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May 25, 2022 Finance, Results

Q1 2022 financial reports for Super Group revealed

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Revenue of $357.3m shows a 7% growth period-over-period.

Super Group is the parent company of Betway, an online sports betting and gaming business. They also are in control of Spin, the multi-brand online casino. Today, the first-quarter numbers of 2022 were revealed for Super Group.

Revenue showed a 7% growth over the same time in the prior year, bringing in $357.3m. Cash and cash equivalents increased 39% to $291.3m on March 31, 2022.

Adjusted EBITDA was up 14% period over period. On January 27, 2022, Super Group completed a business combination with Sports Entertainment Acquisition Corp. Shareholders of SGHC Limited also exchanged their shares for those of Super Group in a pre-closing reorganization.

CEO of Super Group, Neal Menashe commented: "During the first quarter of 2022, Super Group began operating as a US publicly listed company and continued to expand in both existing and new markets in line with our growth strategy."

Menashe continued: "Our team has become accustomed to navigating the business through changing and challenging environments, and we believe the strategies that we are executing on will enable us to continue doing so as we take Super Group from strength to strength."

Monthly Average Customers for Q1 2022 increased 10% to 2.6 million during the first quarter of 2022 from 2.4 million in the first quarter of 2021. This is despite closures and restrictions in certain European countries.

Nine new partnerships were acquired in Q1 2022, and this includes agreements with the Milwaukee Bucks, Stock Car Pro Series Brazil, and the Ghana Women’s Football League.

Betway has also been registered to operate in Ontario. SGHC anticipates registration for the Spin brands to come soon. Both Betway and Spin operate in Ontario with the knowledge of the regulator. 

Alinda van Wyk, CFO of Super Group, said: "Despite tough period-over-period comparisons, Super Group experienced revenue growth and a period- over-period 39% increase in cash and cash equivalents."

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