Betway Owner Plans Cryptocurrency Payments for African Markets
Super Group, the parent company of Betway, is preparing to introduce cryptocurrency payment options across its African operations to address banking inefficiencies and attract new customer segments. The move comes as the company generates nearly 40% of its revenue from the continent. CEO Neal Menashe stated that cryptocurrency could reduce transaction costs in regions where banking infrastructure presents operational challenges.
Banking Costs Drive Payment Innovation
Menashe explained that banking represents a significant operational burden for the company’s African business. He indicated that cryptocurrency and digital coins could address these cost pressures while improving payment accessibility for users.
“In the African side of our business, we have a banking issue there. I think crypto and coins can make a huge difference there because, remember, banking is a huge cost in Africa, especially for us onboarding our customers and then payments across the continent,” Menashe said. The company also sees potential to reach different customer demographics through cryptocurrency adoption. Menashe compared this strategy to offering varied casino products for distinct player preferences.
Market Context and Regulatory Uncertainty
Football betting dominates Super Group’s African sports wagering operations, accounting for 94% of all bets placed on the platform. The company holds major sponsorship agreements with South Africa’s Premier Soccer League and national teams, including the Springboks. South African gamblers lost over $79 billion in the past year. A substantial portion of these losses occurred on online platforms. Betway maintains a leading position in the country’s digital betting market.
Regulatory confusion persists in South Africa’s gambling sector. The National Gambling Board recently announced that online platforms cannot offer casino-style games to residents. Legal experts have challenged this interpretation, arguing it misrepresents existing gambling legislation.
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