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Super Group, the global gaming and sports betting conglomerate, has marked a significant revenue surge in the first quarter of 2024, boasting a 5.4% increase from the previous quarter and a notable 12.1% rise compared to the same period last year.
The company attributed this surge to substantial growth witnessed in its operations across Africa and North America. Africa, in particular, has emerged as a pivotal revenue generator, now constituting 38% of Super Group’s total revenue, up from 27% in Q1 of 2023. Conversely, there were noted decreases in markets situated in the Middle East and Asia-Pacific regions.
Super Group’s financial achievements in Q1 include a noteworthy profit of €41m. However, this figure incorporates a pre-tax gain from the sale of Digital Gaming Corporation’s B2B division and a non-cash charge for change in fair value of option liability.
Adjusted EBITDA for the quarter surged to €46.5m, reflecting a 28.8% increase year-on-year. Super Group’s CEO, Neal Menashe, expressed satisfaction with the company’s performance, he said, “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 has announced definitive agreements to acquire its sportsbook software technology, marking a pivotal move towards enhancing its operational capabilities. The company’s CEO, Menashe, emphasized the significance of this acquisition, foreseeing enhanced flexibility for organic growth and M&A opportunities.
The acquisition deal, valued at €140m, signifies Super Group’s commitment to maximizing its technological prowess and fortifying its position in the global gaming and sports betting landscape.
Meanwhile, Betway, a prominent player in the online gaming sector, witnessed a nuanced revenue trend in Q1. While sports betting revenue experienced a slight decline, the online casino segment recorded a significant uptick, constituting 60.9% of Betway’s total revenue for the quarter.
Super Group remains optimistic about its future prospects, buoyed by a robust financial standing and a strategic focus on operational efficiency. As the company continues to navigate through evolving market dynamics, it remains committed to delivering unparalleled gaming experiences to its global customer base.