Super Group’s earnings remain steady, $1.14bn in revenue expected
Super Group’s outlook is the same as what the company announced in August.
Online operator Super Group appears to be right on track to meet its expected earnings, the company stated Friday. According to its financial outlook, Super Group will earn between €1.15bn ($1.14bn) and €1.28bn in revenue for 2022, with an expected EBITDA of between €200m and €215m.
Super Group is headquartered in South Africa and owns two Maltese-registered gaming companies – the online casino Spin and the online sports betting and gaming company Betway.
The recently released guidance matches the guidance released in August of this year. Super Group’s original guidance was higher, with an expected €1.40bn in earnings and a €345m EBITDA. However, economic uncertainty during the first half of 2022 forced Super Group to lower its guidance.
This new guidance comes after Super Group successfully launched Betway and Spin in Ontario-regulated markets. Super Group also acquired a majority stake in Jumpman, a UK-focused online casino company that has been around since 2010.
The company reports it is currently in talks with Apricot, which provides Super Group with sportsbook technology in jurisdictions outside of Africa. Super Group hopes to purchase a copy of Apricot’s technology, allowing the company to fully own its sportsbook offerings.
“We are taking steps to strengthen Super Group, simplify the capital structure, and better position the Company for growth,” stated Super Group CEO Neal Menashe.
“In relation to discussions regarding our sportsbook, we are exploring with our long-term partner the potential benefits of ownership of the technology.”
By comparison, Q2 revenue for Super Group shrank by 10% year-on-year, from €355.2m to €320.8m.
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