The parent company of Betway and Spin, Super Group, released its financial results for the second quarter of 2022.
Super Group’s Revenue in Second Quarter Dips
The results cover the three months ended June 30, 2022, and reveal a decrease in the company’s revenue. In Q2 last year, Super Group’s revenue was €355.2 million ($367 million), while for the same period this year, it decreased by 10% to €320.8 million ($331.6 million). The company explained the 10% decrease in revenue was the result of a decline in its online casino net gaming revenue, as well as income from brand license fees. However, despite the decline in revenue, Super Group acknowledged that the Q2 result this year was partially offset thanks to an increase in sports betting net revenue.
Super Group outlined that its profit after tax for the second quarter this year increased. While for the same period in 2021, profit after tax halted at €63.9 million ($66.1 million), this year, it increased to €298.6 million ($308.7 million). Another increase was observed in EBITDA for Q2 this year which hit €319.3 million ($330.1 million). In contrast, for Q2 last year, EBITDA halted at €91.4 million ($94.5 million).
Super Group Released a Breakdown of Revenue per Regions
Additional details released by Super Group reveal that its monthly average customers increased in Q2 this year. The company acknowledged it had 2.7 million monthly average customers in Q2 this year, marking an increase of 3% when compared to the 2.6 million monthly average customers for the same period last year.
For the three months ended June 30, 2022, Super Group’s North America operations reported the highest revenue. In total, the company’s North America operations reported €142.1 million ($147 million) in revenue, followed by the Asia-Pacific region with €77.4 million ($80 million) in revenue. Although those were good results, they still didn’t surpass €173 million ($178.9 million) and €79.9 million ($82.6 million) in revenue reported for the same period in 2021 for North America and Asia-Pacific respectively.
On the other hand, Super Group’s revenue from Africa and Middle East operations increased from €54.3 million ($56.1 million) last year to €63.6 million ($65.8 million) this year. The revenue from the company’s European operations in Q2 this year was €30.5 million ($31.5 million), while its South/Latin America operations reported €7.2 million ($7.4 million) in revenue.
The Company Remains Focused On Further Growth
Alinda van Wyk, Super Group’s CFO, said that the company is profitable and debt free. At the same time, she pointed out that Super Group is consistently generating cash and has seen an increase in its monthly active users, despite the slight dip in revenue.
Neal Menashe, Super Group’s CEO, added that the “current macro environment may provide near term headwinds but Super Group’s balance sheet remains strong and our business remains fundamentally sound.” He explained that the company remains focused on growing and pursuing strategic opportunities while at the same time investing in its global business.