# Super Group (SGHC) Ltd (SGHC) Informational only - not investment advice. CIK: 0001878057 SIC: 7990 Services-Miscellaneous Amusement & Recreation SIC breadcrumb: [Services](/division/I/) > [Amusement And Recreation Services](/major-group/79/) > [SIC 7990 Services-Miscellaneous Amusement & Recreation](/industry/7990/) Latest 10-K filed: 2026-04-17 SEC page: https://www.sec.gov/edgar/browse/?CIK=1878057 Filing source: https://www.sec.gov/Archives/edgar/data/1878057/000162828026025609/sghc-20251231.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | ## Financials No standardized annual SEC companyfacts metrics were extracted for this company. ## Quarterly No clean discrete quarterly SEC companyfacts metrics were extracted for this company. ## Filed narrative (10-K & 10-Q) ## Latest quarter (10-Q) No recent 10-Q filing was found in the SEC submissions feed for this filer. ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1878057/000162828026025609/sghc-20251231.htm Complete FY 2025 MD&A: /company/SGHC/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-04-17 Report date: 2025-12-31 Overview We are a global online sports betting and gaming operator with a mission to responsibly provide first-class entertainment to the worldwide online betting and gaming community. Our strategy for achieving this goal is built around three key pillars: 1.Expanding our global footprint into as many regulated markets as possible in order to engage with as many customers as we can possibly reach; 2.Increasing awareness of our brands through strategic partnerships and coordinated sponsorship and marketing campaigns; and 3.Utilizing enhanced proprietary data to optimize the confluence of ethical corporate culture, responsible gaming values, value-for-money product offerings and customer-centric service delivery. Our predecessor holding company, SGHC Limited, was incorporated in July 2020. On October 7, 2020, it became the ultimate holding company for a group of companies through a subsequent restructure of entities with common ownership. Super Group (SGHC) Limited, the parent company of SGHC Limited, was incorporated on March 29, 2021. Following a corporate reorganization, our business includes Pindus Holdings Limited and its subsidiaries, Yakira Limited, Gazelle Management Holdings Limited and Raging River Trading Proprietary Limited, which collectively operate the portion of our business known as Betway, and Fengari Holdings Limited and SG Media Limited, which collectively operate the portion of our business known as Spin. 80 Table of Contents In January 2022, we entered into a Business Combination Agreement with Sports Entertainment Acquisition Corp., a Delaware corporation ("SEAC"), SGHC Merger Sub, Inc., and Sports Entertainment Acquisition Holdings LLC (the "Business Combination"). As part of the Business Combination, SGHC Limited underwent a pre-closing reorganization (the "Reorganization") whereby all existing shares of SGHC Limited were exchanged for newly issued ordinary shares of Super Group (SGHC) Limited. SGHC Limited was deemed the accounting predecessor and Super Group (SGHC) Limited has become the successor registrant with the SEC. As of the date of this Report, our subsidiaries are licensed in 20 jurisdictions and collectively we have approximately 2,900 employees. During 2025, on average, over 5.6 million customers per month yielded $4.7 billion in wagers per month. During 2025, total wagers amounted to $56.8 billion. Our business generated $2.2 billion in net gaming revenue for the year ended December 31, 2025 in different geographic regions, including North America, South America, Europe, Africa and Middle East, and Asia-Pacific, such regions accounting for 33%, 1%, 19%, 40%, and 7%, respectively, of our total revenue in 2025. What We Do Our global online sports betting and casino gaming services are delivered to customers by way of two primary product offerings: •Betway, a single-brand premier online sports betting and casino offerings, and •Spin, a multi-brand online casino offering. Betway is our single-brand online sports betting and casino offering with a global footprint derived from licenses to operate throughout Europe, the Americas and Africa. Betway seeks to continue to grow brand awareness, including through an expanding portfolio of partnerships and collaborations with sports teams, leagues and ambassadors worldwide. Betway has more than 90 such arrangements and seeks to maximize its impact and reach. Spin is our multi-brand online casino offering. Spin’s diverse portfolio of more than 16 casino brands is designed to be culturally relevant across the globe while aiming to offer a wide range of casino products. Spin is casino-led but some of its brands also offer sports betting products. Spin seeks to achieve growth through a broad range of targeted marketing channels in which we believe an expansive brand portfolio will be a significant asset. In September 2022, we expanded the Spin portfolio by acquiring a majority stake in Jumpman. In 2024, the remaining stake was acquired. Jumpman is a multi-brand B2C casino operator, which runs on proprietary technology and also supplies a number of white label brand partners, with a focus on a more recreational segment of the market than Betway and Spin. Across its entire business, Jumpman operates approximately 200 brands and generates almost all of its revenue from the UK. As part of our efforts to further expand our global footprint, in January 2023, we acquired DGC, the parent of DGC USA, which holds the exclusive license to use the Betway brand in the U.S. Following an extensive internal review, DGC USA announced in July 2024 that it would undertake an exit plan for its sportsbook product in all of the nine states in which it was live. This exit process has been completed, and so DGC no longer offers any sports betting products in the U.S. DGC USA continued to offer casino games in Pennsylvania and New Jersey, under the Betway and Jackpot City licenses in 2024. This offering continued in 2025, with a rebrand from Betway to Spin Palace in March 2025. DGC USA announced in July 2025 that it would be exiting its U.S. iGaming operations. This exit has now completed and DGC USA no longer offers any betting products in the U.S. Following Betway’s global expansion, we have in certain circumstances licensed the brand to third parties in certain jurisdictions where licensees are better positioned to capture market opportunity while taking advantage of the global brand, in consideration for a license fee. 81 Table of Contents Other Acquisitions and Disposals In January 2023, we completed the acquisition of DGC USA. In August 2023, we acquired 75% of the outstanding shares of SportCC ApS ("SportCC"), a company which provides sports data and content services. In December 2025, we acquired the remaining 25% of the outstanding shares of SportCC. In November 2023, we acquired 100% of the outstanding shares of 15 Marketing Limited ("15 Marketing"), a company that provides marketing services. As a result of these acquisitions, some of the acquired entities and their subsidiaries are included in our consolidated financial results only for varying parts of the year. See section titled "—Key Components of Revenue and Expenses" later in this section. In April 2021, SGHC Limited entered into an option agreement for a third party, Mahi Gaming LLC, to purchase the business-to-business division of DGC subject to all required gaming approvals in the U.S. first being obtained in respect of the asset transfer. The disposal of the business-to-business division of DGC was completed on February 1, 2024 - see note 19 to our consolidated financial statements included in this Annual Report. On November 1, 2024, the Group acquired the remaining 30% non-controlling interest of the Verno Group of companies after an initial transaction in 2022. For more details, see note 27 to our consolidated financial statements included in this Annual Report. On July 15, 2025, the Group acquired 100% of the outstanding shares of Finedge Solutions (Pty) Ltd, a company that holds South African financial services licenses and registrations. Key Factors Affecting Operating Results We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section above titled "Risk Factors—Risks Related to Our Business." Our financial position and results of operations depend to a significant extent on the following factors: Ability to Acquire, Retain and Monetize Customers Our ability to effectively market our offerings is critical to operational success. We undertake a variety of marketing initiatives, including traditional marketing channels (such as television, print and radio), digital marketing (such as online display advertising, search engine marketing, social media and "affiliate" marketing, the latter being an industry term describing independent third-party marketing agencies that are not affiliated with us) and retention marketing (including via email, text messages and social media). Traditional marketing channels are by their nature difficult to measure. Digital marketing is typically more measurable but somewhat more complex to undertake. Retention marketing is subject to customer consent, which is not always granted or may be revoked. In all cases it is therefore difficult to extrapolate our past performance into the future or into new markets where we have not previously marketed our products and offerings. In all of our marketing channels, we make widespread use of incentives, which are accounted for as a deduction in the calculation of revenues. We attempt to evaluate our customers individually and in real-time using a wide range of data points and with reference to proprietary models of customer behavior and profitability. Customer behavior and competitive forces are constantly evolving, and it is therefore difficult to extrapolate our past performance into the future or into new markets where we have not previously marketed our products and offerings. Our ability to execute on our marketing plans is subject to regulatory constraints in each market, and it is not unusual for marketing-related regulations to change from time to time. We therefore cannot be certain that historic marketing channels will be available to us in the future or whether we will be allowed to utilize the same incentivization mechanisms in the future. 82 Table of Contents While we are continuing to assess the efficiency of our marketing activities, our knowledge obtained over our operating history and the relative novelty of the online casino and sports wagering industries in certain markets or geographic regions make it difficult for us to predict when we will achieve our longer-term profitability objectives. Industry Trends and Competitive Landscape We operate within the global entertainment, betting and gaming industries, which comprise diverse products and offerings that compete for consumers’ time and disposable income. As we prepare to enter new jurisdictions, we expect to face significant competition from other established industry players, some of which may have access to more resources or may have more experience in online casino and sports wagering in these jurisdictions. In existing jurisdictions, we also expect to face significant competition from existing competitors and new entrants, while in both new and existing jurisdictions ancillary product categories such as daily fantasy sports, casual games and financial services (where products are evolving over time to include "gamification" features that often closely resemble gambling) will also increase competitive pressure. Legalization, Regulation and Taxation Our growth depends on expanding our activities in existing markets, as well as on successfully entering new markets and new geographies around the world. We believe that incremental legalization and regulation of online casino and sports wagering, derived from governments’ desire to protect consumers and increase tax revenues, will create global opportunities for us to expand into newly regulated markets worldwide. For example, the Canadian Parliament passed on June 22, 2021 legislation allowing provinces to regulate single-game wagering within each province. Our strategy is to monitor closely changes in regulations that enable expansion of existing markets or entry into new markets and seize such opportunities in a financially prudent manner. The rate at which existing and new jurisdictions undergo regulatory changes, and online casinos and sports wagering markets expand (in the case of existing markets) or become legal (in the case of new markets), will impact the prospects and pace of our growth as we continue to expand our global footprint. The process of securing the necessary licenses or partnerships to operate in a new jurisdiction may take longer than we anticipate. In [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SGHC/mda/fy2025/ All MD&A years: /company/SGHC/mda/ ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7990 Services-Miscellaneous Amusement & Recreation) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SGHC.md · JSON record: /company/SGHC.json · machine TOC for the whole site: /llms.txt