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, driven by strong performance on the continent. Africa saw a 27% increase in gross gaming revenue.
South Africa alone typically accounts for between 30% and 39% of the group’s total revenue.
The stablecoin is pegged 1-to-1 to the South African rand and is listed on the Luno cryptocurrency exchange. ABSA Group holds custody of the fiat currency backing the reserves. The coin was deployed on the Solana blockchain, with Chainalysis providing compliance solutions.
A reserve report from Moore Blockchain and Digital Assets dated May 11 showed that as of April 30, there was ZARSC 4,027,042 in circulation. The reserve coverage ratio stood at 134.54%, meaning the reserves exceeded the circulating supply.
Super Group has estimated that stablecoin volumes across Africa could reach $100 billion in key markets.
Illegal Gambling and Regulatory Gaps Complicate the Picture
The pilot comes as South Africa’s online gambling market faces challenges with illegal offshore platforms. The South African Bookmakers Association found that illegal platforms make up about 62% of the country’s online gambling market.
More than R50 billion, roughly $3 billion, in gross gaming revenue flows offshore each year. Up to 16 million South Africans were active on illegal gambling platforms in 2025.
Crypto consultant Stefan Kovach said the fee argument is the strongest case for crypto in the South African market. Traditional bank fees exceed R1 even on small transactions, while stablecoin payments can be free.
Kovach added that near-instant transactions, privacy, and borderless access are real advantages. However, he noted that price volatility, lack of consumer protections, and tightening KYC requirements remain concerns.
Wendy Rosenberg of Werksmans Attorneys said bettors are increasingly using crypto to fund accounts on both licensed and illegal sites. She noted that illegal offshore sites use crypto to bypass banking restrictions and avoid KYC requirements.
South Africa’s Financial Sector Conduct Authority recognizes crypto as a financial product. Crypto asset service providers must obtain a license under the Financial Advisory and Intermediary Services Act.
But lawyers Angela Itzikowitz and Dylan Martheze of ENS Africa said two regulatory bodies — the FSCA for crypto and the National Gambling Board for gaming — are not yet working together on this issue. Online casino gambling remains largely banned, and the Remote Gambling Bill has not yet reached a vote.
Menashe said the company would be patient with the pilot before considering rollouts in seven other African markets where it holds licenses. Ghana enacted its Virtual Asset Service Providers law in December 2025.
Kovach said West Africa, particularly Nigeria and Ghana, is where the next wave of crypto gambling activity is most likely to emerge. Currency instability and mobile-first populations are driving factors.
Regulated crypto gambling is also gaining traction in Europe. The UK Gambling Commission has said it would consider allowing crypto payments if a proper regulatory framework is established by the government.
