Super Group is gearing up for a serious push into Nigeria, riding on record first-quarter results and improving macroeconomic conditions across the continent. During Tuesday’s earnings call, CEO Neal Menashe signalled the company’s commitment to the market, revealing recent on-the-ground engagement with the Nigerian operation and flagging potential acquisitions as a route to strengthening the operator’s foothold.

Stabilising Conditions Create Opportunity

Menashe’s optimism reflects a real shift in Nigeria’s operating environment. Currency stability, a longstanding headache for iGaming operators on the continent, is now showing genuine improvement. The executive framed this as a turning point, suggesting Super Group’s growth trajectory could accelerate substantially once execution reaches full pace in the market.

“The free flow of currency is improving,” Menashe noted during the analyst call. “We have to double, triple our business size there.” Nigeria’s position as Africa’s most populous nation and the only major market where Super Group doesn’t hold a top-three operator position underscores the scale of the opportunity at stake.

The company isn’t ruling out M&A to establish that podium position, though management remains disciplined on valuation. With $422 million in cash reserves at quarter end and a 75% free cash flow margin, Super Group has considerable firepower. But Menashe was explicit: acquisitions will only happen if the numbers make strategic sense.

Record Q1 Performance Provides Momentum

Super Group’s record-breaking first quarter provides substantial tailwind for the Nigeria expansion narrative. Group revenue climbed 18.4% year-on-year to $612 million, whilst adjusted EBITDA surged 36.9% to $152 million. The standout performer was Africa, which generated $267 million in revenue. That’s a 33% increase on the prior-year period.

iGaming revenue within the Africa segment jumped 40.7% to $190 million, demonstrating the strength of the operator’s core product offering across the continent. Plus, sportsbook contribution expanded, rising to $77 million from $66 million in Q1 2025.

This momentum carries real significance heading into the World Cup, which kicks off in June with an expanded format. Menashe expects heightened engagement from the 88% of Super Group’s FY2025 revenue base located in World Cup markets. Historical cross-sell patterns between sportsbook and casino during major tournaments typically hover between 60% and 70%, offering substantial upside given the tournament’s increased fixture list.

Strategic Discipline on M&A

CFO Alinda van Wyk reinforced management’s measured approach to corporate development. Whilst M&A remains on the table, organic growth forms the cornerstone of Super Group’s expansion strategy. “Our plan is based on consistent organic growth,” van Wyk stated. “M&A would just be an added bonus if the right opportunity comes along and at the right price.”

This disciplined stance reflects lessons from the broader industry, where aggressive acquisition strategies have sometimes left competitors burdened with leverage and demanding performance targets. Super Group’s balance sheet strength affords it optionality. Management appears determined not to squander that advantage on overpriced deals.