Super Group, the parent company of Betway and Spin, has published its full-year 2021 financial results, declaring a 45% improvement in revenue year-over-year thanks to ‘strong organic growth’.
Commenting on the 2021 results, CEO Neal Menashe stated that the group is ‘excited’ to execute its plans for the current year and beyond, which began with its listing on the New York Stock Exchange (NYSE) in January.
Reporting its financial results, Super Group declared a 45% revenue increase to $1.44bn in 2021 (2020: $990m), due to ‘strong organic growth in most markets, despite impacts from tightening of regulations in some European markets or, in some cases, ceasing operations in a particular market’.
The group’s profit for 2021 was $257m (2020: $162.7m), whilst EBITDA improved by 46% to $343.0m (2020: $235.3m) and adjusted EBITDA grew by 60% to $315.7m (2020: $197.2m).
Meanwhile, the group’s monthly average customers rose by 75% to 2.62 million (2020: 1.50 million), and its cash and cash equivalents increased by 112% during the year to $320.4m (2020: $151.0m).
“We are delighted to report strong growth and profitability in 2021, demonstrating the successful execution of our global growth strategy,” Menashe remarked.
“We are, as ever, grateful to our dedicated global team that have delivered this outstanding financial performance.”
Per vertical, online casino yielded the most revenue for Super Group during the year with $936m (2020: $745m) ahead of sports betting which recorded $422m (2020: $176m).
North America was the strongest performing region for the group, bringing in total revenue of $647m (2020: $459m), followed by Asia and Pacific ($360m), Africa and Middle East ($237m), Europe ($163m), and South/Latin America ($33.6m).
Alinda van Wyk, CFO of Super Group, added: “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.
“We are proud of all of our teams across the globe and thank them for their efforts in delivering these results. This is a fantastic performance for Super Group’s first publicly reported year-end earnings.”
In 2021, Super Group signed over 30 key sponsorship agreements. Betway, the Betway brand, and Spin launched in nine new regulated markets, including international market launches in France and Tanzania for Betway and Mexico for Spin.
Super Group also agreed to acquire US-based Digital Gaming Corporation, which is live in six states with the Betway brand (Iowa, Colorado, Indiana, Pennsylvania, New Jersey, and Arizona) and has secured market access in up to 12 states. The transaction is expected to close in the second half of this year.
In 2022 so far, Super Group has been listed on the NYSE, has launched in three new regulated markets, and has signed nine key sponsorship agreements.
“With an eye on our growth and profitability profile, we couldn’t be more excited to execute on our plans in 2022 and beyond,” Menashe added.