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Performance reached record highs in Q2 2026, driven by the FIFA World Cup which served as a significant catalyst for customer acquisition and cross-selling into casino products.

Management attributes the record 17% sports margin to structural improvements in pricing, risk management, and the continued growth of high-margin parlay betting.

The 'super persistent annuity' revenue model is successfully sustaining customer cohorts that generate predictable, long-term value rather than one-time gains.

Africa remains the primary growth engine, with revenue up 36% year-over-year, supported by the ZAR Supercoin ecosystem and increasing wallet functionality.

Operational efficiency is being realized through the consolidation of call centers, risk management, and tech stacks under a single global infrastructure.

The landmark Manchester United partnership is designed to align with the brand's massive African fan base and secure exclusive visibility across the top three EPL clubs.

Full-year 2026 guidance was raised to over $2.6 billion in revenue and $710 million in adjusted EBITDA based on first-half momentum and a strong start to Q3.

Management expects to reach a sustainable 30% EBITDA margin by 2027 as revenue growth continues to outpace the fixed cost base.

The Alberta market transition is being managed through a disciplined, phased rollout to prioritize high-value customer retention ahead of the October regulatory deadline.

Expansion strategy in Africa includes the launch of Namibia in Q4 2026, with a target of adding one to three new countries annually where tax and banking conditions are favorable.

Marketing spend is expected to revert to a normalized level of 21% to 22% of revenue for the remainder of the year to support the new football season.

G&A expenses saw a sequential increase due to one-off audit alignment costs and the integration of approximately 100 headcounts from the Apricot and eMarket acquisitions.

The U.K. market faced headwinds from tax increases, which management is mitigating through optimized marketing spend and product enhancements.

While the World Cup drove high engagement, management noted the time zones were not ideal for the majority of the customer base, limiting the tournament's full potential impact.

Excess cash reserves of $548 million are being evaluated for potential buybacks, dividends, or selective M&A, though management emphasized they will not overpay for acquisitions.

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Management explained the sequential decline in MAUs as normal seasonality, noting that three weeks of the quarter had no soccer activity prior to the World Cup.

The focus remains on profitable revenue per customer rather than raw user counts, with a resumption of growth expected in Q3 and Q4.

Super Group is actively evaluating ways to deploy excess cash but remains disciplined, prioritizing organic growth and bolt-on M&A that strengthens the core.

Management noted that high debt levels among competitors may lead to better asset pricing for Super Group in the coming months.

Unlike the 'big bang' approach in Ontario, the Alberta rollout is phased to ensure technology readiness and protect VIP cohorts.

Management expects a more rational competitive environment in Alberta compared to the aggressive spending seen during the Ontario launch.

The 2026 World Cup cohort saw an almost 50% cross-sell rate into casino products., a significant increase from the 23% seen in the 2022 tournament.

This improvement was attributed to intentional efforts to keep customers in the ecosystem during periods with unfavorable sports betting time zones.