Super Group is looking at adopting crypto payments in Africa to help offset high banking costs and attract new players.
Super Group is exploring plans to provide crypto payments to users across its core African markets to aid high operating costs.
We are actively implementing and seeking new opportunities in the crypto space, chief executive Neal Menashe told analysts during Super Groups Q2 earnings call on Thursday.
These initiatives aim to position us for long-term success as alternative payment methods and digital asset frameworks become more integrated into the regulated gaming ecosystem.
The Betway operator described Africa as vital to its strategy. In Q2, Africa and the Middle East generated almost 40% of the NYSE-listed groups total revenue, with the market rising 38.8% year-on-year to $229 million.
Menashe stressed the importance of technology investment across the region to support its rapid growth. As part of this effort, Menashe said the operator was looking to introduce crypto payments in more African markets, to offset high banking costs.
African businesses often face higher processing fees than other regions. Settlement delays also add hidden costs.
In the African side of our business, we have a banking issue there, Menashe said. I think crypto and coins can make a huge difference there because, remember, banking is a really big cost in Africa, especially for us onboarding our customers and then payments across the continent. So, for us, I think crypto then also brings a different customer.
He noted regulation across the nation supported these crypto ambitions. Menashe also added that crypto expansion could attract new customers.
Its a different kind of customer, again, a different genre, in the same way that in the casinos, we have different genres of casino. Crypto is a different kind of customer. So that helps us, and thats what we are actively looking at, he told analysts.
Thats our great long-term play, and I think aligns with our strategy and especially on the processing side, if we can do something clever there. Weve got some ideas on that effectively that will bring pure profit to the bottom line.
Super Group said its technology focus, crypto expansion and Jackpot City rollout will support long-term success in Africa.
It expects alternative payment methods and digital assets to integrate further into regulated gaming ecosystems.
While expanding in Africa, Super Group recently announced it will be exiting the US due to revenue costs. North America, including Canada, posted a record quarter with $199 million in Q2 revenue. The US exit has no public date but is expected to cost a one-off amount of $30$40 million.
Menashe said during the call that the group was looking for a buyer for its US player database.
Super Groups revenue increased by 30% year-on-year to $579.4 million during Q2.
It said in an earnings update on Thursday that growth was powered by increased activity in Africa, Europe and North America markets and had lead to record quarterly revenue for Super Group.
However, the figures were partially offset by declines across the LatAm, Middle East and Asia-Pacific markets.
Monthly active customers for Super Group increased by 21% to 5.5 million, compared to 4.5 million in Q2 2024, marking the fifth consecutive quarter of monthly active customer growth.
Profit before tax, meanwhile, amounted to $38.8 million.
