SGHC Limited (SGHC)
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Super Group (NYSE: SGHC) runs the Betway betting brand and the Spin multi-brand casino, holds licenses in 20 countries and in 2025 turned $56.8 billion of wagers into $2,231 million of revenue and $218 million of profit. The annual report filed with the U.S. securities regulator, the SEC, also shows the other side: 78 percent of revenue comes from South Africa, Canada and the United Kingdom; the 2023 push into the United States was written down to zero by 2025 at a cost of $141 million, because the tax rules moved; two tax cases worth $77 million combined are still open. And because the company files as a foreign private issuer, an auditor looks at the numbers only once a year. Not investment advice — just the question of how safe a house edge really is when a legislature decides whether the table may stand.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AISuper Group (SGHC) Ltd verkauft keine KI-Produkte — Umsatzquellen sind laut Geschäftsbericht 20-F für 2025 ausschließlich Online-Casino (1.790 Mio. US-Dollar), Sportwetten (408 Mio.) und Markenlizenzen (26 Mio.). Der Konzern beschreibt aber ausführlich und konkret den eigenen operativen Einsatz von Künstlicher Intelligenz und maschinellem Lernen: Betrugserkennung, Eingriffe in das Wettverhalten zum Spielerschutz, personalisierte Wett- und Spielempfehlungen sowie personalisierte Anreize zur Optimierung von Kundenzufriedenheit und Profitabilität. Das 20-F stuft die Fähigkeit, diese Systeme fortlaufend zu trainieren, ausdrücklich als Faktor mit wesentlicher Auswirkung auf die Umsätze ein. Die zusätzlich genannten KI-Regulierungsrisiken beziehen sich auf die eigene KI-Nutzung, nicht auf eine Bedrohung des Geschäftsmodells durch fremde KI — „Bedroht“ greift damit nicht. Einstufung: Nutzt KI.
View the full file — quotes, sources, reviewed filings
„Our artificial intelligence, including machine learning, and data science and analytics models are designed to analyze data attributes in order to identify complex transaction and behavior patterns. We do this for a number of purposes, including but not limited to fraud detection, determination of when and how to intervene in customer wagering activity for responsible gaming purposes, generation of personalized wagering and game recommendations in order to remove customer interface friction, and generation of personalized incentives (or disincentives, as the case may be) designed to optimize customer satisfaction, enjoyment and profitability."
Unsere Modelle für Künstliche Intelligenz einschließlich maschinellen Lernens sowie für Datenwissenschaft und Analytik sind darauf ausgelegt, Datenmerkmale auszuwerten, um komplexe Transaktions- und Verhaltensmuster zu erkennen. Wir tun das für mehrere Zwecke, unter anderem für die Betrugserkennung, für die Entscheidung, wann und wie in das Wettverhalten von Kunden zum Zweck des verantwortungsvollen Spielens eingegriffen wird, für die Erzeugung personalisierter Wett- und Spielempfehlungen, um Reibung in der Kundenoberfläche zu verringern, sowie für die Erzeugung personalisierter Anreize (oder gegebenenfalls Gegenanreize), die Kundenzufriedenheit, Spielfreude und Profitabilität optimieren sollen.
„Our ability to continuously train or improve our artificial intelligence, including machine learning, and related systems will have material impacts on our revenues, especially as methods of committing fraud evolve and become more sophisticated and as competitors, who are also implementing or will likely implement artificial intelligence into their operations, become better at evaluating, incentivizing and interacting with customers."
Unsere Fähigkeit, unsere Künstliche Intelligenz einschließlich maschinellen Lernens und die zugehörigen Systeme fortlaufend zu trainieren oder zu verbessern, wird wesentliche Auswirkungen auf unsere Umsätze haben — insbesondere, weil sich die Methoden des Betrugs weiterentwickeln und raffinierter werden und weil Wettbewerber, die ebenfalls Künstliche Intelligenz in ihren Betrieb einführen oder dies voraussichtlich tun werden, immer besser darin werden, Kunden zu bewerten, zu incentivieren und mit ihnen zu interagieren.
„Due to the current unsettled nature of the legal and regulatory environment surrounding artificial intelligence, our artificial intelligence features and our use, training, and implementation of artificial intelligence could subject us to new or enhanced governmental or regulatory scrutiny, product restrictions, social and ethical issues, negative consumer perceptions and reputational harm, intellectual property disputes, compliance costs, and other issues, including issues related to cybersecurity and data privacy."
Wegen der derzeit ungeklärten Lage des rechtlichen und regulatorischen Umfelds rund um Künstliche Intelligenz könnten unsere KI-Funktionen sowie unsere Nutzung, unser Training und unsere Umsetzung von Künstlicher Intelligenz uns neuer oder verschärfter behördlicher beziehungsweise regulatorischer Prüfung, Produktbeschränkungen, gesellschaftlichen und ethischen Fragen, negativer Verbraucherwahrnehmung und Reputationsschäden, Streitigkeiten über geistiges Eigentum, Befolgungskosten und weiteren Themen aussetzen, darunter Fragen der Cybersicherheit und des Datenschutzes.
Filings Reviewed: 20-F 2026-04-17 · 6-K 2026-05-11 · 6-K 2026-02-23
Rated on July 23, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.13 | – | 429 | 19.20 | 14.80 | – | – |
| 2025: Q1 | 0.13 | 42.90 | 567 | 37.60 | 11.40 | 360 | 241 |
| 2025: Q2 | -0.01 | – | 682 | 64.40 | -0.70 | -171 | -122 |
| 2025: Q3 | 0.19 | 915.50 | 556 | 23.50 | 17.20 | – | – |
| 2025: Q4 | 0.13 | 5.20 | 578 | 34.70 | 11.60 | – | – |
| 2026: Q1 | 0.17 | 33.70 | 612 | 8.00 | 14.20 | 91 | 89 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue rose 21.6 percent in 2025 to $2,231 million, profit reached $218 million (from a loss of $8 million in 2023), and adjusted EBITDA climbed 57 percent to $559.5 million at a margin near 25 percent. The first quarter of 2026 continued the trend ($612 million of revenue, +18 percent; $86 million of profit), and guidance for 2026 calls for more than $2.55 billion of revenue and more than $680 million of adjusted EBITDA.
At December 31, 2025, $513.2 million of cash and $801 million of equity (a 63 percent ratio) faced only $17 million of interest-bearing debt; since February 2026 an undrawn $100 million credit facility sits alongside. Distributions totaled roughly $156 million in 2025 plus $152 million in the first quarter of 2026, and the dividend target rose from 16 to at least 20 cents per share.
Of $2,231 million of 2025 revenue, $1,734 million — 77.7 percent — came from South Africa ($708.2 million), Canada ($698.1 million) and the United Kingdom ($328.0 million); no other country reached 10 percent. In Canada, the second-largest market, the group is licensed in Ontario only; the annual report describes the rest of the country as not explicitly regulated.
Regulatory risk has already materialized: the U.S. exit cost $141.1 million of impairments from 2023 through 2025, triggered in part by gaming taxes according to the filing. Gaming tax and license costs rose 74.4 percent in 2025 to $93.1 million (11.0 percent of gaming revenue, up from 7.3 percent), and two matters remain open — an unassessed $50.4 million voluntary disclosure and a $26.4 million HMRC case with the first instance lost.
As a foreign private issuer the group publishes audited numbers only once a year (the 20-F for 2025 on April 17, 2026); the quarterly figures in its 6-K announcements are explicitly preliminary and unaudited. The currency switch from euros to dollars (from 2025) and the segment change (Africa/International from 2026) break the time series. Roughly 64 percent of the shares sit with two Isle of Man companies whose ultimate beneficiaries are not named.
Super Group is an unusually profitable online gambling operator: $2,231 million of revenue in 2025 (+21.6 percent), $218 million of profit, $559.5 million of adjusted EBITDA, $513.2 million of cash, almost no debt and a rising dividend. The price of that sits in the notes: 77.7 percent of revenue comes from South Africa, Canada and the United Kingdom; the U.S. entry ended after three years in $141.1 million of impairments because the tax rules moved; two tax matters worth roughly $77 million are unresolved; and as a foreign private issuer the company presents audited numbers only once a year. The house edge is real — it holds only as long as the table may stand. Not investment advice.
- Super Group reached our research list not through a scanner hit but through Form 13F-HR of Helikon Investments Ltd as of March 31, 2026 (filed May 8, 2026): 9,424,702 shares worth $101,786,782, an entirely new position. A 13F shows only U.S.-listed long positions with a 35- to 45-day lag, without shorts or derivatives — a rear-view mirror, not a road map.
- Standard screener metrics only partly apply to this stock: as a foreign private issuer Super Group files no 10-Q, so many quarter-based metrics (the Piotroski F-Score among them) cannot be updated. Every figure used here comes straight from the 20-F for 2025 and the 6-K interim reports.
- Valuation figures are dated and evergreen: an anchor price of about $10.80 per share, derived from the 13F filing as of March 31, 2026 ($101,786,782 for 9,424,702 shares), implying a market value of roughly $5.5 billion, a P/E near 25 on 2025 profit and near 16 on the annualized first-quarter 2026 run rate. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Super Group (SGHC) Limited ist als Online-Sportwetten- und Glücksspielbetreiber tätig. Das Unternehmen bietet Betway, ein Online-Sportwetten- und Casino-Angebot; und Spin, ein Multi-Brand-Online-Casino.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 2,726 |
| Headquarters | Saint Peter Port, Guernsey |
| Website | supergroup.com |
| IPO Date | 28. Jan 2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Neal Menashe | CEO & Director | 1972 |
| Alinda Van Wyk | CFO & Director | 1977 |
| Alon Ben-David | Group Chief Technology Officer | 1980 |
| Nkem Ojougboh C.A.I.A., C.F.A., F.R.M. | Head of Investor Relations | – |
| Kirsty Farrah Ross | Chief of Staff | 1979 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.