Super Group anticipates 2021 revenue to soar by more than a third to $1.5bn
New York-listed firm to exceed previous forecast for financial performance ahead of full-year results announcement in April
Super Group has revealed in a set of preliminary results it expects an approximate 36% year-on-year (YoY) rise in full-year 2021 net gaming revenue (NGR) to $1.52bn.
The Betway and Spin parent company, which floated on the New York Stock Exchange last month, said it anticipates EBITDA for the 12 months to the end of December 2021 to surpass $350m.
Super Group said the performance across NGR and EBITDA exceeded the most recent forecasts and reflected the “growth and profitability in existing and new markets”.
Super Group is currently live in five US states via its partnership with Digital Gaming Corporation, with market access agreements in place in a further seven states.
Subject to regulatory approval, Digital Gaming Corporation will also become a part of the Super Group company later this year.
Super Group said the growth in NGR and EBITDA had been threatened by regulatory headwinds and lower-than-anticipated sportsbook margins in Q4 2021, but strong customer acquisition and new market growth helped offset any major damage.
Neal Menashe, Super Group CEO, said: “We anticipate 2021 EBITDA to exceed our most recent estimate of $350m. This reflects our team’s ability to execute our global business plan with precision, driving profitability while still attracting customers, entering new territories and expanding our sponsorship portfolio.
“Occasional industry headwinds, such as a lower-than-expected sports margin in October, along with the closure of select markets, including the Netherlands, were offset by stronger-than-projected new customer acquisition and revenues in multiple markets, for both Betway and Spin,” he added.
Super Group will report its full-year 2021 results in the first half of April 2022, with Q1 2022 financial results to follow in May.
Super Group’s public listing was a result of a SPAC merger with blank-cheque outfit Sports Entertainment Acquisition Corp., which valued the combined entity at $4.75bn at the time. The operator’s market cap at the time of writing is $3.86bn.
The company’s stock closed up almost 7% in New York on the back of the positive news, although there has been a 11.6% slide in Super Group in pre-market trading since then.