Super Group is setting its sights on significant further expansion across Africa, a continent described by CEO Neal Menashe as "super profitable." This
Super Group is setting its sights on significant further expansion across Africa, a continent described by CEO Neal Menashe as “super profitable.” This strategic focus follows a strong performance in the first quarter of 2025, which saw the combined Africa and Middle East region emerge as the company’s largest revenue-generating market.
Super Group released its financial results for the first quarter ending March 31, 2025, last week. The report highlighted robust growth across the business, with group revenue rising by 25% year-on-year to $517 million. Profitability also saw a substantial increase, with EBITDA climbing by 46.6% to $107 million and net profit seeing a remarkable 105.4% rise to $76 million.
A key takeaway from the Q1 results was a significant shift in the company’s revenue distribution. The Africa and Middle East region together surpassed North America to become the group’s largest revenue contributor, accounting for 39% of all Q1 group revenue, up from 37% in the same period last year. While revenue from the Middle East was lower year-on-year, Africa specifically drove the growth within this combined reporting region. In contrast, North America’s revenue share dipped from 37% to 35%, following the company’s disposal of part of its US business in 2024. European revenue share also increased from 15% to 19%, while Asia-Pacific and Latin and South America saw their revenue shares fall.
Plans for Further African Expansion
During the post-Q1 analysts call, Super Group CEO Neal Menashe addressed several questions regarding the company’s growth strategy in Africa. He revealed plans for further expansion on the continent, aiming to build upon Super Group’s already-strong market position and capitalise on the region’s high profitability. Menashe stated, as reported by iGaming Times from the call, that the group is committed to further expansion and could soon launch in more countries. He mentioned the recent launch in Botswana in February 2025, noting it is reportedly off to a “great start.”
Menashe specifically listed Ethiopia, Ivory Coast, and Angola as countries currently being looked at for future launches, stating that Super Group has “got a lot in the pipeline.” He emphasised that there is “lots of opportunity everywhere,” particularly as the group is not yet active in most countries in North Africa or the West Coast. He also stated, as reported by iGaming Times, that careful consideration is given to factors such as local taxes and the repatriation of money from those countries to ensure that future operations are profitable.
High Profitability Driving Strategy
A key driver for Super Group’s focus on further African expansion is the high profitability of its existing operations on the continent. Menashe stated, as reported by iGaming Times, that all the group’s markets in Africa are currently profitable. He gave a strong assessment of Africa’s profitability, stating that “The secret for Africa is that every bit of extra revenue is super, super, super profitable.” Menashe explained, as reported by iGaming Times, that if the company were to achieve significant revenue growth, such as 30% or 40%, in Africa, it could “almost double your profits there,” describing this as the “beautiful part of it.” He stressed the importance of maintaining their current position and continuing to grow by opening new markets, focusing not only on overall revenue but specifically on “profitable revenue,” as extra revenue in Africa is “really flying down to the bottom line,” necessitating continuous enhancement of products and features.
Super Group’s CFO, Alinda Van Wyk, also commented on the opportunities in Africa during the call, as reported by iGaming Times. She highlighted that Africa is home to 13 of the 20 fastest-growing economies globally and has growing populations, which provides significant “scale for expansion.” Van Wyk added that the regulatory environment and processing in Africa are “much friendlier regulation than, for example, the US,” and that Super Group’s 15 years of experience dealing with regulations across various countries has been instrumental in aiding its expansion capabilities on the continent.
Leveraging Experience and Technology
Super Group also leverages its technological capabilities to support its African growth strategy. Menashe stated, as reported by iGaming Times, that the tech stack used in Africa makes it easy for the company to roll out new features across all its African markets, despite the differing regulations present across the continent. He noted, as an example, that if they roll out a feature in South Africa or Ghana, they can easily roll it out in Tanzania, which significantly helps expansion. Super Group also has a large number of banking product integrations across Africa, approximately 150, to support its ongoing expansion efforts.
Outlook on Competition and Efficiency
Addressing the competitive landscape in Africa, Menashe acknowledged that Super Group’s growth and success will naturally attract other operators and competition. However, he expressed confidence in the group’s position in the markets where it is active. He suggested, as reported by iGaming Times, that in markets where Super Group holds “podium positions,” they should be considered in a similar light to major players like FanDuel and DraftKings in the US sports betting market, particularly from a sports perspective, focusing on brand resonance and building on their existing customer base. Menashe stressed that efficiency is the key to navigating competition. He clarified that this doesn’t mean driving down costs but becoming “efficient with the costs that you are utilising” across areas like CRM, risk management, and processing fees. He highlighted improving the efficiency of the “funnel of marketing,” developing new products, and scaling effectively as crucial elements in responding to competition.
In conclusion, Super Group’s strong Q1 2025 performance, underscored by the emergence of Africa as its largest revenue contributor, is driving a clear strategic focus on further expansion within the continent. The company views Africa as a “super profitable” region and plans to leverage its extensive experience, advanced technological stack, and emphasis on efficiency to capitalise on the numerous opportunities and maintain its market position despite anticipating increased competition, with several new country launches reportedly in the pipeline.
