Super Group reports first half revenue of €320.8 million
Super Group the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced second quarter 2022 financial results for its operating subsidiary, SGHC Limited.
Revenue decreased by 10% to €320.8 million for second quarter of 2022 from €355.2 million over the same period in the prior year primarily as a result of a decline in online casino net gaming revenue and brand license fee income, partially offset by an increase in sports betting net gaming revenue. The decrease in casino net gaming revenue was driven by the impact of inflationary factors on disposable income.
The prior year quarter casino net gaming revenue also included a positive impact from the global shutdowns during the COVID pandemic. Brand license fee income declined due to renegotiated contract terms. Sports betting net gaming revenue increased due to growth in Africa and Asia-Pacific regions.
Profit after tax for the second quarter of 2022 was €298.6 million compared to a profit of €63.9million in the same period of the prior year. Profit for the second quarter of 2022 was positively impacted by non-cash adjustments related to the business combination and the listing on January 27, 2022.
Neal Menashe, CEO of Super Group, commented: “The current macro environment may provide near term headwinds but Super Group’s balance sheet remains strong and our business remains fundamentally sound.” Mr. Menashe continued, “By investing in our global business, we continue to focus on organic and strategic growth opportunities in pursuit of long-term sustainable profits.”
Alinda van Wyk, CFO of Super Group stated, “Super Group is a profitable and debt free company with a continuing track record of consistent cash generation. Despite some current challenges, we have increased monthly active users, while focusing on financial discipline to maintain profitability and we continue to invest in the future growth of Super Group.”