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Betway operator Super Group reported record Q1 revenue as the company considered the future of its loss-making US business.

Topline numbers

Super Group reported €379.3m of revenue in the first quarter of the year, marking a record Q1 and a 12% increase from the previous year.

Of this total, €222m was generated by the company’s sports betting-centred Betway, while the remaining €157.3m resulted from the company’s iGaming-focused Spin brand.

The business’ Africa and Middle East operations were responsible for 37% of the revenue, at €139.7m.

However, Super Group’s North American business remained the largest region by revenue, generating €140.9m, primarily in Canada.

In Q1 2024, the business reported €46.5m in Adjusted EBITDA, up 29% from 2023.

This resulted in a €41.0m profit for the period, compared to last year’s €1.9m loss.

The Q1 2024 numbers included a €40.1m gain on the disposal of Digital Gaming Corporation’s B2B assets, as well as a €13.1m non-cash charge.

Super Group’s number of active customers also increased 33% year-on-year, to 4.7 million.

Super Group hails Q1 momentum

CEO Neal Menashe said: “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.”

Super Group 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.”

Super Group today also announced it plans to take its tech stack in-house through a €140m deal with its supplier, Apricot.

US review continues

Menashe was grilled by analysts during the earnings call as to the future of Super Group’s US business, which is currently under review.

The CEO said the company was looking at all options to make a decision that is in its long-term interest.

He added that iGaming was the company’s “bread and butter” and would likely play a role in any move to US profitability.

He added: “This is a waiting game – over time different states can regulate and you’ve got to be in play to have a chance of success, we understand that.

“But there’s a cost of being in play and we just got to make sure what that cost is.”

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