Betway and Spin owner Super Group has entered the crypto market with the launch of its Africa-focused digital currency, the ZAR Supercoin. Stablecoins are cryptocurrencies that aim to maintain a stable value, often by being pegged to a stable asset like a fiat currency.
Super Group made the announcement on Thursday, with the purpose-built ZAR Supercoin to operate under a new division of the business called Super Money SA. The digital wallet is expected to launch in Q1 of next year.
The stablecoin will be used as a payment option for its Betway sportsbook brand, with the business looking to capitalise on the growing popularity of blockchain. An in-house cryptocurrency was first hinted at during Super Group’s Q2 earnings call, with CEO Neal Menashe saying the payments system could help mitigate high operating costs and leverage the growing popularity of crypto among consumers.
Africa’s stablecoin volumes are estimated to be worth around $100 billion across key markets, the company said.
The new blockchain-focused segment will also introduce a new Supercoin Wallet with the hopes it will provide a smoother payment process for the population in South Africa and the wider continent.
Alinda van Wyk, Super Group chief financial officer, said now was the right time for the company to move into the crypto space, due to the growing demand for convenient payment solutions.
“We have always been at the forefront of tech advancement in the gambling industry and this offering will also benefit the millions of customers who enjoy our brands in South Africa and in the rest of the continent,” Van Wyk said.
“The launch of Supercoin will position us for continued success, as alternative payment methods and digital asset frameworks become more integrated into the regulated gaming ecosystem. This also underscores our commitment to innovation and the use of advanced technology to position Super Group for sustained growth.”
Super Group’s Supercoin listed on Luno in SA
The stablecoin will be listed on leading regulated cryptocurrency exchange Luno and will be made available to customers in South Africa initially, the company said. As it gains traction, it will be added to other exchanges across the continent.
Tier 1 South African bank ABSA Group will hold custody of the Supercoin’s fiat currency backing reserves. The ZAR Supercoin will be deployed on the Solana blockchain, while Chainalysis will provide compliance solutions so that Super Money can establish risk policies and monitor transactions.
Growing acceptance of crypto
In a post-Q3 earnings call earlier this month, Menashe said the launch of its stablecoin marked a “significant and strategic step forward” in the company’s approach to payments.
“We intend Supercoin to be more than just a rewards tool,” Menashe explained. “It marks a crucial first step in integrating digital assets into our product stack.”
He said the wallet option would provide customers with a seamless and secure way to store, send and transact using Supercoin. “We expect it will lead to cost efficiencies over time,” he added.
Interest in crypto within the regulated gambling space has been heating up of late, particularly after Yolo Group announced in September that it was bringing its crypto casino brand into regulated markets.
At the time, Yolo said its decision was in part down to crypto becoming “mainstream”, with iGaming and sports consultant Stefan Kovach recently telling iGB: “Having been in the [crypto] space for seven, eight years, it’s definitely moved beyond a very core niche into something much, much bigger.”
This week, UK Gambling Commission CEO Andrew Rhodes also highlighted the increasing interest in crypto among gamblers. In a speech to industry CEOs, he cautioned the government could no longer overlook crypto gambling.
He refrained, however, from suggesting the UK might soon grant licences for crypto-based betting, emphasising instead that new regulatory measures must be established by policymakers.
With crypto continuing to soar in popularity, Super Group has become the latest company to enter the market with the launch of its ZAR Supercoin.