Super Group

Super Group reiterates €1bn 2022 revenue projections

Expecting to significantly expand its US presence in the new year, Super Group continues to project strong revenue growth to close the year. 

Issuing an update to its NYSE investors, the Malta-based reiterated its predictions 2022, maintaining that it will achieve revenue of between €1.15bn and €1.28bn and Adjusted EBITDA of between €200m and €215m, respectively.

In an assessment of its Q3 developments, the group’s Betway sports betting brand entered negotiations with Apricot, a sportsbook provider for ‘a number of jurisdictions’ where the operator maintained a presence outside of Africa. SBC News Super Group reiterates €1bn 2022 revenue projections

There is potential for an agreement that would materially increase Betway’s dedicated development resources, including spending and investment growth ‘for the next several quarters’, focused particularly on software development. 

A portion of said funding will be a loan to Apricot of no more than €43m to cover ‘the substantial resources dedicated to Betway’ – whilst another element of the negotiations could see Super Group secure full ownership of Betway through an option to purchase a copy of Apricot’s underlying technology.

“These discussions are in their early stages and Super Group cannot give any assurance on reaching binding terms,” the group asserted.

Meanwhile, in North America, both Betway and Spin – the latter being Super Group’s igaming brand – were able to successfully launch in the Canadian province of Ontario in H2 2022, in line with the firm’s expectations.

Additionally, the group expects to close its acquisition of Digital Gaming Corporation (DGC), its long-term partner in the US market, enabling the company to significantly boost its presence in the country.

Neal Menashe, Super Group CEO, said: “We are taking steps to strengthen Super Group, simplify the capital structure, and better position the company for growth. 

“In relation to discussions regarding our sportsbook, we are exploring with our long-term partner the potential benefits of ownership of the technology.”

In the Super Group’s home market of Europe, another major Q3 move saw the company secure a majority stake in Jumpman Gaming, a UK-focused online casino business. 

The group anticipates this takeover to have a positive impact on its revenues moving forward, with the company having achieved positive EBITDA and approximately €7m in net revenue. 

Regarding Super Group’s UK operations, the company anticipates the Jumpman acquisition to provide local opportunities whilst also enabling expansion in other international markets using its proprietary technology – however, the group’s financial guidance for 2022 does not not include Jumpman’s figures. 

The announcement comes three months after Super Group’s Q2 earnings call, which saw the firm register revenue of €320m, a 10% reduction on 2021 earnings of €355m, attributed to a decline in online casino revenue.

“I look forward to discussing our results and business updates in greater detail after we release third quarter results on November 22,” Meanshe concluded.

SBC News Super Group reiterates €1bn 2022 revenue projections

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