Super Group, the holding company for Betway and Spin, has revealed record first-quarter revenue for 2024, heralding a strong start to the year. Management at Super Group are hopeful about future business trajectories, exhibiting assurance concerning the enduring benefits of continual investments, which are set to sustain impressive outcomes in primary markets.
Growth Observed in Majority of Metrics
Based on the Q1 reports from Super Group, the corporation saw a 12% elevation in revenue to €379.3 million ($407.68 million) year-on-year, with a rise in revenue by 17% in steady currency to €389.3 million ($418.42 million). The strong showings in Africa and North America acted as major contributors to the revenue, despite hindrance from losses in the Middle East and Asia-Pacific markets.
On a regional basis, North America, Africa, and the Middle East contributed to 37% of the total revenue share during Q1, followed by Europe at 15%, Asia-Pacific at 9%, and South/Latin America at 2%. Betway posted €222 million ($238.60 million) in revenue for the quarter, while Spin made a contribution of €157.3 million ($169.06 million). The greatest vertical was seen in online casino revenue, at €292.2 million ($314.05 million), followed by sports betting revenue at €76.9 million ($82.65 million).
“Q1 brought record outcomes… Our unwavering commitment to implementing a lean, efficient operating model has proven successful.”
Alinda van Wyk, Super Group CFO
The firm reported a Q1 profit of €41 million ($44.07 million), drastically improving from the €1.9 million ($2.04 million) loss in the previous year. Adjusted EBITDA demonstrated 29% year-on-year improvement to €46.5 million ($49.98 million), displaying an 18% elevation. Notwithstanding the positive outcomes, the US operations are still under evaluation, with the region recording an adjusted EBITDA loss of €22 million ($23.65 million) for Q1.
Sustaining Efficiency is the Predominant Objective
Moving forward, Super Group intends a final agreement to fully acquire sportsbook software technology from its software partner, Apricot. Valued at approximately €140 million ($150.48 million), the technology purchase is expected to further reinforce Super Group’s market stance, boosting competitiveness and increasing resilience in the face of industry challenges.
The agreement with Apricot also includes provisions for additional payments up to €210 million ($225.71 million) through an earn-out mechanism, conditional upon sportsbook revenue more than doubling during the earn-out period, lasting until 31 December 2035. This addition is anticipated to motivate Apricot to incorporate its business and collaborate with Super Group to stay competitive.
“Continued investment in high-growth sectors remains on track, and we remain confident in our ability to meet the goals set for 2024.”
Alinda van Wyk, Super Group CFO
Super Group reemphasized its commitment to developing a lean, more efficient operating model that can effectively respond to changing industry conditions and leverage emerging opportunities. The superb Q1 results build a strong base for ongoing growth, ensuring Super Group continues to be a leader in innovation and maintain its strong upward trend.
