North America drives Super Group success as revenue increases 45%
Super Group has reported a strong close to 2021 trading, bolstered by launches in several new markets, although some figures fell slightly short of the expectations detailed earlier this year.
Publishing its first set of full year results as a public enterprise – the company completed its listing on the NYSE in January – Super Group detailed that revenue had risen by 45% to €1.32 billion (2020: €908 million).
Meanwhile, EBITDA stood at €314.5 million, a 46% increase on the 2020 result of €215.8 million, whilst adjusted EBITDA rose by 60% to €289.5 million compared to €180.8 million the previous year.
Lastly, total profit for 2021 was €235.9 million, a substantial increase on 2020 profits of €149.2 million. However, the ultimate figures have fallen slightly short of the group’s expectations, with the firm detailing last month that it anticipated revenue of $1.52 billion and EBITDA of €350 million.
“We are delighted to report strong growth and profitability in 2021, demonstrating the successful execution of our global growth strategy,” said Neal Menashe, Super Group CEO.
“We are, as ever, grateful to our dedicated global team that have 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.”
A market-by-market breakdown saw North America account for 45% of total group trading with revenue of €593.6 million. This was followed by Asia and Pacific at €329.7 million (25%), Africa and Middle East at €217.3 million (17%), Europe at €149.1 million (11%) and Latin America at €30.7 million (2%).
Although acknowledging some challenges in Europe due to changes in regulations in some countries – notably, Germany has introduced the Fourth Interstate Gambling Treaty (GlüNeuRStv) and the Netherlands the KOA Act – Super Group highlighted some key business developments for its brands.
Notably, Betway is now live in the US states of Iowa, Colorado, Indiana, Pennsylvania, New Jersey and Arizona via the Digital Gaming Corporation (DGC) – which Super Group expects to incorporate in the second half of this year – as well as France and Tanzania.
Additionally, Betway has been able to gain greater brand visibility via a range of sponsorship agreements clinched during 2021, with new partners including the National Hockey League (NHL) and a plethora of tennis and esports tournaments, among others. Super Group signed a total of 30 sponsorship deals throughout 2021.
The Betway and Spin brands contributed total revenue of €687.7 million (2020: €394.5 million) and €632.9 million (2020: €513.4 million) respectively, having entered nine new markets throughout the year.
Of this, Betway generated 385.3 million from sports betting operations (2020: €161m) whilst Spin recorded €1.8 million via this vertical (2020: €293,000) for a total group wagering turnover of €387.1 million (2020: €161.3m), whilst Betway also recorded online casino revenue of €228.8 million (2020: €172m).
“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.”