Super Group stressed that the group is still “focused on operating more efficiently” in the current year. It also highlighted a larger ambition to strengthen the group’s position within the US market.
The online sports betting and igaming operator added the purchase Digital Gaming Corporation along with a host of other past M&A activities to emphasize that its market strategy is considered a multi-year investment opportunity.
These comments were made in the fourth quarter and full year update of the group, which reported a series declines across key financial metrics.
It stated that the company was financially sound and could achieve long-term goals. However, revenue for the quarter fell 3.48 percent to EUR329.1m (in comparison to EUR341m in 2021). It was also noted that this exceeded the company’s guidance range.
Profit before taxes fell to EUR38.3m (2021 EUR62.6m), while EBITDA fell 48.3% to EUR56.1m (2021 EUR83.2m). Average monthly customers closed October-December at 3.4million (2021: EUR62.6m), while EBITDA dropped 48.3% to EUR56.1m (2021: EUR83.2m).
“Super Group is a global leader in pure-play betting and online casinos and we are looking to continuously optimise and grow our global footprint including in the US,” said Neal Menashe CEO of Super Group.
“We continue to invest efficiently in our brand, improve our technology platform, and benefit from our constant cash generation. We believe we are well-positioned to apply our tried strategies to the US markets, and to capitalise upon what we consider a multi-year investment opportunity.
Revenue fell fractionally to EUR1.29bn (from EUR1.32bn in 2021), while profit before taxes increased by 3.45% to EUR233.7m (2021) and EBITDA dropped from EUR298.2m to EUR314.5m (2021). Average monthly customers rose by 300,000. to 2.9 Million.
Alinda Van Wyk, Super Group’s CFO, stated that “Super Group is still financially sound and we continue running our business profitably, while investing in marketing and technology to support future growth.”
“We will continue to operate more efficiently in 2023, in order for us to increase scale and improve our operating margins moving forward.”