How are SGHC bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SGHC bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 45.70%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SGHC bear put spread?

The breakeven for the SGHC bear put spread priced on this page is roughly $13.43 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SGHC market-implied 1-standard-deviation expected move is approximately 13.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SGHC implied volatility affect this bear put spread?

SGHC ATM IV is at 45.70% with IV rank near 17.08%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

SGHC Bear Put Spread Strategy

SGHC (Super Group (SGHC) Limited), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NYSE.

Super Group (SGHC) Limited operates as an online sports betting and gaming operator. The company offers Betway, an online sports betting and casino offering; and Spin, a multi-brand online casino. It operates in Africa, the Middle East, the Asia-Pacific, Europe, North America, and South/Latin America. Super Group (SGHC) Limited is based in Saint Peter Port, Guernsey.

SGHC (Super Group (SGHC) Limited) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $7.00B, a trailing P/E of 28.45, a beta of 1.10 versus the broader market, a 52-week range of 8.46-14.38, average daily share volume of 3.7M, a public-listing history dating back to 2020, approximately 3K full-time employees. These structural characteristics shape how SGHC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.10 places SGHC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SGHC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on SGHC?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current SGHC snapshot

As of June 29, 2026, spot at $13.68, ATM IV 45.70%, IV rank 17.08%, expected move 13.10%. The bear put spread on SGHC below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.

Why this bear put spread structure on SGHC specifically: SGHC IV at 45.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a SGHC bear put spread, with a market-implied 1-standard-deviation move of approximately 13.10% (roughly $1.79 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SGHC expiries trade a higher absolute premium for lower per-day decay. Position sizing on SGHC should anchor to the underlying notional of $13.68 per share and to the trader's directional view on SGHC stock.

SGHC bear put spread setup

The SGHC bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SGHC near $13.68, the first option leg uses a $13.75 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SGHC chain at a 18-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SGHC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$13.75	$0.58
Sell 1	Put	$12.75	$0.25

SGHC bear put spread risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): $67.50
Max Loss (per contract): -$32.50
Breakeven(s): $13.43
Risk / Reward Ratio: 2.077

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

SGHC bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on SGHC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$67.50
$3.03	-77.8%	+$67.50
$6.06	-55.7%	+$67.50
$9.08	-33.6%	+$67.50
$12.10	-11.5%	+$67.50
$15.13	+10.6%	-$32.50
$18.15	+32.7%	-$32.50
$21.18	+54.8%	-$32.50
$24.20	+76.9%	-$32.50
$27.22	+99.0%	-$32.50

When traders use bear put spread on SGHC

Bear put spreads on SGHC reduce the cost of a bearish SGHC stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

SGHC thesis for this bear put spread

The market-implied 1-standard-deviation range for SGHC extends from approximately $11.89 on the downside to $15.47 on the upside. A SGHC bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SGHC, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SGHC IV rank near 17.08% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on SGHC at 45.70%. As a Consumer Cyclical name, SGHC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SGHC-specific events.

SGHC bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SGHC positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SGHC alongside the broader basket even when SGHC-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SGHC are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current SGHC chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on SGHC?: A bear put spread on SGHC is the bear put spread strategy applied to SGHC (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With SGHC stock trading near $13.68, the strikes shown on this page are snapped to the nearest listed SGHC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SGHC bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SGHC bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 45.70%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SGHC bear put spread?: The breakeven for the SGHC bear put spread priced on this page is roughly $13.43 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SGHC market-implied 1-standard-deviation expected move is approximately 13.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on SGHC?: Bear put spreads on SGHC reduce the cost of a bearish SGHC stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current SGHC implied volatility affect this bear put spread?: SGHC ATM IV is at 45.70% with IV rank near 17.08%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.