Super Group reports revenue of €1.32bn for 2021
The parent company of Betway and Spin saw a 75 per cent increase in monthly average customers.
Guernsey.- Super Group, the parent company of sport betting operator Betway and online casino Spin, has announced full-year 2021 financial results for its operating subsidiary, SGHC Limited.
Revenue increased 45 per cent to €1.32bn, up from €908min the prior year. Profit was €235.9m compared to €149.2 million in the prior year. EBITDA increased 46 per cent to €314.5m.
The increase in revenue was primarily attributable to strong organic growth in most markets, despite the impact of tightening regulations in some European markets and exits from others. Monthly average customers for the year increased by 75 per cent from 1.5 million in 2020 to 2.62 million in 2021.
Super Group completed a business combination with Sports Entertainment Acquisition Corp on January 27, as a result of which all of the shareholders of SGHC Limited also exchanged their shares for shares of Super Group in a pre-closing reorganisation.
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 has delivered this outstanding financial performance. We listed on the New York Stock Exchange at the start of 2022, a major landmark for Super Group after two decades of leadership in more than 20 markets around the world.
“We expanded on our partnerships throughout the year and our portfolio now stands in excess of 70 active deals in 17 different countries. These include major sporting brands and teams, notably in the National Hockey League, the National Basketball Association and the Association of Tennis Professionals. With an eye on our growth and profitability profile, we couldn’t be more excited to execute on our plans in 2022 and beyond.”
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. The past year has been challenging and exciting, culminating in the NYSE listing of Super Group on January 27, 2022. We are looking forward to new opportunities and challenges in the years to come.”
In February, the Swedish gaming regulator, Spelinspektionen, issued a warning to Betway for breaching rules on operators’ minimum equity. The regulator had requested a copy of Betway’s annual report and auditor report for the 2019 financial year, in which it reported a €50.3m loss and negative equity of €4.8m.
The Malta-based parent company, Betway Group Limited, had reported a €42.4m loss and positive equity of €49.9m, and the subsidiary Betway Limited Consolidated Limited Group, a €60.4m loss and negative equity of €13.8m.
