Super Group (SGHC) Limited (SGHC): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the real engine behind Super Group (SGHC) Limited, and honestly, after two decades analyzing these plays, their Business Model Canvas reveals a very deliberate, profitable pivot. Forget the costly US drama; the real money is in their international footprint, especially the high-margin casino vertical which drove approximately $459 million in revenue in Q3 2025, dwarfing the $91 million from sports betting that same quarter. This shift, supported by brands like Betway and Spin and licenses in over 20 jurisdictions, is what built their $461.9 million cash pile as of Q3 2025. To see how they manage the customer acquisition costs and regulatory complexity to keep that cash growing, check out the full breakdown of their nine building blocks right here.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships Super Group (SGHC) Limited builds to deliver its value proposition across sports betting and gaming. These aren't just logos on a jersey; they are critical for brand trust and operational flow. Honestly, the scale of their sports marketing spend is a major factor in their customer acquisition strategy.

The global sports team sponsorships are a cornerstone for brand visibility, especially for the Betway brand. For instance, the partnership with Arsenal as Global Betting Partner began in the 2023/24 season. Further cementing their presence in top-tier football, Super Group (SGHC) Limited secured partnerships with Manchester City in 2024 and added Chelsea FC to its portfolio in September 2024. On the rugby front, Betway is the Official Betting Partner of the Springboks, the back-to-back world champions.

Motorsport provides another high-visibility channel. Ahead of the 2025 season, both the Betway and Jackpot City brands partnered with Atlassian Williams Racing in Formula 1. This type of partnership supports the overall group performance, which saw Q3 2025 revenue hit $556.9 million and resulted in raised full-year 2025 revenue guidance to between $2.17 billion and $2.27 billion.

Operational stability relies heavily on financial partners. Super Group (SGHC) Limited manages significant transaction flows, and the cost of processing in certain regions is a key metric. For example, in the African business, processing costs for deposits can range from 3% to 6%. Furthermore, as of December 31, 2024, the company reported processor receivables-balances due from Payment Service Providers (PSPs)-amounting to €33,901k. A strategic move to enhance payment efficiency is the planned late November 2025 launch of the rand-pegged stablecoin, Super Coin, in South Africa.

The company's global footprint is supported by its regulatory compliance. Super Group (SGHC) Limited operates across numerous legal frameworks, with its group companies licensed in over 20 jurisdictions spanning Europe, the Americas, and Africa. This extensive licensing network is crucial for maintaining operations, especially as the company achieved a record 6 million monthly active customers in September 2025.

Here's a quick look at the key partnership categories and associated figures:

The reliance on third-party gaming content providers for the Spin multi-brand online casino is managed alongside the core sports betting offering. The operational success is clear: the Q3 2025 Adjusted EBITDA margin was a robust 27%.

You should track the ongoing dividend policy, which reflects this strong cash generation. Super Group (SGHC) Limited declared a total of 16¢ per share in dividends for 2025 so far, with the latest 4¢ payment declared in December 2025.

• Global sports sponsorships aim to drive customer engagement, which reached 5.5 million Monthly Active Customers in Q3 2025 (up 18% year-over-year).
• The company is actively managing payment costs, aiming to improve efficiency with the launch of Super Coin in South Africa in late November 2025.
• The regulatory framework allows for operations across Europe, the Americas, and Africa.
• The Q3 2025 Sportsbook Margin was reported at 12.8%.

Finance: review the Q4 2025 projected payment processing fees against the 3% to 6% African benchmark by end of next week.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Key Activities

Operating and maintaining the Betway and Spin online platforms.

Data-driven marketing and customer acquisition across core markets.

• Monthly Active Customers increased by 18% to 5.5 million for the third quarter of 2025.
• The company noted improved marketing ROI contributing to margin expansion in Q3 2025.
• Marketing spend is shifting from acquisition to retention.
• 95% of Group revenue is derived from 10 core markets.

Proprietary technology development and platform enhancement.

• The global platform is underpinned by scale and leading technology.
• Proprietary marketing and data analytics engine is a core component.
• Infrastructure enhancements include system scalability and data analytics integration.

Risk management and pricing optimization for sports betting.

• Sports betting gains in Q3 2025 were driven by optimised pricing and more efficient trading.
• Improvements in pricing models and more efficient risk management were noted drivers of Q2 2025 performance.
• Ex-US Adjusted EBITDA for Q3 2025 was $149.2 million.

Ensuring regulatory compliance and responsible gaming practices.

• Super Group is licensed in multiple jurisdictions across Europe, the Americas, and Africa.
• The company announced its intention to exit U.S. iGaming following recent regulatory shifts.
• The expected one-time cash restructuring cost related to the anticipated U.S. iGaming exit is approximately between $30 million to $40 million.
• The proprietary engine empowers the company to responsibly provide a unique and personalized customer experience.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Key Resources

You're looking at the foundational assets Super Group (SGHC) Limited relies on to run its global sports betting and gaming operations. These aren't just line items; they are the engines driving the business.

Proprietary marketing and data analytics engine. This engine is key to how Super Group (SGHC) Limited manages customer relationships. It empowers the company to responsibly provide a unique and personalized customer experience. The effectiveness of this resource is reflected in the customer engagement metrics achieved in Q3 2025.

Strong, globally recognized brands: Betway and Spin. Betway is positioned as a premier online sports betting brand, while Spin operates as a multi-brand online casino offering. The revenue contribution from these brands in Q3 2025 shows their power.

Unrestricted cash and cash equivalents of $461.9 million (Q3 2025). This balance as of September 30, 2025, provides significant financial flexibility. It's a robust position, up from $388.0 million at December 31, 2024.

Global operating licenses in over 20 jurisdictions. Super Group (SGHC) Limited maintains its global footprint through licenses across key markets in Europe, the Americas, and Africa. The specific number of jurisdictions cited is over 20.

Highly skilled technology and trading teams. The leadership team is described as betting, gaming, and technology pioneers with decades of industry experience. The company supports this with a diverse workforce, with one report noting over 3,000 colleagues located in 16 countries as of late 2024/early 2025.

Here's a quick look at some operational scale that these resources supported in the third quarter of 2025:

The success of the platform is also tied to recent strategic developments, such as the launch of Super Coin, a South African rand-pegged stablecoin, intended to enhance payments and customer engagement.

The key tangible and intangible assets supporting the business model include:

• Proprietary data analytics engine for personalization.
• Betway and Spin brands.
• $461.9 million in cash and cash equivalents (as of September 30, 2025).
• Licenses in over 20 jurisdictions.
• Technology and trading personnel.
• New payment innovation like Super Coin.

Finance: draft 13-week cash view by Friday.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Super Group (SGHC) Limited is pulling in serious cash as of late 2025. The value they deliver centers on a dual-product approach, global scale, and a tech backbone that keeps customers engaged.

Diverse online offering: premier sports betting and multi-brand casino.

Super Group (SGHC) Limited offers both sports betting, primarily through the Betway brand, and multi-brand online casino gaming via Spin. The casino vertical is the clear revenue driver. For the third quarter of 2025, online casino revenue hit $459 million, dwarfing the $91 million generated by sports betting revenue in the same period. To be fair, sports betting still moves a lot of volume, with wagers totaling $901 million in Q3 2025, a 12% year-over-year increase, while casino wagers rose 20% year-over-year.

The brand contribution in Q3 2025 shows this split clearly: Betway generated an impressive $341 million in revenue, while Spin contributed $216 million. This shows the power of having both a premier sports brand and a strong casino offering.

Scalable, profitable, and geographically diversified global platform.

The platform's scale is evident in its customer base and financial guidance. Monthly Active Customers averaged 5.5 million in Q3 2025, reaching a record 6 million in September. Profitability is strong, with Q3 2025 Adjusted EBITDA reaching $152.1 million, marking a 65% year-over-year increase and achieving a margin of approximately 27%. The company raised its full-year 2025 guidance to expect revenue up to $2.27 billion and Adjusted EBITDA between $555 million and $565 million.

The geographic spread is wide, though the company is sharpening its focus post-exit from the U.S. iGaming market. Here's a look at the revenue split from the second quarter of 2025, showing where the global footprint is strongest:

Personalized customer experience via a proprietary data engine.

Super Group (SGHC) Limited touts its proprietary marketing and data analytics engine as the key to delivering a unique and personalized customer experience. This focus on the individual seems to translate directly into engagement metrics. The 18% year-on-year increase in Monthly Active Customers to 5.5 million in Q3 2025 reflects this execution across core markets.

Secure, reliable, and continuously enhanced digital gaming platforms.

Platform reliability is underpinned by a strong balance sheet, which gives the company flexibility. Cash and cash equivalents stood at $461.9 million as of September 30, 2025. Furthermore, the company is enhancing its payment infrastructure, notably by launching Super Coin, a South African rand-pegged stablecoin, to improve customer engagement.

The platform's reliability is also shown by the strong financial results achieved despite customer-friendly outcomes in September 2025.

High-margin casino vertical, which dominates revenue.

The casino vertical is the margin powerhouse. In Q3 2025, the $459 million in online casino revenue was substantially higher than the $91 million from sports betting. This dominance is a core value proposition, as the casino segment generally carries higher margins than sports betting, which is reflected in the overall margin expansion the company noted.

Here's a quick comparison of the revenue contribution from the two main verticals in Q3 2025:

• Online Casino Revenue: $459 million
• Sports Betting Revenue: $91 million
• Total Revenue (Q3 2025): $556.9 million

If you're looking at the core driver of profitability, it's definitely the casino side of the business right now.

Finance: draft 13-week cash view by Friday.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Customer Relationships

Super Group (SGHC) Limited drives customer relationships through a data-first approach, aiming for sustained engagement across its Betway and Spin brands.

Automated, data-driven personalized marketing and offers

The group utilizes its proprietary marketing and data analytics engine to tailor the customer experience. This involves employing statisticians and data scientists to model customer profitability for personalized incentivization. The focus on controlled marketing spend is evident in the recent figures.

This disciplined approach aims to shift resources from acquisition to retention in mature markets.

Responsive customer support channels for issue resolution

Operational practices include maintaining responsive customer support channels. Customers can interact with the Customer Care Team for specific service requests.

• Deposit limits can be set via account or by contacting the Customer Care Team.
• Take a break periods can be set from 24 hours to six weeks by logging in or contacting the Customer Care Team.

Self-service tools and responsible gaming features

Super Group integrates a suite of safer gambling tools to help customers control their play, which are accessible through self-service account management.

• Self-exclusion periods can be applied in ranges from six months to five years.
• The suite includes a reality check, deposit limit, take-a-break, and self-exclusion options.

High customer retention driven by product innovation

The company points to high customer retention as a key driver of its record financial performance in the first half of 2025. Product innovation supports this engagement.

The success in Q2 2025 was specifically fueled by the 'continued traction of Bet Builder, our innovative parlay product.' Furthermore, the launch of Super Coin is anticipated in Q4 2025.

Brand-led engagement through major sports sponsorships

Brand engagement is heavily supported by a market-leading sponsorship portfolio. The group's brands share the thrill with around 5.5 million monthly active customers.

The market leading sponsorship portfolio has over 90 brand partnerships.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Channels

You're looking at how Super Group (SGHC) Limited gets its product-online sports betting via Betway and casino gaming via Spin-in front of customers as of late 2025. The focus is clearly on digital, direct engagement, backed by high-profile brand visibility.

Direct-to-consumer via Betway and Spin mobile apps and web platforms represent the core delivery mechanism. The success of this channel is evident in the customer growth figures. Super Group (SGHC) Limited hit a record 6 million monthly active customers in September 2025, with the average for the third quarter of 2025 standing at 5.5 million monthly active customers, an 18 percent year-on-year increase. This is up from 4.5 million monthly active customers in Q2 2024. These customers engage directly through the proprietary platforms, which are the primary revenue generators.

The revenue generated through these direct channels in Q3 2025 shows the relative strength of the two brands and product types:

The company noted that its disciplined investment in high-return markets, combined with operational efficiencies and improved marketing ROI, continues to drive expanding margins. While specific spend on app versus web acquisition isn't broken out, one analyst note mentioned a total marketing spend of approximately $500 million for the full year 2025, with an ongoing effort to find a more efficient 'new channel'.

Affiliate marketing networks for customer referral are part of the broader marketing strategy that focuses on improved Return on Investment (ROI). The CFO noted that improved marketing ROI is translating into expanding margins. The company is focused on disciplined investment in high-return markets, which would certainly include optimizing the performance of any affiliate partnerships to ensure they meet Super Group (SGHC) Limited's return thresholds.

Global sports sponsorships for brand awareness and traffic are a visible component of driving top-of-funnel interest, especially in key growth regions like Africa, where aggressive marketing and sponsorships are credited with fueling growth. Super Group (SGHC) Limited maintains a market-leading sponsorship portfolio with over 90 brand partnerships. Key examples relevant to the 2025 period include:

• Partnership with Atlassian Williams Racing ahead of the 2025 Formula 1 season.
• Official Betting Partner status with football clubs like Arsenal, Manchester City, and Chelsea FC.
• Title sponsor of the Premier Soccer League in South Africa, now known as the Betway Premiership.

This visibility supports the overall customer acquisition efforts that feed the direct D2C channels. Finance: draft 13-week cash view by Friday.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Customer Segments

You're looking at the core audience for Super Group (SGHC) Limited right now, late in 2025. Honestly, the numbers tell a clear story about where the action is, especially after they streamlined operations by exiting the U.S. iGaming market.

The customer base is fundamentally split between two major verticals, served by their primary brands, Betway and Spin. The Betway segment targets the mass market of online sports bettors globally, leveraging its licenses across regulated territories. Spin, on the other hand, focuses on the online casino gamers in licensed markets.

The sheer scale of their reach is impressive. As of the third quarter of 2025, Super Group (SGHC) Limited reported having over 5.5 million monthly active customers. That's a solid engagement metric, showing real traction across their platform. The CEO even mentioned hitting six million monthly active customers as a significant milestone, reflecting product innovation and local execution.

The growth engine is clearly concentrated in specific areas. You see the strongest performance coming from customers in high-growth regions like Africa and Europe, which is where the company is focusing its disciplined investment.

Here's a quick look at the geographic focus and the customer base driving the recent financial results:

To be fair, the company's licensing footprint under Betway covers Europe, the Americas, and Africa, but the current revenue mix shows where the most active and profitable segments are right now. The financial health supporting this customer base is strong, with cash and cash equivalents standing at US$461.9 million as of September 30, 2025, backing up their Q3 2025 revenue of US$556.9 million.

You can break down the customer engagement by product type as well, which gives you a better picture of who is playing:

• Online casino revenue accounted for US$459 million of the Q3 2025 total revenue.
• Sports betting contributed US$91 million in revenue for the same period.
• The top brand, Betway, generated an impressive US$341 million in revenue for the quarter.
• The Spin brand contributed US$216 million in revenue for the quarter.

Finance: draft 13-week cash view by Friday.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Super Group (SGHC) Limited's operations as of late 2025. Honestly, for many of these line items, the most granular, audited figures we have are from the close of the 2024 fiscal year, which sets the baseline for current spending, though we have some forward-looking guidance for 2025.

One-Time Restructuring Cost for US Exit

The most immediate, non-recurring cost is tied to the strategic decision to exit the United States iGaming market. Super Group (SGHC) Limited expects to incur a one-time restructuring cash cost related to this anticipated exit of between $30 million - $40 million. To be fair, the group had already spent $32.7 million to facilitate Betway's US withdrawal previously.

Personnel Costs for Trading, Tech, and Customer Support

Personnel is a major fixed cost, and we can look at the executive compensation from the end of 2024 as a proxy for the high-level cost structure, though this doesn't capture the full operational headcount for trading, tech, and support. For the year ended December 31, 2024, the total cash compensation for all executive officers and directors was $6,447,439. This broke down into:

• Base compensation: $2,986,388
• Bonuses: $3,461,051

The increase in direct employment costs in 2024 was attributed to staff additions to ensure adherence to various regulatory requirements and to align business strategy across key functions.

Technology Development and Platform Maintenance Expenses

Technology investment is capitalized expenditure on software, which is key to platform maintenance and development. For the nine months ended September 30, 2024, Super Group (SGHC) Limited reported outflows from investing activities that included further investment in tangible and intangible assets of €63.6 million, predominantly due to the capitalization of expenditure on software. For context, the investment in tangible and intangible assets in the first quarter of 2024 alone was €20.6 million, also predominantly for capitalized software expenditure.

Gaming Duties and Regulatory Compliance Fees Across Jurisdictions

Regulatory costs are jurisdiction-dependent and subject to change, which is a near-term risk. For instance, the United Kingdom announced new duties that will impact future costs significantly. Effective April 2026, the tax on remote gaming will rise to 40 percent from 21 percent, and levies on online sports betting will increase to 25 percent from 15 percent by April 2027. Super Group (SGHC) Limited stated these UK tax increases would result in a 6 percent negative impact on its 2026 adjusted EBITDA. For 2024, the Adjusted EBITDA loss attributed to the US operations was €60.8 million.

Customer Acquisition Costs (Marketing and Sponsorship)

Specific marketing spend figures for late 2025 aren't public, but we see the focus areas. Super Group (SGHC) Limited is striving to maximize operational and marketing cost efficiencies across the group, achieving a margin of 24 percent for the second quarter of 2024 in a row, well ahead of the long-term target of 20 percent. The company highlighted welcoming sponsorships with Manchester City and South Africa's Premier Soccer League (Betway Premiership) in Q2 2025, indicating continued investment in high-profile brand building.

Here's a quick look at the scale of recent operational metrics that drive these costs:

Finance: draft 13-week cash view by Friday.

Super Group (SGHC) Limited (SGHC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Super Group (SGHC) Limited brings in money as of late 2025. It's a dual-engine operation, split between casino gaming and sports wagering, with a strong focus on international markets now that the U.S. exit is wrapping up.

The most recent quarterly performance, Q3 2025, gives us a clear picture of the revenue mix. The overall Group Revenue for that quarter hit $556.9 million.

Here's how the main operational segments contributed to that Q3 2025 total:

That $6.9 million for brand licensing and other ancillary income is the difference between the sum of the two main segments ($459M + $91M = $550M) and the reported total Q3 2025 revenue of $556.9 million. It shows that while casino and sports are the heavy lifters, there's still a small, steady stream from other sources.

The company's scale is definitely a factor in these numbers, driven by a very active user base. The record monthly active customers for Q3 2025 reached 5.5 million.

Looking ahead, Super Group (SGHC) Limited has updated its expectations for the full financial year 2025. The guidance reflects confidence in the continued momentum from the strong Q3 results:

• Full-year 2025 Group Revenue guidance is set between $2.17 billion and $2.27 billion.
• The company is also raising its Adjusted EBITDA guidance for the year to a range of $555 million to $565 million.

You can see the revenue streams are heavily weighted toward the casino side, which is typical for a diversified operator like this, but the sports betting component provides valuable engagement, especially during major sporting events. Finance: draft 13-week cash view by Friday.