SBC News Super Group to deliver $350m earnings ahead of debut NYSE calll

Super Group to deliver $350m earnings ahead of debut NYSE calll

Betway and Spin parent company Super Group has predicted a strong financial performance in its debut trading results as a New York Stock Exchange (NYSE) listed company.

Releasing a preliminary trading report for the full year 2021 – the actual report is expected in the first half of April – Super Group anticipates net gaming revenue of $1,520 million, a 36% year-on-year increase, and EBITDA of $350 million. 

The company states that this performance reflects ‘growth and profitability’ in existing and new markets, whilst predicting that a ‘steady pipeline of opportunities’ will enable further international launches for Beway and Spin throughout the coming 10 months, with the two holdings launching in nine new markets in the second half of last year. 

Betway in particular has secured access in five US states via the Digital Gaming Corporation (DGC). DGC in turn has access to an additional seven states, and Super Group further anticipates that the company will be incorporated into its portfolio later this year subject to regulatory approval. 

Neal Menashe, Super Group CEO, said: “We anticipate 2021 EBITDA to exceed our most recent estimate of $350 million. 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.”

Last month, Super Group secured a listing on the NYSE after completing its merger with Sports Entertainment Acquisition Corporation (SEAH), the SPAC vehicle of former NFL VP Eric Grubman and investment partner John P Collins.

A US listing had been a key objective of the Guernsey-based betting and gaming firm throughout 2021, as it targeted a valuation of over $4.75 billion, with its then current shareholders maintaining 88% control over the new company following the SEAH combination – which was viewed as ‘the best pathway to an NYSE listing’.

Prior to the listing, the group published its H2 report, stating that it had achieved its corporate objectives for 2021 by securing year-end revenue net gaming revenue of £1.53 billion, representing a year-on-year increase of 36%.

“Super Group has an expanding, global footprint in a high-growth addressable market,” remarked Richard Hasson, Super Group President & COO. “We seek to consistently drive topline growth without sacrificing profitability, and we benefit from decades of experience navigating new and evolving markets. 

“With our public listing complete, we intend to report full year 2021 results and hold our first earnings call in the first half of April. We will then provide a business update to discuss our first quarter 2022 financial results in May.”

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