Super Group reports 2021 revenue of $1.52bn to beat expectations in first trading update since NYSE listing

Betway owner Super Group has reported a 36% year-on-year rise in 2021 revenue to around $1.52bn, according to preliminary results provided to investors.

The firm, which listed its shares last month on the New York Stock Exchange via a SPAC merger, announced it had exceeded forecasts for 2021, with estimated full-year EBITDA in excess of $350m.

The operator expects to report its official full-year 2021 financial results in the first half of April.

Neal Menashe, CEO of Super Group, said: “We anticipate 2021 EBITDA to exceed our most recent estimate of $350m. This reflects our team’s ability to execute our global business plan with precision, driving profitability while still attracting customers, entering new territories and expanding our sponsorship portfolio.

“Occasional industry headwinds, such as a lower than expected sports margin in October, along with the closure of select markets, including the Netherlands, were offset by stronger than projected new customer acquisition and revenues in multiple markets, for both Betway and Spin.”

Richard Hasson, Super Group president and COO, added: “Super Group has an expanding, global footprint in a high-growth addressable market. We seek to consistently drive topline growth without sacrificing profitability, and we benefit from decades of experience navigating new and evolving markets.

“With our public listing complete, we intend to report full year 2021 results and hold our first earnings call in the first half of April. We will then provide a business update to discuss our first quarter 2022 financial results in May.”

Throughout 2021, Super Group continued its global expansion, with the Betway brand currently live in six US states (New Jersey, Pennsylvania, Indiana, Iowa, Colorado and Arizona) through a brand licensing deal with Digital Gaming Corporation, with market access secured in up to seven further states.

The operator reiterated in its preliminary results that it has a steady pipeline of opportunities that would enable it to launch the Betway and Spin brands in additional global markets throughout 2022.

Super Group’s share price rallied from $7.47 at closing on 22 February to $8.05 on 23 February, before closing at $7.99. At the time of writing, shares are down 6.5% in pre-market trading at $7.47.

This price is still some way off the maximum price per share of $10 touted at the time of Super Group’s public listing.

Share