Super Group, the parent company of Betway and Spin, on Wednesday released full-year 2021 financial results, with revenue up 45% to €1.32 billion ($1.43B) in a year-over-year comparison. This was primarily driven by 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.
Profit for the year was up 58% year-over-year to €235.9 million, compared to €149.2 million in the prior year. EBITDA increased 46% to €314.5 million, while Adjusted EBITDA, which excludes transaction costs and gains on derivative contracts and bargain purchases, increased 60% to €289.5 million.
Monthly Average Customers for the year increased by 75% from 1.50 million in 2020 to 2.62 million in 2021.
In February, the company released preliminary results for full-year 2021, with net gaming revenue expected in excess of $1,520 million, representing an increase of nearly 36% from the prior-year period. Full-year 2021 EBITDA was expected to be above $350 million.
Neal Menashe, CEO of Super Group, commented: “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. 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.”
Via a business combination with Sports Entertainment Acquisition Corporation (SEAH), a publicly-traded special purpose acquisition company (SPAC), Super Group began trading as a public company on the New York Stock Exchange (NYSE) on January 28.
Alinda van Wyk, CFO of Super Group 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.”
“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 CFO added. “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 2022, Super Group has launched in three new regulated markets, including Bulgaria. Super Group signed over 30 key sponsorship agreements in 2021, with an additional 9 agreements signed in 2022.
In 2021, the Betway brand and Spin launched in nine new regulated markets. International launches included France and Tanzania for Betway, and Mexico for Spin.
Super Group executed a binding, conditional agreement to acquire US-based Digital Gaming Corporation (DGC). As of April 13, 2022, DGC is live in six U.S. states with the Betway brand (Iowa, Colorado, Indiana, Pennsylvania, New Jersey and Arizona) and has secured market access in up to 12 states. The closing of the transaction, expected in the second half of this year, is conditional on regulatory approvals and other customary closing conditions.
Original article: https://www.yogonet.com/international/news/2022/04/15/62244-super-group-39s-revenue-up-45–in-2021–75–monthly-average-customers-growth
