Super Group Sees 12% Revenue Growth in Q1 Fuelled by African & North American Markets

Super Group, the parent entity behind renowned brands Betway and Spin, has unveiled its financial outcomes for the initial quarter of 2024, showcasing an encouraging 12% increase in revenue. The group reported earnings of €379.3m for this period, indicating a robust start to the year. This growth occurred despite downturns in the Middle East and Asia-Pacific, with North America and Africa, particularly Canada, being key contributors to this positive trend.

Revenue Contributions Across Segments

In terms of revenue generation, Betway led the charge with nearly €222m. Both the sports betting and gaming sectors, along with the online casino Spin, witnessed revenue gains from the previous year. Notably, the online casino segment outperformed other areas, achieving a 20.2% growth to €292.2m. In contrast, sports betting, brand licensing, and other segments saw declines in revenue.

Operational Success and Executive Insights

TThe first quarter not only saw a rise in revenue but also a significant improvement in profitability and customer engagement. The group's profit stood at €41m, a sharp increase from a €1.9m loss in Q1 of the previous year. Adjusted EBITDA rose by 29% to €46.5m. Furthermore, the number of monthly active customers surged from 3.5 million to 4.7 million year-on-year.

Super Group CEO Neal Menashe expressed enthusiasm about the quarterly results, stating, “We’ve had a phenomenal start to the year, continuing our momentum from a strong end to 2023. This robust performance has been delivered by our global team’s ongoing focus and investment into core markets that are yielding strong returns, providing us with a solid foundation for the remainder of the year.”

CFO Alinda van Wyk added, “We achieved record results for a first quarter of €374m of revenue and €69m of adjusted EBITDA, for the ex-US business. Our laser focus on creating a leaner, more efficient operating model has delivered results, with Q1 operating expenses as a percentage of net revenue falling to below 19%. Investment into high-growth areas of the business continues at pace and we remain confident that we are in a strong position to realise our goals set for 2024.”

Impact on the South African Betting Market

The remarkable performance of Super Group, particularly in the African market, is a positive indicator for the South African betting landscape. This success reflects a growing acceptance and enthusiasm for sports betting and online casino games within the region. As a key player in the market, Super Group's advancements and investments in Africa could lead to enhanced product offerings and user experiences for South African bettors.

Additionally, this growth tends to stimulate more competitive odds and promotions, which can benefit the consumer by providing more variety and better value. For players looking for quality betting experiences, Super Group's brands like Betway signify reliable and advanced options within the ever-evolving South African market.