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Super Group, the parent company of Betway and Spin, has released its financial results for the first quarter of 2024 highlighting a positive start to the year.
Revenue for the group was set at €379.3m ($407.7m) during the opening quarter of 2024, representing a year-on-year increase of 12%.
Much of this growth came about despite declines in the Middle East and Asia-Pacific markets, with growth experienced in Africa and North America, predominantly Canada, driving the revenue rise.
Betway as expected brought in the largest bulk of revenue at just under €222m, but the sports betting and gaming business, as well as Spin, increased revenue from Q1 2023.
Online casino once again dominated, looking at individual segments, also seeing growth from the same period last year, by about 20.2%, to €292.2m. Sports betting, brand licensing and other segments, meanwhile, suffered drop-offs in their revenue totals.
Profit during the period was valued at €41m, a much more positive return compared with the €1.9m loss for the period recorded in Q1 2023, while adjusted EBITDA went up 29% to €46.5m.
Monthly active customers rose from 3.5 million in the first quarter of last year to 4.7 million in the first quarter of this year.
Super Group CEO Neal Menashe said: “We’ve had a phenomenal start to the year, continuing our momentum from a strong end to 2023.
“This robust performance has been delivered by our global team’s ongoing focus and investment into core markets that are yielding strong returns, providing us with a solid foundation for the remainder of the year.”
Super Group CFO Alinda van Wyk added: “We achieved record results for a first quarter of €374m of revenue and €69m of adjusted EBITDA, for the ex-US business. Our laser focus on creating a leaner, more efficient operating model has delivered results, with Q1 operating expenses as a percentage of net revenue falling to below 19%.
“Investment into high-growth areas of the business continues at pace and we remain confident that we are in a strong position to realise our goals set for 2024.”
In other results-based news, the Danish Gambling Authority, Spillemyndigheden, has published its ps for March, showing an increase in gross gaming revenue (GGR).
