TLDR Super Group launched its ZAR Supercoin stablecoin in a beta rollout for Betway South Africa clients in mid-April, aiming to cut high processing fees across the continent. The stablecoin is pegged 1-1 to the South African rand, listed on the Luno exchange, built on the Solana blockchain, and backed by reserves held at ABSA Group with a 134.54% reserve coverage ratio. Super Group reported $2.2 billion in revenue for the year, with Africa driving a 27% jump in gross gaming revenue and South Africa accounting for 30%–39% of total group revenue. Illegal offshore gambling platforms make up about 62% of South Africa’s online gambling market, with over R50 billion in gross gaming revenue flowing offshore yearly. Experts say regulatory gaps between South Africa’s crypto and gambling authorities remain a barrier to wider stablecoin adoption, though markets like Nigeria, Ghana, and Kenya could follow if the pilot succeeds.
Super Group, the NYSE-listed igaming and sports betting company, has begun testing a stablecoin payment option for its Betway brand in South Africa. The move is designed to reduce the high processing fees that eat into the company’s profits across Africa.
The digital currency, called ZAR Supercoin, went into a soft beta launch in mid-April for Betway South Africa customers. Super Group CEO Neal Menashe discussed the rollout during the company’s first-quarter earnings call on May 12.
Super Group Targets Africa’s High Processing Fees
Menashe said processing fees are the company’s single biggest after-tax expense, especially on the sportsbook side. He pointed to the cycle of depositing, cashing out, and redepositing as a major cost driver.
“That ecosystem, we are getting right,” Menashe said on the call.
Africa is central to Super Group’s business. The company reported that its annual revenue rose by $396.8 million year-on-year to $2.2 billion,