Revenue reaches record $517 million at Super Group in Q1

Africa and the Middle East Surpass North America as Largest Revenue Market for Super Group in Q1

Super Group, the operator of Betway, reported remarkable financial results for the first quarter, achieving a revenue milestone of $517 million. This figure marks a 25% increase compared to $412 million in the same period last year, demonstrating the company’s robust growth trajectory.

Expansion was evident across several key regions, with notable achievements in Africa and Europe. Furthermore, Super Group highlighted positive performance in its iGaming products in North America, particularly in the Canadian market, which contributed to overall growth.

The Middle Eastern and African markets have now emerged as the primary revenue contributors for Super Group, led predominantly by South Africa, which accounted for 39% of total revenue in Q1—up from 37% last year. This surge solidifies the region’s dominance, especially given its $203 million revenue, reflecting a 34.4% year-over-year increase, despite a slight downturn in the Middle East.

In contrast, while North America also reported revenue growth, its share of total group revenue dipped to 35%. The Asia-Pacific and Latin American markets also experienced declines, although European revenue saw an increase, rising from 15% to 19%.

North America experienced an 18.3% revenue increase, reaching $181 million, bolstered largely by growth within the Canadian market. Europe saw even more significant growth, with revenue skyrocketing by 52.4% to $96 million.

Conversely, Asia-Pacific revenue fell by 15.8% year-on-year to $32 million, while Latin and South American markets suffered a more substantial decline of 28.9%, bringing in just $5 million.

Betway Revenue Increases by 35.8% in Q1

Examining the specifics of Q1, sports betting continued to be the primary revenue generator for Super Group. The revenue from this segment increased by 25.5% compared to the prior year, totaling $404 million.

However, the online casino segment outperformed in terms of growth, with revenue climbing 34.2% to $106 million. Additional contributions of $5 million arose from brand licensing, while external customer activities generated $2 million.

Across both sports betting and online casino, the Betway brand was the leading revenue driver, with total revenue rising by an impressive 32%. In contrast, the Spin brand, which exclusively focuses on online casino offerings, experienced a revenue increase of 16.4% to $199 million.

Super Group’s Profits Surge Despite DGC Sale Impact for 2024

On the cost side, Super Group reported increased direct and marketing expenditures, while administrative costs remained stable. After accounting for various expenses, including depreciation and amortization, the pre-tax profit reached $89 million—a notable 67.9% increase.

This growth comes despite the previous year’s $44 million boost from the sale of the B2B division of Digital Gaming Corporation (DGC) to Games Global in February 2024, which affected year-on-year comparisons.

Super Group incurred $30 million in taxes during Q1, leading to a net profit of $59 million, which represents a 31.1% year-over-year growth. Additionally, factoring in a $17 million positive adjustment from foreign currency translation, the bottom-line net profit jumped to $76 million, marking a staggering 105.4% increase compared to the previous year.

Adjusted EBITDA also saw significant growth, rising by 46.6% to $107 million, although Super Group indicated there were necessary adjustments for year-on-year comparisons primarily linked to the DGC sale.

Looking forward, Super Group’s guidance remains stable, anticipating total revenue of approximately $2.01 billion for the full year, alongside an adjusted EBITDA of $421 million.

CEO Neal Menashe expressed optimism in the results report, stating, “We started 2025 on a high note. We delivered a strong Q1 with impressive revenue growth, a surge in customer acquisition, and effective retention strategies. Our combined revenue reached a record for a first quarter, driven by exceptional sports betting margins and stable casino margins, along with our ongoing efforts to optimize return on investment across all markets.”