Super Group reports first quarter 2023 financial results

Super Group, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced first quarter 2023 consolidated financial results.

Super Group with growing revenue profits

In this period, revenue increased by 1% to €338.5 million for the first quarter 2023 from €334.5 million in the same period from the prior year driven by growth from Africa and the Middle East and European markets partially offset by declines from North America (predominantly in Canada due to the regulatory changes in Ontario) and Asia-Pacific markets.

During the first quarter of 2023, the company incurred a loss after tax of €1.9 million. This loss includes a non-cash charge of €2.2 million related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation Limited (“DGC”), which Super Group acquired in January 2023. The loss after tax of €163.2 million for the first quarter of 2022 included costs and changes in fair values associated with the business combination and listing as a public company which was completed in January 2022.

The operational EBITDA for the first quarter of 2023 was €34.7 million. This figure incorporates included the investment in the US business after the acquisition of DGC on January 1, 2023. Operational EBITDA was €63.0 million in the first quarter of 2022. The measure for the first quarter of 2023 was comprised of €51.4 million ex-US and a loss of €16.6 million in the US .

The number of Monthly Active Customers increased by 34% to 3.5 million during the first quarter of 2023, compared to 2.6 million in the first quarter of 2022.

As of March 31, 2023, cash and cash equivalents amounted to €246.3 million, slightly lower than the €254.8 million reported at the end of December 31, 2022. This decrease during the first quarter of 2023 resulted from various factors.

Solid quarter

Neal Menashe, CEO of Super Group, commented: “Super Group has delivered another solid quarter and we remain focused on growing revenue and profits. During the month of March, net gaming revenue was a record high, along with the Operational EBITDA margin of over 20% and this is a strong reminder of the value of operating leverage in our business. We are confident that we will continue to build on another strong quarter across iGaming and sports betting across the world.”

Alinda van Wyk, CFO of Super Group commented, “Our results for the quarter demonstrate the benefits of our continued investment in growth. Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimizing our costs efficiencies, further enhancing future profitability.”