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1. A global DraftKings or FanDuel.

2. Like a purely online, global Caesars or MGM.

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• Online Sports Betting: Provides a platform for users to place wagers on a diverse range of sports events worldwide.
• Online Casino Games: Offers a variety of digital casino experiences, including slots, table games, and live dealer options.

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Super Group (symbol: SGHC) is an online gaming and betting company that primarily sells its services directly to individual consumers (B2C) rather than to other businesses.

Its customers can be broadly categorized into the following groups:

• Online Sports Bettors: Individuals who engage in placing wagers on various sports events through Super Group's sportsbook brands, most notably Betway. These customers are typically interested in sports, seeking competitive odds, and enjoying the thrill of predicting outcomes.
• Online Casino Players: Individuals who play a wide array of virtual casino games, including slots, table games (like blackjack and roulette), and live dealer games, through Super Group's casino brands such as Spin Casino and the casino sections of Betway. These customers are often attracted by game variety, entertainment value, and the potential for jackpots.
• Geographically Diverse Players: Super Group serves a global audience, with a significant customer base residing in various regulated and growth markets across Europe, Africa, and the Americas. This category highlights the company's reach to individual players across diverse regulatory environments, cultural backgrounds, and economic conditions.

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• Evolution AB (EVO)
• Microgaming
• Pragmatic Play
• Visa Inc. (V)
• Mastercard Incorporated (MA)
• PayPal Holdings, Inc. (PYPL)
• Paysafe Limited (PSFE)

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Neal Menashe, Chief Executive Officer and Director

Neal Menashe is a co-founder and long-time executive of Super Group (SGHC), appointed CEO in January 2021. A chartered accountant by training, he has over two decades of leadership experience in the iGaming sector. He co-founded Win Technologies in 2001, an online marketing support and solutions company, which was subsequently acquired by the Betway Group in 2011. Under his leadership, Super Group has expanded globally and went public via a SPAC merger in January 2022.

Alinda Van Wyk, Chief Financial Officer and Director

Alinda Van Wyk serves as the Chief Financial Officer and Director of Super Group (SGHC). She brings over 20 years of industry experience, having joined a predecessor company in 2000.

Richard Hasson, President and Chief Commercial Officer

Richard Hasson has been an executive with Super Group through its transformations from Win Technologies to Betway Group and then to the NYSE-listed Super Group. He joined Win Technologies in 2012 as Commercial Director, later becoming President and COO in 2020, and then President and Chief Commercial Officer in March 2024. A former chartered accountant at KPMG and Associate at Goldman Sachs, he is recognized for developing strategies, corporate development, and commercial partnerships that supported the company's global expansion. He is anticipated to step down from his role in the first half of 2025.

John Collins, Former Independent Director (and CEO of Sports Entertainment Acquisition Corp.)

John Collins was the Chief Executive Officer of Sports Entertainment Acquisition Corp. (SEAC), the Special Purpose Acquisition Company that merged with Super Group, resulting in SGHC becoming a publicly traded company in January 2022. He served as an Independent Director on Super Group's board before resigning effective December 31, 2023, to focus on his investments with the National Hockey League's New York Islanders. His extensive background includes serving as CEO of On Location Experiences from 2015 to 2020, where he grew annual revenues significantly. Prior to that, he was Chief Operating Officer of the National Hockey League from 2008 to 2015 and President and Chief Executive Officer of the Cleveland Browns NFL team from 2004 to 2006.

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The key risks to Super Group (SGHC) include:

1. Regulatory and Competitive Pressures: Super Group faces significant risks from regulatory tightening and evolving competitive landscapes in its core markets, particularly in Europe and Africa. The company must contend with stricter rules and marketing restrictions that could impact its scalability and margins. The decision to exit the U.S. iGaming market due to unfavorable regulatory shifts further underscores the impact of regulatory challenges on long-term profitability.
2. Execution Risks in Meeting Strategic Targets: Analysts have identified execution risks related to Super Group's ability to meet its ambitious medium-term financial targets and successfully navigate competitive pressures. There are concerns that achieving targeted profitability improvements will require flawless cost discipline and continued market share gains in an increasingly competitive sector.
3. Challenges in Achieving Strong Profitability and Cost Control: Super Group's net margin, return on equity (ROE), and return on assets (ROA) have been noted as below industry standards, indicating difficulties in achieving strong overall profitability and efficiently utilizing its assets. This suggests ongoing challenges in effective cost control and maximizing returns on capital.

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The emergence and increasing adoption of decentralized gambling platforms utilizing blockchain technology (Web3). These platforms offer an alternative model to traditional online casinos and sportsbooks like those operated by SGHC, potentially providing greater transparency through smart contracts, lower operational costs, and new tokenomics models that could attract users seeking different incentives and a more direct, peer-to-peer betting experience. While still niche, their fundamental difference in operation and potential to bypass traditional regulatory and financial infrastructures (though regulatory bodies are beginning to address this) poses a long-term disruptive threat to centralized online gambling businesses.

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Super Group (symbol: SGHC) operates in two primary segments: online sports betting and online casino gaming through its Betway and Spin brands, respectively. The addressable markets for these services span globally, with significant presence in Europe, the Americas, and Africa.

Online Sports Betting Market

• Global: The global online sports betting market was estimated at USD 100.9 billion in 2024 and is projected to reach USD 187.39 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 11% from 2025 to 2030. Another estimate valued the global online sports betting market at USD 62.99 billion in 2024, with a projection to reach USD 163.78 billion by 2033, demonstrating a CAGR of 11.2% during the forecast period (2025-2033).
• Europe: The European online sports betting market generated a revenue of USD 49.36 billion in 2024 and is expected to reach USD 89.76 billion by 2030, with a CAGR of 10.6% from 2025 to 2030. In 2024, Europe accounted for 48% of the global sports betting market revenue.
• North America: The North America sports betting market generated a revenue of USD 23.91 billion in 2024 and is expected to grow to USD 45.59 billion by 2030, at a CAGR of 11.5% from 2025 to 2030. This segment held the largest market share in the North American online gambling market in 2024.
• Africa: The total addressable market for interactive gross win in Africa is estimated at USD 6.4 billion in 2025, projected to reach USD 11.9 billion by 2030. In South Africa, online sports betting accounted for ZAR 28.97 billion (approximately USD 1.5 billion) of total gambling revenue in the 2023-24 financial year, with the total addressable market in South Africa estimated at USD 3.75 billion by 2030.

Online Casino Gaming Market

• Global: The global online casino market size was estimated at USD 19.11 billion in 2024 and is projected to reach USD 38.00 billion by 2030, growing at a CAGR of 12.2% from 2025 to 2030.
• Europe: The European online casino market is expected to generate €21.5 billion (approximately USD 23.16 billion) in 2024. Europe accounted for the largest revenue share in the global online casino market in 2024.
• North America: The online casino segment is anticipated to grow at a CAGR of 20.4% from 2025 to 2033 in North America. The overall North America online gambling market, which includes casino, was valued at USD 19.22 billion in 2024 and is anticipated to reach USD 54.42 billion by 2033.
• Africa: The overall Africa online gambling market, which includes casino gaming, is expected to reach a valuation of USD 11.27 billion by 2032, with an estimated CAGR of 7.06% over the forecast period (2024-2032). Casino wagers on Betway's operations in Africa increased by 750% since the first quarter of 2022, accounting for 68% of net revenue in Africa in Q2 2025.

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Super Group (symbol: SGHC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion into New Markets and Optimization of Global Footprint: Super Group is strategically expanding its presence, particularly in the African and Canadian markets. Africa has shown significant growth, with revenue increasing by 54% year over year, driven by strong performance in countries like South Africa, Ghana, Malawi, and the successful launch in Botswana, which has been highlighted as one of their most successful market entries. Management views Africa as a highly profitable engine for revenue and user growth. In North America, Canada (excluding Ontario) experienced a 15% year-over-year increase, supported by higher deposit volumes and robust customer retention. The company's strategy emphasizes delivering high growth across its sports betting and iGaming brands within an optimized global footprint, enabling efficient entry into new regions.

2. Growth of Existing Products and Enhanced Customer Engagement: The company has demonstrated strong performance in both its sports betting and casino offerings. In the first quarter of 2025, total combined revenue reached an all-time high of $517 million, growing 25% year over year. This growth was significantly fueled by exceptional wagering in sports betting (up 7% year-over-year) and casino (up 23% year-over-year). Super Group achieved a record 5.5 million average unique monthly active customers in Q2 2025, representing a 21% year-over-year increase. The company focuses on improving the customer experience with ongoing enhancements to its global platform to optimize engagement. Product innovation and enhanced marketing have also contributed to revenue surges in key markets like the UK and Spain.

3. Technological Advancements and Ownership of Sportsbook Technology: Super Group is investing in technology to continuously enhance the customer experience on its global platform. A significant driver is the company's move to assume full control of its sportsbook software technology, which it licensed from Apricot. This strategic decision provides maximum flexibility for organic growth and future merger and acquisition opportunities, allowing Super Group to apply its proprietary technology stack to any acquired or newly developed properties. This full control is expected to increase dedicated development resources for the Betway platform. The company also leverages its proprietary marketing and data analytics engine to offer a unique and personalized customer experience.

4. Strategic Mergers and Acquisitions (M&A): Super Group explicitly includes M&A as a key component of its investment and growth strategy. The acquisition of a majority stake in Jumpman Gaming, a profitable UK-focused online casino business, exemplifies this approach. The increased flexibility gained from owning its sportsbook technology further supports future M&A activities.

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Share Repurchases

• Super Group's Board of Directors authorized a share repurchase program of up to $25 million in January 2023, valid through December 31, 2023.
• Net common equity repurchased amounted to approximately $57 million in 2022 and $3 million in 2023.

Share Issuance

• The weighted average number of basic ordinary shares increased from 490,017,400 in 2022 to 501,803,294 in 2024.
• As of December 31, 2024, the number of ordinary shares outstanding was 503,407,783, reflecting a 1.29% increase over one year.
• An Employee Stock Purchase Plan (ESPP) includes an automatic annual increase in shares reserved for issuance, up to 7 million ordinary shares or 1% of outstanding shares, until January 2031.

Capital Expenditures

• Capital expenditures were approximately $2.4 million in 2021, $3.6 million in 2022, $6.8 million in 2023, $10.1 million in 2024, and $21.3 million for the trailing twelve months ending September 2025.
• The primary focus of these expenditures includes investments in AI, automation, and modern technology stacks to enhance customer experience, marketing efficiency, and risk management.
• Super Group has launched proprietary platforms like SuperClient and Synapse to enable rapid feature deployment, personalization, and scalability across its regions.