“Weve had a phenomenal start to the year, continuing our momentum
Neal Menashe,
from a strong end to 2023″
CEO – Super Group
Super Group, the operator of Betway, has reported a record Q1 revenue as it contemplates the future of its loss-making US business. The company reported a revenue of 379.3 million in the first quarter of the year, marking a record Q1 and a 12 percent increase from the previous year. This revenue was generated primarily by the companys sports betting-centred Betway (222 million) and the iGaming-focused Spin brand (157.3 million).
The companys Africa and Middle East operations were responsible for 37 percent of the revenue, at 139.7 million. However, Super Groups North American business remained the largest region by revenue, generating 140.9 million, primarily in Canada. In Q1 2024, the business reported 46.5 million in Adjusted EBITDA, up 29 percent from 2023. This resulted in a 41.0 million profit for the period, compared to last years 1.9 million loss.
The Q1 2024 numbers included a 40.1 million gain on the disposal of Digital Gaming Corporations B2B assets, as well as a 13.1 million non-cash charge. Super Groups number of active customers also increased 33 percent year-on-year, to 4.7 million.
Neal Menashe, CEO of Super Group (pictured above), spoke about the amazing start to 2024 highlighting the company’s strong results.
Super Group CFO Alinda van Wyk added: We achieved record results for a first quarter of 374 million of revenue and 69 million of Adjusted EBITDA, for the ex-US business.
Super Group today also announced it plans to take its tech stack in-house through a 140 million deal with its supplier, Apricot. The future of Super Groups US business, which is currently under review, was a topic of discussion during the earnings call. The CEO said the company was looking at all options to make a decision that is in its long-term interest.
He added that iGaming was the companys bread and butter and would likely play a role in any move to US profitability. He added: This is a waiting game C over time different states can regulate and youve got to be in play to have a chance of success, we understand that. But theres a cost of being in play and we just got to make sure what that cost is.
Super Group (SGHC) Limited (SGHC) is trading at $3.50 (0.43%).
