Super Group Limited, the company behind Betway and Jackpot City, has confirmed that its South African business is under review by the South African Reserve Bank (SARB).
The investigation focuses on historical cross-border payments made within the group’s international structure. Regulators are examining whether the transactions complied with South Africa’s exchange control regulations.
SARB Reviews Historical Cross-Border Transactions
Details of the investigation were disclosed in Super Group’s latest annual report.
According to the company, the Financial Surveillance Department of the South African Reserve Bank is reviewing payments made by its South African operations to companies based outside the country.
The payments were linked to software licences, technology services, and other operational agreements provided to Raging River, Super Group’s South African subsidiary.
Regulators are assessing whether some of these payments may have breached South Africa’s exchange control framework.
South African Reserve Bank Has Not Commented
The South African Reserve Bank has not released further details about the investigation.
The central bank has declined to confirm when the review began, whether it is still ongoing, or whether any findings have been reached.
Investigations of this nature often require companies to lodge refundable deposits while regulators complete their assessments. According to SARB, each deposit is determined on a case-by-case basis depending on the risks involved.
Super Group confirmed that it has placed a refundable deposit of R30 million as part of the process.
Super Group’s Global Structure Under Review
Super Group operates through a complex international network consisting of more than 100 subsidiaries across several jurisdictions.
Although the company is listed on the New York Stock Exchange, its parent company is registered in Guernsey.
The group’s corporate structure has evolved significantly in recent years. During 2024, Malta-based Alphamedia Limited became one of the group’s key holding companies after receiving dividend payments of approximately €195 million.
Earlier in 2026, the same company received an additional dividend of $60.5 million from South Africa.
Several service companies within the group also provide technology, software, and operational support to other Super Group businesses around the world.
Despite the regulatory review, South Africa continues to be one of Super Group’s largest and most profitable markets.
The company generated more than $2.2 billion in global revenue during 2025. Over $700 million of that total came from its South African operations.
Following a strong start to 2026, Super Group expects annual revenue to exceed $2.5 billion.
Africa remains the group’s most profitable region, with operating margins above 35%, significantly higher than margins generated across Europe and North America.
Billions Paid to Shareholders
Super Group has continued to reward shareholders through substantial dividend payments.
Since mid-2025, the company has declared:
- An interim dividend of $81 million
- A final dividend of $25 million
- A special dividend of $127 million
Combined, these shareholder distributions total nearly R4 billion.
Martin Moshal Among Biggest Beneficiaries
One of the largest beneficiaries of these dividend payments is Martin Moshal.
Trust structures linked to Moshal collectively own about 45% of Super Group.
The businessman has attracted public attention in South Africa for both his political donations and charitable activities.
Public records show that he has donated approximately R110 million to political parties, including the Democratic Alliance (DA) and ActionSA.
During the first quarter of 2026, Moshal donated an additional R5 million to ActionSA, bringing his total contributions to the party to nearly R50 million.
