{"id":908248,"date":"2026-05-25T13:23:10","date_gmt":"2026-05-25T18:23:10","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/05\/25\/super-group-prioritising-nigeria-growth-as-market-challenges-are-improving\/"},"modified":"2026-05-25T13:23:10","modified_gmt":"2026-05-25T18:23:10","slug":"super-group-prioritising-nigeria-growth-as-market-challenges-are-improving","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/05\/25\/super-group-prioritising-nigeria-growth-as-market-challenges-are-improving\/","title":{"rendered":"Super Group prioritising Nigeria growth as market challenges are \u2018improving\u2019"},"content":{"rendered":"

Super Group is targeting a podium position in Nigeria, with CEO Neal Menashe stating the company is looking to triple its business size there.<\/strong><\/p>\n

\n

Super Group CEO Neal Menashe revealed the company plans to target growth in Nigeria as it looks to continue its strong performance in Africa.<\/p>\n

On Tuesday, Super Group released its Q1 earnings<\/a> for the three-month period ending 31 March, with all-time highs across revenue, monthly active customers, deposits and wagers.<\/p>\n

On a post-earnings analyst call<\/a>, Menashe said he had recently spent time working with the operator\u2019s team in Nigeria, giving him confidence in Super Group\u2019s plans for the market.<\/p>\n

\u201cI recently spent time on the ground with our team in Nigeria and the actions we are taking there will strengthen our growth profile as we ramp up execution,\u201d Menashe said.<\/p>\n

\u201cI 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. So we have to, listen, double, triple our business size there, at least, right?\u201d<\/p>\n

According to Menashe, Super Group could look to conduct M&A to strengthen its offering in Nigeria.<\/p>\n

Nigeria has for some time been a priority market for Super Group, with the company last year outlining plans to secure a podium position<\/a> in the market. Of its eight African markets, Nigeria is currently the only one in which Super Group doesn\u2019t sit within the top three operators.<\/p>\n

\u201cNigeria has the largest population in Africa,\u201d Menashe continued. \u201cIt\u2019s a growing TAM, and we\u2019re getting our product right and, again, we can build or buy across the ways, and we can do both. So it\u2019s really top of our mind.\u201d<\/p>\n

M&A only at the right price for Super Group<\/strong><\/h2>\n

At the close of Q1, Super Group held cash and cash equivalents of $422 million, raising the question of whether the company could look to get involved in M&A activity.<\/p>\n

But while Super Group is open to M&A, Menashe said the company will only take steps to do so if it makes business sense.<\/p>\n

\u201cWe are not overpaying for stuff,\u201d Menashe explained. \u201cIf it makes sense, we\u2019ll do it.<\/p>\n

\u201cI think you\u2019ve seen lots of our competitors have acquired over the last five or 10 years. And when you\u2019re laden with debt after that, these businesses have to perform. So we\u2019ve still got 75% free cash flow because that\u2019s what we do. If we find the right one, we\u2019ll do it. But we are not overpaying and that\u2019s not how we\u2019ve operated up until now.\u201d<\/p>\n

CFO Alinda van Wyk added Super Group doesn\u2019t necessarily need M&A to achieve its targets.<\/p>\n

\u201cWe\u2019ve always been highly selective on what we pursue,\u201d Van Wyk commented. \u201c[But] 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.<\/p>\n

\u201cIn the long run, there\u2019s always something on the table that we\u2019re assessing. And we\u2019ve got the right balance sheet for it. So we\u2019ll just remain disciplined until the right opportunity at the right price comes.\u201d<\/p>\n

Super Group posts record Q1 as Africa delivers \u2018excellent\u2019 quarter<\/strong><\/h2>\n

Super Group\u2019s Africa focus led it to a record-breaking quarter in Q1.<\/p>\n

Group revenue rose 18.4% year-on-year from $517 million to $612 million, while adjusted EBITDA rocketed 36.9% to $152 million.<\/p>\n

Those record results left Super Group with a Q1 net profit of $86 million, again a significant increase on the $59 million posted in the same quarter of 2025.<\/p>\n

Q1 earnings also marked the first in which Super Group split out its revenue into Africa and International segments, the former of which was the company\u2019s key success story in the first quarter of 2026.<\/p>\n

Africa revenue soared to $267 million from $201 million, with iGaming performance particularly strong as revenue rose 40.7% to $190 million. Meanwhile, sportsbook revenue increased to $77 million from $66 million.<\/p>\n

Menashe said Africa had \u201cdelivered another excellent quarter\u201d in Q1, with the company\u2019s overall performance laying the groundwork for continued success.<\/p>\n

\u201cOur performance reflects the strength of our strategy, the power of our brands and the discipline of our team,\u201d Menashe said.<\/p>\n

\u201cWith a highly stable casino business, fortified sports trading capabilities ahead of the World Cup and strong momentum across regions, we believe that Super Group is well positioned for the remainder of 2026.\u201d<\/p>\n

World Cup a key opportunity to cross-sell<\/strong><\/h2>\n

Menashe\u2019s expectation of a strong World Cup comes with 88% of Super Group\u2019s FY2025 revenue coming from markets with national teams playing at the World Cup.<\/p>\n

Super Group is \u201csuper confident\u201d about the engagement from those markets with the tournament, especially with the product improvements made ahead of it getting underway in June.<\/p>\n

Menashe revealed the cross-sell from sports betting into casino during major tournaments is typically between 60% and 70%, providing a major opportunity with the number of World Cup games increasing from 64 games to 104 for this year\u2019s edition.<\/p>\n

With the rise in the number of teams, Menashe warned the early rounds could be tricky for Super Group due to potential mismatches, although he said it should ease later on.<\/p>\n

\u201cThe early rounds might be a little bit hairy, but it doesn\u2019t matter, because it\u2019s all about if they win on those games, what happens on the next games and, more importantly, what happens in our casino,\u201d Menashe said.<\/p>\n

\u201cI think it\u2019s going to be interesting. We\u2019ve never had this many teams, but I think on the plus side, you\u2019ve got engagement with so many games. There\u2019s 63% more matches. It\u2019s actually unbelievable. I think the audience and what we\u2019re going to have in our ecosystem should be really, really good.\u201d<\/p>\n

Super Group reiterates FY2026 guidance<\/strong><\/h2>\n

After a strong Q1, Super Group reiterated its FY2026 guidance of revenue exceeding $2.55 billion and an adjusted EBITDA over $680 million.<\/p>\n

On the post-Q1 earnings call, Menashe was asked about the decision to reaffirm, rather than raise, the FY2026 guidance after Super Group\u2019s strong start to the year.<\/p>\n

Menashe backed the decision to reaffirm the guidance, stating: \u201cWe were confident about those numbers when we told them to you in February. Now, after Q1, we remain confident.<\/p>\n

\u201cBut this isn\u2019t the first time we\u2019ve outperformed like in Q1. We\u2019ve never increased guidance at this stage of the year. It\u2019s just not something we do so early on in the year.\u201d<\/p>\n

<\/p>\n

\"Kyle<\/p>\n

<\/a><\/p>\n

\n

Kyle Goldsmith<\/a><\/h3>\n

Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.<\/p>\n<\/div>\n<\/div><\/div>\n

Kyle Goldsmith
Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Super Group is targeting a podium position in Nigeria, with CEO Neal Menashe stating the company is looking to triple its business size there. Super Group CEO Neal Menashe revealed the company plans to target growth in Nigeria as it looks to continue its strong performance in Africa. On Tuesday, Super Group released its Q1<\/p>\n","protected":false},"author":1,"featured_media":908249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1222,4578],"tags":[6796,6323],"class_list":["post-908248","post","type-post","status-publish","format-standard","has-post-thumbnail","category-group","category-super","tag-group","tag-super"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/908248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=908248"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/908248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/908249"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=908248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=908248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=908248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}