Super Group Enjoys Record Revenue and Profit in Q1 of 2024
Super Group (SGHC) Limited, the parent company of gaming operators Betway and Spin, has announced a surge in revenue for Q1 this year to €379.3 million, a rise of 12% from €338.5 million in a year-on-year comparison.
Super Group Release Record Q1 2024 Revenue
LISTEN TO THIS ARTICLE:The revenue figures for the Group are a record for any quarter in the company’s history and saw the gaming company enjoy a profit figure of €41.0 million in the same period. Adjusted EBITDA for the group showed an increase of 29% to €46.5 million for the first quarter of 2024 compared to €36.1 million in Q1 2023.
Other highlights in the first quarter of 2024 included an increase in active users for the period. These were up from 3.5 million to 4.7 million active users for Q1, a rise of 33% when compared to the same quarter in the previous year. This success follows the excellent Super Group revenues in 2023.
We achieved record results for a first quarter of €374 million of revenue and €69 million of Adjusted EBITDA, for the ex-US business. Our laser focus on creating a leaner, more efficient operating model has delivered results, with Q1 operating expenses as a percentage of net revenue falling to below 19%. Investment into high-growth areas of the business continues at pace and we remain confident that we are in a strong position to realize our goals set for 2024.
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North America Growth Drives Record Figures
Senior leadership at Super Group outlined the reasons for the success of the business including investing in growth regions and streamlining operations to achieve efficiency in the group. The statement highlights that Africa and Canada in North America had led the way in a surge in revenue for the gaming operator.
However, the trading statement showed the group saw revenue in the Middle East and Asia-Pacific jurisdictions had seen a reduction in the first quarter for 2024.
We've had a phenomenal start to the year, continuing our momentum from a strong end to 2023. This robust performance has been delivered by our global team’s ongoing focus and investment into core markets that are yielding strong returns, providing us with a solid foundation for the remainder of the year.
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