Super Group Inc, the parent company of Betway and Spin brands, has outlined a confident and stable start to trading as an NYSE-listed business. 

Publishing its first quarterly results on the New York Stock Exchange, Super Group achieved group revenues of €334m, attributed to a split of –  53% Betway / 47% Spin.

Revenue growth reflected pre-NYSE results of €311m, led by strong growth in Africa and Asia-Pacific regions, that recorded respective sports revenue increases of €24 million (+28%).

The Betway brand would register revenues of €186m, reporting growth across all territories except Europe, which registered a 19% decrease to €30m (Q12021: €37m).

Weakened European results accounted for the “adverse impact on revenue of regulatory changes in markets such as Germany, Austria and the Netherlands”.

Online casino brand Spin would match its like-for-like North American revenues of €115 million. However, overall the unit saw its period revenues fall by 5% to €147m (Q12021: €155) as unit results were dragged by seasonal declines in Asia-Pacific.

Positive KPIs saw Super Group brands record a 10% increase in Monthly Average Customers of 2.6m – irrespective of COVID-19 restrictions being lifted across operating territories.

Super Group would declare a period EBITDA of €61.5m up 14% on 2021 comparative results of €54m as group cash equivalents stand at €272 million.

Neal Menashe, CEO of Super Group, commented: “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.”

During Q1 trading, Super Group absorbed business costs of €201m related to its SPAC combination with Sports Entertainment Acquisition Corp that led  its NYSE listing.

A breakdown of costs saw Super Group account for €21m in transaction fees incurred, combined with €180m in non-cash adjustments – of which €126m were itemised as share listing expenses.

Following its one-time transaction costs, Super Group reported a loss after tax of €163m, compared to pre-NYSE group profits of €38m.  

Group CFO Alinda van Wyk, noted: “The results for the first quarter of 2022 reflected revenue growth and strong cash generation but were challenged on a period over period comparative basis due to industry and economic headwinds and costs related to our business combination and listing as a public company in January.

“Despite tough period over period comparisons, Super Group experienced revenue growth and a period-over-period 39% increase in cash and cash equivalents.”