Super Group (SGHC) Limited, the parent company of Betway and Spin, has announced its unaudited consolidated financial results for the first quarter of 2024.
Driven by growth in Africa and North America markets, revenue totalled €379.3 million (£326.3m), marking the highest revenue ever recorded by the company in a first quarter.
Profit for the period was €41 million (£35.22m), including a pre-tax gain of €40.1 million from the sale of DGC’s B2B division. Non-GAAP Adjusted EBITDA, ex-US, amounted to €68.7 million (£59.02m); with a loss of €22.3 million (£19.16m) from the US, resulting in Adjusted EBITDA of €46.5 million (£39.95m).
The Guernsey-based company declared unrestricted cash reserves of €289.2 million (£248.48m) as of March 31, 2024.
Monthly Active Customers rose by 33 percent to 4.7 million players during the quarter.
Momentum
Super Group’s strong financial performance in Q1 underscores its position as a key player in the iGaming industry, with significant growth potential in various geographical regions and product lines.
“We’ve had a phenomenal start to the year, continuing our momentum from a strong end to 2023,” commented Super Group CEO Neal Menashe.
“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. Our laser focus on creating a leaner, more efficient operating model has delivered results.
“Investment into high-growth areas of the business continues at pace and we remain confident that we are in a strong position to realize our goals set for 2024.”
