreign currency access challenges — cast a shadow over operator ambitions in the country. For international businesses reporting in US dollars, currency volatility creates real complications: revenue figures can look misleading, and repatriating profits becomes costly and complex.
Menashe’s comments suggest that picture is improving. He pointed to the freer flow of currency as a key reason for increasing ambition in the market — an important shift that makes Nigeria more commercially viable for an internationally listed company like Super Group.
“I think what we have seen in the African continent, and maybe led by Nigeria, is that the country as a whole is doing much better, the free flow of the currency is improving,” Menashe said. “So we have to, listen, double, triple our business size there, at least, right?”
Doubling or tripling a business in any market is an aggressive ambition. In Nigeria — against the competition that currently exists — it would represent a significant strategic achievement. But Super Group’s track record across Africa shows it knows how to execute on the continent when conditions align.
Build or Buy: M&A on the Table
One of the more significant signals to emerge from the Q1 earnings call was the explicit acknowledgement that Super Group could pursue acquisitions in Nigeria. With $422 million in cash and cash equivalents on its balance sheet at the close of Q1, the company has the firepower to be acquisitive if the right opportunity presents itself.
The Nigerian market has, over the years, seen considerable M&A interest — and for good reason. Established local operators carry something that international brands find difficult to replicate quickly: brand recognition, existing player databases, local payment integrations, and regulatory relationships. A well-targeted acquisition could fast-track Betway’s path to a podium position in a way that organic growth alone might take years to achieve.
That said, Menashe was clear that Super Group will not overpay. The company has watched competitors take on heavy debt loads through acquisitions and is determined not to follow suit.
“We are not overpaying for stuff. If it makes sense, we’ll do it. We’ve still got 75% free cash flow because that’s what we do. If we find the right one, we’ll do it. But we are not overpaying.” — Neal Menashe
CFO Alinda van Wyk echoed the disciplined approach, emphasising that any M&A would be a bonus on top of a growth plan built on organic momentum. “Our plan is based on consistent organic growth. That will be just an added bonus if the right opportunity comes along and at the right price,” she said.
It is a mature, considered position — one that suggests Super Group is looking for value, not headlines. The company has the balance sheet to be patient, and in a market like Nigeria, patience may ultimately prove to be the winning strategy.
What Betway Brings to the Table — and What It Still Needs
Betway’s credentials in Africa are not in question. The brand has built genuine market leadership across multiple African countries with brands such as Betway Zambia, Betway South Africa, and Betway Botswana— separate from its European, UK, LatAm, and US operations — that has proven effective at connecting with African bettors. That strategic separation matters: it allows Betway Africa to move faster, adapt its product to local tastes, and avoid the constraints of a global brand playbook that wasn’t designed with African markets in mind.
In Nigeria, however, the competition is formidable. SportyBet, in particular, has demonstrated an almost instinctive feel for what Nigerian players want: a clean, fast mobile experience, a wide range of virtual games to complement sports betting, and pricing that keeps punters coming back. Bet9ja, meanwhile, retains enormous brand loyalty and a physical retail network that gives it touchpoints beyond the digital world.
For Betway to close the gap — let alone reach the podium — it will need to offer something that truly differentiates it in the eyes of Nigerian players. Whether that comes through product innovation, localised promotions, superior casino cross-sell, or the integration of an acquired brand with existing Nigerian equity, remains to be seen. What is clear is that Super Group understands what is at stake, and is making Nigeria a strategic priority in a way it has not done so explicitly before.
World Cup Momentum: The Perfect Launchpad?
The timing of Super Group’s Nigeria push is not accidental. With the 2026 FIFA World Cup kicking off in June — expanding from 64 to 104 games and featuring more African nations than ever before — the sports betting moment ahead is extraordinary. Menashe noted that 88% of Super Group’s FY2025 revenue came from markets with national teams playing at the tournament, giving the company exceptional natural engagement with a global sporting event that transcends almost any other.
The cross-sell opportunity is particularly compelling. Super Group typically sees between 60% and 70% of its sports bettors cross into casino during major tournaments — a dynamic that, with 63% more matches than previous editions, could deliver material uplift. For Nigeria specifically, where the Super Eagles’ presence at the World Cup generates enormous national interest, the tournament represents both a marketing moment and a genuine opportunity to deepen player relationships.
“I think it’s going to be interesting. We’ve never had this many teams, but I think on the plus side, you’ve got engagement with so many games,” Menashe said. “The audience and what we’re going to have in our ecosystem should be really, really good.”
Guidance Held — For Good Reason
Despite the record-breaking Q1, Super Group chose to reaffirm rather than raise its full-year 2026 guidance: revenue exceeding $2.55 billion and adjusted EBITDA above $680 million. For some investors, the decision not to upgrade will raise eyebrows. Menashe was relaxed about it.
“We were confident about those numbers when we told them to you in February. Now, after Q1, we remain confident. But this isn’t the first time we’ve outperformed in Q1. We’ve never increased guidance at this stage of the year. It’s just not something we do so early on in the year.”
It is the kind of considered messaging that comes from a management team that has earned the right to be measured against its own standards. Super Group has consistently delivered. Maintaining guidance is not a sign of caution — it is a signal of confidence in the full-year picture.
The Bigger Picture for African iGaming
Super Group’s Nigeria ambitions sit within a broader narrative that BCA has been tracking closely: the accelerating maturation of African iGaming as an asset class and competitive landscape. The continent is no longer a footnote in global operator strategies. It is becoming a headline.
For operators watching Super Group’s Africa playbook, the lessons are clear: local execution matters, currency and regulatory stability are prerequisites for scaling, and patience — combined with a willingness to invest at the right moment — pays off. Super Group’s Africa segment is now too large and too profitable to ignore, and the company’s move to report it as a standalone segment only underscores how central it has become to the investment case.
Nigeria, for its part, remains the continent’s greatest untapped opportunity for operators who haven’t yet cracked it. It is vast, passionate about sport, and increasingly connected. The macro challenges that made it difficult are easing. And now, one of Africa’s most successful iGaming operators is making it a declared priority. Whether Super Group gets there through organic growth, a well-timed acquisition, or both, the next chapter in the Nigerian betting market is being written. And Betway intends to have a starring role.
