Super Group Q1 revenue up 7% at €334.5m; but losses total €163.2m

By Louis Thompsett

Super Group, the parent company of both the sportsbook Betway and online casino Spin, has posted revenue of €334.5m ($367.4m) for Q1 2022, up 7% year-on-year.  

The company’s adjusted EBITDA increased 14%, too, rising to €61.5m this quarter. 

Furthermore, cash equivalents increased by 39% to €272.7m year-on-year. 

However, the operator posted losses after tax of €163.2m, which included €201.5m of costs and charges in fair values associated with Super Group’s business combination and listing as a public company.  

Super Group completed its business combination with Sports Entertainment Acquisition Corp. (SEAC) on 27 January 2022. This resulted in SGHC shareholders (the old name for Super Group) exchanging their shares for shares in the new company (Super Group) in a pre-closing reorganisation. 

Aside from this merger and re-brand, Super Group has increased its regulated market presence through the launch of both a sportsbook and casino offering in Bulgaria.  

Furthermore, Super Group has signed nine new partnerships during Q1 2022, striking deals with the Milwaukee Bucks, the Stock Car Pro Series Brazil and the Ghana Women’s Football League.  

The Group’s Betway and Spin brands have also been awarded registration in the newly regulated Ontario market during this quarter. 

The CEO of Super Group, Neal Menashe, said: “During the first quarter of 2022, Super Group began operating as a US publicly listed company, and continued to expand in both existing and new markets in line with our growth strategy. 

“Our team has become accustomed to navigating the business through changing and challenging environments, and we believe the strategies that we are executing on will enable us to continue doing so as we take Super Group from strength to strength.”

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