During Sun International’s Capital Markets Day presentation in March, group CEO Ulrik Bengtsson announced that the company’s online brand, SunBet, currently holds a 4.5% share of South Africa’s online gambling market. Bengtsson revealed the market is estimated to nearly double in size, reaching approximately R100 billion ($5.98 billion) in gross gaming revenue (GGR) by 2030. This projection aligns with data from H2 Gambling Capital, which forecasts an increase in South Africa’s total interactive market from a gross win of $3.3 billion in 2025 to $5.88 billion by 2030.
Bengtsson, who assumed the role of CEO in July 2025 after a distinguished career in gaming across Europe and the UK, including leadership positions at Evoke’s William Hill and Betsson, is determined to double Sun International’s online market share. When discussing how the company plans to achieve this goal, Bengtsson emphasized, "It starts with strategy and the actions we are taking to drive towards our economic goal," adding the importance of having the right people and capabilities throughout the organization. He noted, "The executive team… we have mostly put a new team in place. But of course, there’s a lot of work still to be done in various parts of the business to be ready to go in line with that strategy."
In line with this plan, Leslie Peters was appointed as chief technology and product officer to spearhead the company’s digital turnaround in November of last year. Peters has extensive experience in software development, having served as CTO at iGaming infrastructure platform Derivco since 2017.
Bengtsson identified product enhancement as a key area for improvement, admitting that SunBet’s offering is currently “nowhere near as good” as its competitors. A major component of their strategy involves bringing technology in-house and overhauling Sun International’s tech stack. He stated, "In order to be a serious contender for a top position in the market, you really need to have a product that is close to best in class."
When asked about specific enhancements, Bengtsson referred to the need for front-end improvements in their casino offerings, mentioning plans for a new interface and lobby to enhance user experience with game navigation. He remarked, "The interface, the homepage and the lobby need improvements in terms of the look and feel and speed," highlighting the necessity of adapting approaches between casino and sportsbook operations.
Initially focusing on organic growth, Bengtsson indicated that acquisitions might follow as a strategic option once foundational components are established. He articulated, "That opens up the opportunity to do acquisitions in a different way, but we’re not quite there yet."
The foundation for Sun International's digital transition is its strong land-based presence, with 11 casinos across eight of South Africa's nine provinces, which accounts for nearly half of the nation's land-based market. Despite a 6.3% overall GGR decline in the sector, Sun International increased its market share by 0.7% in 2025, totaling 46% in FY2025.
Bengtsson lauds Sun International as a trustworthy brand, asserting this reputation supports its online market growth ambitions. He remarked, “We’ve been around for 60 years. People can trust that things work at some establishment or at SunBet.”
He pointed out that the synergy between SunBet and land-based operations is vital, stating that, "I don't think that SunBet would be where it is today without the land-based business, and I also don't think our land-based business would be where it is today without SunBet."
On the topic of regulation, South Africa lacks a national gaming framework, with each of its nine provinces governing online gambling independently. Bengtsson noted that in late 2025, the National Treasury published a discussion paper proposing a 20% national tax on GGR for online gambling, with submissions due by February 27. He feels that a national tax should come after established national regulations.
While Bengtsson remains optimistic about future regulations, he expressed concern that high tax rates might lead to the growth of an offshore market. He stated, "If we end up with a tax level that is 40% plus, it’s not good, right?" He emphasized the importance of avoiding scenarios that could drive customers away from regulated markets.
Bengtsson sees South Africa as a developing market with a projected 15% compound annual growth rate over the next five years but noted that it does not stand out as a unique opportunity in the global gambling landscape. He believes many characteristics of the South African market are more familiar than distinct. As he explained, "We pretty much know how regulation is going to evolve."
