Online sports betting provider Super Group (SGHC) is in the green, according to its Q1 financial report. The company recorded a 25% increase in quarterly earnings, compared to the same period in 2024.
This success comes on the back of “extraordinary performance” in key markets, including Europe, Africa, and Canada. This balanced the lower outcomes from the Latin America, Middle East, and the Asia-Pacific markets, showcasing how global iGaming operations can yield mixed regional outcomes depending on market maturity and regulation.
Summarising the Key Points:
- Super Group’s adjusted EBITDA grew 120% YoY to $111.1 million.
- The company’s revenue outside the US market reached $502 million, and adjusted EBITDA increased 62% to $121 million.
- European revenue spiked 51% to $96 million, of which Betway’s contribution was $70 million.
- While the US witnessed a staggering 152% revenue growth, Canadian revenue increased by 12%.
Robust Performance in a Select Few Markets Behind the Spike
Super Group’s impressive performance can be largely owed to consumers in Africa, Europe, the Middle East, and North America. As Q1 2025 earnings reached $517 million, up 25% from $412 million that the company earned in the same period last year, a clear pattern has emerged.
Strong performance across Canada, Africa, and the Middle East accounts for a chunk of Super Group’s Q1 revenue this year. When the growth figures are broken down, we get a clearer picture of the scenario. Revenue from South Africa, for instance, spiked 39% compared to 37% last year.
Revenue from the overall African market increased by 34.4% to $203 million, despite a significant slowdown in the Middle East. Revenue from the North American market dipped to 35%, even as the market recorded a strong YoY performance. Revenue from South and Latin America and the Asia-Pacific region also fell considerably. In contrast, Europe’s revenue share increased from 14% to 19%.
Betway Posts Strong Revenue Figures
Betway contributed heavily to the Super Group’s impressive revenue figures. The company’s profits grew 25.5% YoY to $404 million, and this came from both sports betting and online casino games.
Betway’s online casino earnings increased by 34.2%, totalling $106 million. While revenue from brand licensing and external customer activities generated $5 million and $2 million, respectively. Betway’s total revenue increased 32% YoY, while Spin Casino, Super Group’s other subsidiary, saw a 16.4% rise in revenue to $199 million.
Profits Increase Despite DGC Sale
On the expenses front, costs remained stable, although the company’s direct, marketing, and administrative expenses increased slightly. The total expense in Q1 2025, including amortisation, depreciation, and pre-tax profits, went up 67.9% to $89 million.
Despite offloading Digital Gaming Corporation’s (DGC) B2B division to Games Global in February 2024, Super Group’s EBITDA increased by 46.6% compared to Q1 2024. The sale generated $44 million for Super Group.
Fast forward to 2025, the company paid $30 million in taxes and earned $59 million in net profits in the first quarter. EBITDA grew by 46.6%, reaching $107 million, even though Super Group made several adjustments primarily related to its sale of DGC.
Neal Menashe, Super Group CEO, said:
We started 2025 on a positive note. Impressive revenue growth, higher customer acquisition, and proactive retention strategies were the key driving forces. Our combined Q1 revenue reached a new high. This was mainly fuelled by exceptional sports betting margins, stable casino margins, and dynamic effort on our part to maximise ROI across all markets.
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