Although Super Group Inc, the parent company of online sports betting operator Betway, saw a slight increase in revenue in Q1 2023, but its North American revenue took a hit.
For Q1 2023, Super Group recorded a 1% revenue increase to $363 million. However, revenue in its North American segments was down 13% to roughly $140 million.
Super Group CEO praises Q1 results
Speaking with investors, Neal Menashe, CEO of Super Group, praised Q1 results and said the company would remain focused on its growth plan moving forward.
“Super Group has delivered another solid quarter and we remain focused on growing revenue and profits. During the month of March, net gaming revenue was a record high, along with the Operational EBITDA margin of over 20% and this is a strong reminder of the value of operating leverage in our business. We are confident that we will continue to build on another strong quarter across iGaming and sports betting across the world.”
Alinda van Wyk, CFO of Super Group, followed up by saying Q1 results “demonstrate the benefits of our continued investment in growth.”
“Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimizing our costs efficiencies, further enhancing future profitability.”
In Asia, the Betway brand also suffered a decline in revenue to $38 million, down 36% from the same quarter last year.
The company did hold steady in Europe, where its profits increased 71% to $60 million. The main European boost came from Super Group’s online casino brand Spin, which saw revenue increase from $2.7 million to $25 million year-over-year.
Betway Sportsbook coming to Massachusetts
The Betway Sportsbook received its Massachusetts online sports betting licenses earlier this year. The sportsbook becomes the 10th operator to receive full approval from the Massachusetts Gaming Commission.
Betway plans to launch its MA app in January 2024 in time for Super Bowl 58.