Super Group, the holding company of online sports betting and gambling operator Betway, said it expects to post a year-on-year increase in net gaming revenue for its 2021 financial year.
In a market update, Super Group said that net gaming revenue for the 12-month period is set to amount to approximately $1.53bn (£1.13bn/€1.35bn), a 36% year-on-year improvement and in line with management guidance.
This, Super Group said, would be down to a robust performance during the second half of the year, despite a lower trading margin in October, and the impact of new regulatory regimes coming into force in Germany and the Netherlands.
Super Group noted that growth was strong in both November and December, while for the six month period as a whole, it saw in excess of 2.7 million additional average monthly active customers, up 45% compared to the same period in 2020.
Other factors that helped growth over the whole year included the launch of the Betway and Spin brands in nine new regulated markets, compared to just two in the previous year.
This included the roll-out of Betway’s igaming offering in the US states of Colorado, Indiana and Iowa, as well as igaming and sports betting in Pennsylvania and New Jersey.
In addition, such was the impact of growth in the early part of the year that Super Group said its earnings before interest, tax, depreciation and amortisation (EBTIDA) for the first half is expected to be 87% higher than in FY20.
In August 2021, Super Group revealed it was on track to hit full-year targets after revealing that net gaming revenue for the first half was expected to reach $762.6m.
The business, at the time, also said estimated EBITDA for the period will be “well within” management expectations.
In April, Super Group also entered a definitive agreement to merge with special purpose acquisition business Sports Entertainment Acquisition Corp. (SEAC).
The arrangement will see Super Group combine with SEAC and apply to list shares on the New York Stock Exchange under the new ticker symbol ‘SGHC’, with the new business to operate under the name Super Group. The deal was expected to complete late in 2021, but its shares are yet to make their stock exchange debut.
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