Record Q1 Results Support Nigeria Focus
Super Group has signalled that Nigeria will play a larger role in its African growth strategy after the Betway and Spin parent company reported record first-quarter results for 2026.
The NYSE-listed operator said revenue reached $612m for the three months to 31 March 2026, up from $517m in the same period last year. Profit for the period rose to $86m, compared with $59m in Q1 2025, while adjusted EBITDA increased to $152m from $111m.
Super Group also reported 6.4 million average monthly active customers, an 18% year-on-year increase, and ended the quarter with $422m in cash and cash equivalents. The company reaffirmed its full-year 2026 guidance of revenue above $2.55bn and adjusted EBITDA above $680m.
Africa Becomes A Clearer Reporting Focus
Alongside the results, Super Group confirmed a change to its reporting structure. From the year ending 31 December 2026, the company will report through two segments: Africa and International. It previously reported through Betway and Spin.
The company said the change reflects how the business is now managed internally, with greater emphasis on regional performance and market-specific decision-making. Africa generated $267m in reportable segment revenue in Q1 2026, compared with $201m a year earlier. International reportable segment revenue rose to $339m, from $311m.
On product lines, Africa’s iGaming revenue increased to $190m, while sportsbook revenue rose to $77m. The company said Africa revenue grew 33% year-on-year, with adjusted EBITDA for the segment rising 21% to $98m.
Nigeria Singled Out By Management
Chief executive Neal Menashe told analysts that he had recently spent time with Super Group’s team in Nigeria and said actions being taken there should strengthen the company’s growth profile as execution ramps up.
Asked what success in Nigeria would look like this year, Menashe described the market as “interesting” and said the wider African continent, “maybe led by Nigeria”, was improving. He pointed to Nigeria’s population scale and said Super Group would try to substantially grow the business there while continuing to refine its product approach.
The comments position Nigeria as a notable part of Super Group’s next phase in Africa, although the company did not give a specific Nigeria revenue target or timetable. That makes the market important strategically, but not yet separately measurable from the wider Africa segment in the published financial figures.
M&A Remains Selective
Super Group also addressed potential acquisitions after reporting a strong cash position. Chief financial officer Alinda van Wyk said the company does not need M&A to meet its plan, which remains based on organic growth. She said any deal would need to be selective, at the right price and capable of improving the business.
Menashe added that Super Group would not overpay for assets. The company’s recent sportsbook acquisition was completed at the end of February, with the group saying it now owns the software following final regulatory approvals.
For UK readers, the results are notable because Super Group owns Betway, a widely recognised brand in the British market. The company said European revenue grew in Q1, with management also referring to UK growth during the analyst call.
The latest results show Super Group placing more weight on regional execution, particularly in Africa, while maintaining a conservative line on acquisitions and full-year guidance.
