Super Group breaks all-time first quarter revenue records

Super Group has been enjoying a strong financial momentum underpinned by a series of important business decisions that have brought the company to a record revenue during the first quarter of 2024. The parent company of popular sports betting and online casino brand Betway has posted €379.3m in revenue for the first quarter of the year as part of its unaudited report.

The company’s profit for the first three months of the year ended on March 31, 2024, hit €41m, including a pre-tax gain of €40.1m owing to the sale of the DGC B2B division. The results have been hailed as "phenomenal" by the company’s Chief Executive Officer Neal Menashe who said that the financial momentum from the end of 2023 had not carried over to 2024.

"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," Menashe outlined.

This optimism has been met in full by Super Group Chief Financial Officer Alinda van Wyk who was similarly pleased to see the numbers come up in the black for the company. Van Wyk confirmed that Super Gorup’s investment in high-growth areas is expected to yield results well throughout 2024, allowing the company to reach its financial targets, but also improve on them.

The record revenue was mostly driven by growth in Africa and North America, with a particularly strong focus on Canada, although the company did admit to seeing a decline in other regions, such as the Asia-Pacific and the Middle East. Super Group reported an increase of 33% in its Monthly Active Customers (MACs) to 4.7m during the quarter, up from the 3.5m MACs in Q1 2023.

These results come at the exact time that Super Group had agreed to pay €140m to acquire sports betting software tech from Apricot. Super Group will be the sole party in control of the Apricot-developed software moving forward, allowing it to edge closer to what is the company’s ultimate goal – controlling its own sports betting tech and delivering it across key markets in the world to meet company needs and local market idiosyncrasies.

Super Group has agreed to pay €140m along with additional payments to be considered based on financial performance.

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