Super Group submits its annual report on Form 20-F with the SEC
The updated report includes two adjustments to its preliminary financial results.
Super Group has filed its annual report on Form 20-F with the US Securities and Exchange Commission (SEC) for 2022. In the company’s previously announced financial results posted March 14, Super Group noted that its results “were subject to change upon completion of the audit of Super Group’s financial statements for the year ended December 31, 2022.”
The group said in an official release that its audited results released in the report include two adjustments to its preliminary report. The first mentioned “the recording of an increase in fair value of €15.1m ($16.6m) in a derivative liability associated with the option agreement to sell the B2B division of Digital Gaming Corporation.”
The company said this “resulted in a reduction in profit before tax of that amount for the three months and year ended December 31, 2022.”
The second adjustment noted a reduction in profit before tax. Super Group said: “In accordance with IFRS 16, Super Group recognized additional lease expense, which reduced profit before tax by €2.1m for each of the three months and year ended December 31, 2022.”
However, the company noted that its revenue, operational EBITDA and cash were not affected by either of the adjustments.
Super Group is the parent company of Betway, a sports betting and gaming business, and of Spin, a multi-brand online casino. It is licensed in 25 jurisdictions and is represented in markets throughout Europe, the Americas and Africa. The company also works to provide a safe gambling environment to its clientele.
The company recently closed the deal for its previously announced acquisition of online sports betting and iGaming company Digital Gaming Corporation Limited (DGC). Through the completed agreement, Super Group gained access to both online sports betting and gaming markets throughout the US.
DGC operates in eight states throughout the US and has market access in 12 states. Under the terms of the purchase agreement, Super Group will be able to expand its digital footprint across the US.
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