How are SGHC covered call max profit and max loss calculated?

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the SGHC covered call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 46.50%), the computed maximum profit is $71.50 per contract and the computed maximum loss is -$1,127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SGHC covered call?

The breakeven for the SGHC covered call priced on this page is roughly $11.29 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The SGHC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.33%; 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 covered call?

SGHC ATM IV is at 46.50% with IV rank near 14.40%, 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 Covered Call 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 $5.77B, a trailing P/E of 15.60, a beta of 1.08 versus the broader market, a 52-week range of 8.46-15.86, average daily share volume of 2.8M, 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 1.08 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 covered call on SGHC?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

SGHC snapshot

As of September 29, 2026, spot at $11.61, ATM IV 46.50%, IV rank 14.40%, expected move 13.33%. The covered call on SGHC below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this covered call structure on SGHC specifically: SGHC IV at 46.50% is on the cheap side of its 1-year range, which means a premium-selling SGHC covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.33% (roughly $1.55 on the underlying). The 17-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 $11.61 per share and to the trader's directional view on SGHC stock.

SGHC covered call setup

The SGHC covered call below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SGHC at $11.61 on that close, the first option leg uses a $12.00 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 17-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 100 shares	Stock	$11.61	long
Sell 1	Call	$12.00	$0.33

SGHC covered call risk and reward

Net Premium / Debit: -$1,128.50
Max Profit (per contract): $71.50
Max Loss (per contract): -$1,127.50
Breakeven(s): $11.29
Risk / Reward Ratio: 0.063

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

SGHC covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call 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%	-$1,127.50
$2.58	-77.8%	-$870.91
$5.14	-55.7%	-$614.31
$7.71	-33.6%	-$357.72
$10.27	-11.5%	-$101.13
$12.84	+10.6%	+$71.50
$15.41	+32.7%	+$71.50
$17.97	+54.8%	+$71.50
$20.54	+76.9%	+$71.50
$23.10	+99.0%	+$71.50

When traders use covered call on SGHC

Covered calls on SGHC are an income strategy run on existing SGHC stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

SGHC thesis for this covered call

The market-implied 1-standard-deviation range for SGHC extends from approximately $10.06 on the downside to $13.16 on the upside. A SGHC covered call collects premium on an existing long SGHC position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether SGHC will breach that level within the expiration window. Current SGHC IV rank near 14.40% 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 46.50%. 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 covered call positions are structurally neutral to slightly bullish; 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. Short-premium structures like a covered call on SGHC carry tail risk when realized volatility exceeds the implied move; review historical SGHC earnings reactions and macro stress periods before sizing. Always rebuild the position from current SGHC chain quotes before placing a trade.

Frequently asked questions

What is a covered call on SGHC?: A covered call on SGHC is the covered call strategy applied to SGHC (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With SGHC stock at $11.61 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SGHC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SGHC covered call max profit and max loss calculated?: Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the SGHC covered call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 46.50%), the computed maximum profit is $71.50 per contract and the computed maximum loss is -$1,127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SGHC covered call?: The breakeven for the SGHC covered call priced on this page is roughly $11.29 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The SGHC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on SGHC?: Covered calls on SGHC are an income strategy run on existing SGHC stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current SGHC implied volatility affect this covered call?: SGHC ATM IV is at 46.50% with IV rank near 14.40%, 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.