Published on: March 18, 2026, at 02:49h.
Updated on: March 19, 2026, at 04:49h.
- The previously popular stock is experiencing challenges this year.
- Super Group may gain from the upcoming World Cup.
- Analyst suggests the market hasn’t fully grasped the Africa opportunity.
Super Group (NYSE: SGHC) stock appears to be on the verge of a recovery as the World Cup approaches, with growing investor awareness of the gaming company’s strong position in Africa.
In a recent report, Citizens Equity Research analyst Jordan Bender maintains a “market outperform” rating for Super Group with a price estimate of $16, suggesting an upside of 50.9% from its current trading price. Once one of the hottest gaming stocks last year, Super Group has seen a decline of over 11% year-to-date, partly due to a negative report from a short seller and also because some investors are not yet fully aware of the company’s exposure in Africa.
“The unique advantage of the Betway brand throughout Africa lies in its marketing partnerships with international soccer leagues and the South African Premiership,” Bender notes. “These marketing efforts, such as signage and jersey sponsorships, significantly boost brand visibility across its eight markets, resulting in remarkably low customer acquisition costs and paybacks that far exceed global averages.”
Super Group is a leading operator in both online casinos and sports betting across nearly 10 African markets, including South Africa. While the company has stepped back from the U.S. market, it continues to operate in Canada and Europe.
World Cup as a Potential Catalyst for Super Group Stock
Last year, Africa contributed approximately $900 million, or 40%, to Super Group’s revenue, and with the World Cup on the horizon, the continent’s passion for soccer may serve as a significant catalyst for the stock’s performance.
The parent company of Betway has secured global marketing agreements with English Premier League teams favored by African audiences, including Arsenal, Chelsea, and Manchester City. Additionally, African soccer bettors show a strong preference for parlays, which are quite lucrative for operators.
“In Africa, parlays account for 67% of total bets compared to about 30% in the U.S., leading to impressive gross gaming margins of 18% (24% specifically for parlays), with around 90% of the betting volume being generated from soccer,” Bender asserts. “The leadership team believes that Africa is experiencing favorable trends due to a younger demographic and an expanding market beyond traditional gaming areas.”
The analyst indicates that Nigeria, Africa’s most populous country and fourth-largest economy, could ignite growth for Super Group.
“Currently, the company holds a high-single-digit market share without considerable marketing efforts as it evaluates its market entry strategies. However, it is expected to initiate investment within one to two months. While plans are still in development, it appears the target market will focus on the middle to upper segments,” Bender elaborates.
Leveraging Crypto and Technology for Success in Africa
In November of last year, Super Group introduced the ZAR Supercoin (ZARSC), a cryptocurrency linked to the South African rand. This digital currency, along with the company’s technological advancements, could facilitate further success in Africa.
“The integration of cryptocurrency is effectively compelling banks and payment providers to lower transaction costs by offering better rates,” concludes Bender. “Moreover, the company believes that large-scale adoption is not necessary to make significant impacts given the size of the South African market.”