Super Group explores crypto to reduce costs in key African markets
Super Group is considering adding crypto payments in Africa to cut expensive banking fees and bring in fresh players.
Super Group is evaluating a move to roll out crypto payments across its main African territories to address high banking expenses.
“We are currently implementing and pursuing new prospects in the crypto sector,” CEO Neal Menashe told analysts during the company’s Q2 earnings call on Thursday.
“These steps aim to secure long-term growth as alternative payments and digital assets become more embedded in regulated gaming markets.”
The Betway parent emphasized Africa’s central role in its global vision. In Q2, the region alongside the Middle East contributed close to 40% of the group’s overall revenue, which jumped 38.8% year-on-year to $229 million.
Menashe underlined the value of tech spending across the continent to sustain this strong expansion. As part of the strategy, he revealed that the firm intends to bring crypto options to more African regions to help offset banking costs.
How is crypto driving Super Group’s growth in Africa?
Businesses across Africa typically face higher payment processing fees compared to other regions. Long settlement delays also add to the burden.
“In Africa, we face major banking hurdles,” Menashe explained. “I believe crypto and coins can change things significantly because banking remains a very high expense in Africa—especially with onboarding clients and handling transactions. With crypto, we also attract another type of customer.”
He also mentioned that regulation in several nations supports this strategy. According to Menashe, crypto adoption could help the brand reach a fresh segment of users.
“It’s another category of player, similar to how casinos have various types of audiences. Crypto users are different, and that gives us an advantage. That’s exactly what we are focused on,” he added.
“That’s part of our long-term vision, aligned with our overall strategy. Particularly in transaction processing, we have some innovative plans that can directly enhance profits.”
Super Group said its technology efforts, crypto rollout and Jackpot City expansion will help secure future success in Africa.
The company anticipates digital assets and alternative payments will become more integrated into licensed gaming frameworks.
While growing its African footprint, Super Group also revealed its plans to leave the US market because of profitability challenges. North America, including Canada, delivered a record $199 million in Q2 revenue. The US exit is expected to cost around $30–$40 million, though no date has been given.
Menashe confirmed the group is seeking a buyer for its American player database.
Super Group raises outlook after strong Q2 results
Super Group’s revenue climbed 30% year-on-year to $579.4 million in Q2.
In its earnings report on Thursday, the company credited growth in Africa, Europe and North America for hitting record quarterly revenue.
That performance, however, was partly offset by declines in LatAm, the Middle East and Asia-Pacific regions.
Monthly active players rose 21% to 5.5 million, up from 4.5 million in Q2 2024. This marks the fifth straight quarter of growth in active users.
Profit before tax came in at $38.8 million.
