Super Group, the owner of Betway and Spin, has officially entered the cryptocurrency realm with the debut of its Africa-focused digital currency, the ZAR Supercoin. Stablecoins, which are cryptocurrencies designed to maintain a consistent value often pegged to a stable asset like a fiat currency, are at the core of this initiative.
The announcement was made on Thursday, introducing the ZAR Supercoin under a newly formed division called Super Money SA. The digital wallet associated with the stablecoin is planned to launch in the first quarter of next year.
Super Group aims to utilize the stablecoin as a payment option for its Betway sportsbook brand, capitalizing on the increasing popularity of blockchain technology. The launch of an in-house cryptocurrency was initially suggested during the company’s Q2 earnings call when CEO Neal Menashe stated that this payment system could alleviate high operational costs and harness the rising consumer interest in cryptocurrency.
According to the company, Africa's stablecoin market is estimated to be valued at around $100 billion across significant markets.
This new blockchain-driven division will also unveil the Supercoin Wallet, which aims to streamline payment processes for people in South Africa and across the continent.
CFO Alinda van Wyk remarked that this was the ideal moment for Super Group to enter the crypto space due to the increasing demand for convenient payment solutions. "We have always been at the forefront of tech advancement in the gambling industry and this offering will also benefit the millions of customers who enjoy our brands in South Africa and in the rest of the continent," she said.
Van Wyk added, "The launch of Supercoin will position us for continued success, as alternative payment methods and digital asset frameworks become more integrated into the regulated gaming ecosystem. This also underscores our commitment to innovation and the use of advanced technology to position Super Group for sustained growth."
The ZAR Supercoin will first be listed on the regulated cryptocurrency exchange Luno and will initially be available to customers in South Africa. The company plans to expand its availability to other exchanges throughout the continent as it gains popularity.
Custody of the fiat currency reserves backing the Supercoin will be managed by Tier 1 South African bank ABSA Group. The ZAR Supercoin will operate on the Solana blockchain, while Chainalysis will offer compliance solutions to help Super Money formulate risk policies and monitor transactions.
During a post-Q3 earnings call earlier this month, Menashe described the stablecoin's launch as a "significant and strategic step forward" in the company’s payment strategy. "We intend Supercoin to be more than just a rewards tool. It marks a crucial first step in integrating digital assets into our product stack," he explained. He emphasized that the wallet option would provide customers with a seamless and secure means to store, send, and transact using Supercoin, stating, "We expect it will lead to cost efficiencies over time."
Interest in cryptocurrency within the regulated gambling sector has been surging recently, particularly evident when Yolo Group announced in September its intention to introduce its crypto casino in regulated markets. At that time, Yolo noted that part of its decision stemmed from the growing mainstream acceptance of cryptocurrency. Industry consultant Stefan Kovach remarked, "Having been in the [crypto] space for seven, eight years, it’s definitely moved beyond a very core niche into something much, much bigger."
This week, Andrew Rhodes, CEO of the UK Gambling Commission, also acknowledged the rising interest in cryptocurrency among gamblers. In an address to industry leaders, he noted that the government could no longer ignore the trend of crypto gambling but stopped short of suggesting that the UK would soon issue licenses for crypto-based betting. Instead, he highlighted the need for new regulatory measures to be established by policymakers.
