SGHC Iron Condor 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. It offers Betway, an online sports betting brand; and Spin, a multi-brand online casino offering. The company 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 $6.63B, a trailing P/E of 28.50, a beta of 1.13 versus the broader market, a 52-week range of 8.12-14.38, average daily share volume of 3.3M, a public-listing history dating back to 2020, approximately 4K 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 1.13 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 iron condor on SGHC?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current SGHC snapshot
As of May 15, 2026, spot at $13.16, ATM IV 52.90%, IV rank 27.00%, expected move 15.17%. The iron condor 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 63-day expiry.
Why this iron condor structure on SGHC specifically: SGHC IV at 52.90% is on the cheap side of its 1-year range, which means a premium-selling SGHC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.17% (roughly $2.00 on the underlying). The 63-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 $13.16 per share and to the trader's directional view on SGHC stock.
SGHC iron condor setup
The SGHC iron condor 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 $13.16, 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 63-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) |
|---|---|---|---|
| Sell 1 | Call | $13.75 | $0.83 |
| Buy 1 | Call | $14.75 | $0.50 |
| Sell 1 | Put | $12.75 | $0.88 |
| Buy 1 | Put | $11.75 | $0.50 |
SGHC iron condor risk and reward
- Net Premium / Debit
- +$70.00
- Max Profit (per contract)
- $70.00
- Max Loss (per contract)
- -$30.00
- Breakeven(s)
- $12.05, $14.45
- Risk / Reward Ratio
- 2.333
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
SGHC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$30.00 |
| $2.92 | -77.8% | -$30.00 |
| $5.83 | -55.7% | -$30.00 |
| $8.74 | -33.6% | -$30.00 |
| $11.64 | -11.5% | -$30.00 |
| $14.55 | +10.6% | -$10.32 |
| $17.46 | +32.7% | -$30.00 |
| $20.37 | +54.8% | -$30.00 |
| $23.28 | +76.9% | -$30.00 |
| $26.19 | +99.0% | -$30.00 |
When traders use iron condor on SGHC
Iron condors on SGHC are a delta-neutral premium-collection structure that profits if SGHC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SGHC thesis for this iron condor
The market-implied 1-standard-deviation range for SGHC extends from approximately $11.16 on the downside to $15.16 on the upside. A SGHC iron condor is a delta-neutral premium-collection structure that pays off when SGHC stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current SGHC IV rank near 27.00% 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 52.90%. 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 iron condor positions are structurally neutral / range-bound; 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 iron condor 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 iron condor on SGHC?
- A iron condor on SGHC is the iron condor strategy applied to SGHC (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With SGHC stock trading near $13.16, 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 iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the SGHC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 52.90%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$30.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SGHC iron condor?
- The breakeven for the SGHC iron condor priced on this page is roughly $12.05 and $14.45 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 15.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on SGHC?
- Iron condors on SGHC are a delta-neutral premium-collection structure that profits if SGHC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SGHC implied volatility affect this iron condor?
- SGHC ATM IV is at 52.90% with IV rank near 27.00%, 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.