The first quarter of 2026 proved to be fruitful for Super Group. The Betway and Spin parent company reported revenue of $612m (£453m) for the period, representing an 18% increase year on year. During what CEO Neal Manashe described as a “record-breaking start to the year”, online casino drove 32.8% growth for the operator in Africa, with the region generating revenue of $267m.
The newly reported on international segment, which encompasses Europe, the Americas and Rest of World, added further revenue of $339m.
And there’s much for the company to look forward to for the remainder of the year.
In addition to the engagement- driving vehicle of the 2026 World Cup, Super Group can look ahead to the Canadian province of Alberta opening its doors to online gaming in July, and doing more business in the newly regulated markets in Ireland and New Zealand.
The company has also received approval to complete its acquisition of the Apricot technology platform, which currently powers its sportsbooks worldwide.
Speaking to EGR, CFO Alinda Van Wyk explains how the company is preparing for the coming months.
EGR: What do you believe was the key reason behind the increased growth in Africa during Q1?
Alinda Van Wyk (AVW): Africa is always interesting for us because we love the idea that sport drives the engagement of our business. While it makes us very special, for me, as a CFO, it makes me very nervous because of the volatility of the margin. We had a phenomenal January, but we had a very tough February because of one specific day where there were around 22 matches and all the favourites won. The volatility of the outcomes can really have an impact on a quarter.
We recovered well from that. Not just through a combination of better results, but also the increased engagement with the casino business. The net growth in both segments is largely driven by igaming, which is the basis of the foundation of the growth for us.
However, we’re sports-led. Football is a big part of who we are and resonates very well with our brand. Our brand equity is being built over days and months and years, and it’s really starting to get great momentum. If you switch on a TV in Nigeria or in Cape Town, you will see Betway, whether it’s on an Arsenal match or another Premier League game.
EGR: How big a factor could fixture volatility be for this summer’s World Cup fixtures?
AVW: The risk is not as severe as in the Premier League season; you don’t have so many matches on one day, you still have the possibility for draws in the earlier stages, and it’s unlikely the favourites won’t win in the beginning. The big one this time around is that we’ve got 63% more matches in this World Cup than previous World Cups, which brings exposure to more countries. Around 80% of the sports revenue we generate comes from countries that will be in the World Cup. Then you factor in the transfer of that customer engagement into other revenue streams such as igaming.
Customer numbers will definitely have an impact. We think handle could go up as high as 20%, but whether the outcomes go in our favour is a different discussion. We also like our customers to win sometimes because it’s an effective marketing tool.
EGR: With Alberta, New Zealand and Ireland all regulating in some form this year, how is the company handling those transitions?
AVW: In Ireland, we’re focused on getting the product right. We saw in Q1 a 13% increase year over year, so we’ve got good momentum there. The regulation looks like it will probably follow the way of the UK, so we know it well, and I think we’re ready for it as the product requirements are not as intensive.
We’re excited for Alberta as we’ve learned our lessons from Ontario. The one thing we’re changing in Alberta that we got wrong in Ontario is that it wasn’t a switch on, switch off, from pre regulation to regulation. What happened there was you had to acquire your customers all over again, whereas Alberta allows it to be more of a phased approach. You can see how the product is working before you move over all your customers, so you won’t really have to start from scratch.
The only thing we have to navigate is the big role players, like DraftKings and maybe Flutter, coming in from the US and pushing up the marketing CPAs. But I’m sure they’ve also learned from Ontario that it’s not about throwing money at the problem. Everybody’s much more mindful of marketing spend these days, compared to about three or four years ago, when it was just money flying everywhere. There’s much more discipline there now.
With New Zealand, we’ve been talking to the regulators for the past seven years. With them it’s slightly different; it’s new to them as a country and they’re not really understanding exactly where they want to land with it. But we have a number one podium position in New Zealand, and a very good relationship with the authorities. We spend a lot of time with them, lobbying and explaining the industry. It can even be simple things like what does the customer take? What does the operator take? What does the tax authority take? You have to lobby and explain that it needs to be a fair industry for everyone to win.
You also have to bolster your business to either be able to sustain tax increases like we’re seeing in the UK, where there’s a regulated regime that’s actually very stabilised. The UK government put taxes at 40% for casino. Then you have to really reinvent yourself to ensure that you can sustain that kind of exposure.
EGR: What concerns are there around the UK black market?
AVW: I think now, for the first time, the Gambling Commission announced this week its appointing people to fight against illegal operators, and that’s our biggest challenge at the moment. You’re exhausted by trying to do the right thing, following all the regulations, getting your product ready, to then have to give your market share to a company that operates illegally and doesn’t even pay taxes. It damages all the good work that’s done by the regulators and the operators.
EGR: After receiving approval for the Apricot tech stack, can you expand on how the company might look to utilise the technology going forward?
AVW: The Africa segment is operating on its own bespoke technology, but the international stack has always been licensed from Apricot, and we’ve always used a sportsbook that was plugged into the PAM from Apricot. It was always bespoke for Super Group, so no other operator used it. It was the next best thing for us to own that roadmap and the technology. The next phase is now we are bringing over some of the people who were working solely on the sportsbook into the Super Group arena, where they will become our employees.
The post Q&A: Super Group CFO on margin volatility and black market damage first appeared on EGR Intel.
Alinda Van Wyk speaks to EGR following the operator’s record-breaking Q1 results, discussing what spearheaded growth in Africa, and preparations for new market regulations later this year
The post Q&A: Super Group CFO on margin volatility and black market damage first appeared on EGR Intel.