Super Group revenue surges 45% to €1.32bn for full-year 2021
Non-European income fuels Nasdaq-listed operator’s growth as monthly average players leap 75% to more than 2.6 million
Super Group, the parent company of Betway and multi-brand online casinos under the Spin umbrella, has posted a 45% increase in revenue to €1.32bn (£1.bn) for 2021 compared with €908m in 2020.
Adjusted EBITDA jumped 46% to €315m, while profit came in at €235.9m – up 58% from €149.2m in 2020 – the company announced in its first earnings call since going public last year after a reverse merger with a SPAC.
The firm revealed online casino was responsible for the lion’s share of revenue at €858.7m, compared with €387.2m for sports betting.
Meanwhile, monthly average players soared 75% year-on-year (YoY) from 1.5 million to more than 2.6 million.
Geographic breakdown highlighted the company’s reliance upon the Americas which accounted for around half of net gaming revenue.
Canada is the operator’s largest market and management said it is in the process of gaining a licence in Ontario, while Africa and Rest of World segments accounted for almost 40% of revenue.
Interestingly, Europe (mainly Betway) made up just 11% of the group’s performance with €149.1m in revenue last year, down from €194.8m the prior year due to regulatory pressures in certain markets.
By comparison, North America generated €593.7m and Asia and Pacific reported revenue of €329.8m in 2021 as both regions made significant YoY gains.
The Betway and Spin brands were rolled out in nine new regulated markets including France and Tanzania for Betway and Mexico for Spin.
Super Group’s marketing machine rolled on in 2021 as the firm signed more than 30 sponsorship agreements with teams, athletes and events, taking the total number of brand partnerships to more than 70.
Neal Menashe, CEO of Super Group, said: “We are delighted to report strong growth and profitability in 2021, demonstrating the successful execution of our global growth strategy.
“We are, as ever, grateful to our dedicated global team that have delivered this outstanding financial performance.”
Alinda van Wyk, the operator’s CFO, commented: “It has been another tremendous year for Super Group, thanks to continued organic growth of the business and our ongoing expansion into new markets around the world.
“Despite regulatory tightening in some European markets, we exceeded our forecasts for both revenue and adjusted EBITDA.
“In addition, Super Group had another year of strong cashflow generation, which saw cash and cash equivalent balances more than double during 2021.”
It was also announced that Super Group expects to close the deal to acquire US-based Digital Gaming Corporation (DGC) in “the latter half of H2”.
DGC is live in six states with the Betway brand and has secured market access in up to 12 states.
Another nine sponsorships have been signed in 2022 so far, while the Betway brand has launched in Bulgaria and Arizona, the company said.
Super Group’s stock was up 3% on the Nasdaq to $10.06 at the time of writing.