Super Group (SGHC) Limited

SGHC

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$14.73

+0.02 (+0.14%)

Market Cap

$7.48B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+802.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 56.3M (2021) → 507.8M (2025)

Super Group is an online gambling company that runs two main brands: Betway, a sports betting platform, and Spin, an online casino. Customers place bets on sports like soccer, basketball, and tennis, or play digital casino games like slots and poker. The company operates entirely online, so it does not own any physical casinos or betting shops.

Super Group makes money by keeping a portion of every bet placed on its platforms — this is called the "house edge" or gross gaming revenue. It operates in dozens of countries across Europe, Africa, the Americas, and Asia, making it one of the larger global online gambling operators. The company's main competitive advantage is its established brand recognition in regulated markets, particularly through Betway's sports sponsorship deals. The key growth driver is expanding into newly regulated markets like the United States, but the main risk is that gambling regulations can change quickly and vary widely by country, which could limit where the company is allowed to operate.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+34.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

67.9%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$442M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Super Group (SGHC) Limited grew revenue 35% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

24.2%

Thin — 24.2% gross margin

Operating Margin

17.3%

Healthy — 17.3% operating margin

ROCE

12.1%

Good — 12.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+26.0%

Fast-growing sales (26.0% YoY)

EPS YoY

+71.2%

Earnings growing fast (71.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

180%

Turns 180% of profit into real cash

FCF Margin

15.2%

Converts sales into free cash efficiently (15.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

41.31x

Comfortably covers interest (41.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

36.6x

Pricey — P/E 36.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+21.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (36.6 → 15.0)

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Dividends

Dividend Yield

2.96%

Moderate income — 2.96% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+44.4%

Dividend growing fast (44.4% YoY)

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