Super Group, the group behind the Betway and Spin gambling brands, has published its preliminary Q4 and full-year 2022 financial results. The company saw its revenue exceed the guidance range, causing Super Group to be optimistic about the future despite certain declines.
Super Group’s unaudited Q4 financial highlights show Q4 revenue of around $353 million (converted to USD, current rates). This represents a slight year-on-year decline from 2021’s $365 but is still a very favorable result.
Profit before tax was $41 million for Q4, which, once again, fails to surpass the Q4 2021 results. EBITDA, meanwhile, plummeted from $89 million in Q4 2021 to $60 million in Q4 2022. Operational EBITDA, meanwhile, fell by 39% to around $45 million.
While Super Group’s financial metrics took some hits, the group reported an increase in its monthly average customers. In Q4 2022, the company reported 3.4 million monthly customers, surpassing 2021’s 2.9 million.
Super Group also published its unaudited FY 2022 results. The company recorded revenue of $1.38 billion for the year, which is just below the 2021 results. Profits before tax for 2022 were $250.5 million and actually exceeded those recorded in 2021. EBITDA, meanwhile, was around $320 million and still fell short of exceeding the 2021 results. Operational EBITDA, on the other hand, dipped by 31% to 223.5 million.
Super Group recorded 2.9 million monthly average customers in 2022, exceeding the 2.6 million recorded in 2021. The company also reported unrestricted cash of $273 million as of December 31, 2022.
Super Group Continues to Prioritize Profitability
2022 saw Super Group wrap up its reorganization efforts. Thanks to an agreement with Sports Entertainment Acquisition Corp, Super Group became a publically-listed entity. Last September, the latter company also acquired a majority ownership interest in Jumpman Gaming.
Super Group executives addressed the results, with CEO Neal Menashe saying that the company is now a “leading global pure-play sports betting and online casino company.” Menashe added that optimization and expansion are always at the top of Super Group’s list of priorities.
We continue to efficiently invest in our brand, enhance our technology platform and benefit from our consistent cash generation. We feel we are well-positioned to apply our well-tested strategies to the U.S. markets and capitalize on what we see as a multi-year investment opportunity.
Neal Menashe, CEO, Super Group
Alinda van Wyk, the company’s chief financial officer, also addressed the results. She praised the company for its financial strength and said that Super Group will continue run our business profitably while investing in tech and marketing.
We remain focused on operating more efficiently in 2023 in order to improve scale and our operating margins going forward.
Alinda van Wyk, CFO, Super Group
Super Group started 2023 with the acquisition of the online operator Digital Gaming Corporation Limited. Some days after that, the group’s board announced the repurchase of up to $25 million of Super Group ordinary shares.
In other news, the company just parted ways with Alan Alger.