Revenue and adjusted EBITDA hit record levels in Q1 for Super Group

Super Group has announced Q1 revenue of $516.8m (£388.8m), representing a 25% year-on-year (YoY) rise and a new record for the Betway and Spin parent company.

In what was the operator’s first earnings report using US dollars as opposed to euros, revenue shot up from Q1 2024’s return of $411.9m on the back of African, European and Canadian growth.

However, bosses did note that those gains were partially offset by declines in Latam, the Middle East and APAC.

Adjusted EBITDA leapt 120% YoY from $50.4m to $111.1m, another Q1 record, while profit was up from $44.6m to $59.4m for the New York-listed business.

Monthly active customers rose 14% to 5.3 million, compared to 4.7 million last year, marking it the third record in the reporting period for the company.

Monthly active customers have risen around 108% over the past three years, management added.

Breaking revenue down by vertical, online casino remains the dominant product for the firm, accounting for $404m of the total, up from $322m in Q1 2024.

Betway represented $205m of the online casino revenue while multi-brand Spin took the other $199m. Sports betting revenue came to $106m, up from $79m last year.

Geographically, Africa and the Middle East was the largest market by revenue, returning $203m against Q1 2024’s $151m.

As per the Super Group investor presentation, Betway held gold medal position in South Africa, Ghana, Zambia, Mozambique, Malawi and Tanzania.

The Betway brand is also a top 10 operator in Nigeria and recently went live in Botswana. Sports betting revenue was up 38% on the continent while igaming rose 31%.

North America, driven by Canada (excluding Ontario), represented $181m of revenue, while Europe accounted for $96m.

Ex-Ontario Canada revenue for sports betting was up 29% and igaming ticked up 15%, while strong gains were also reported in the UK.

Looking at the US, where Super Group is live with an online casino-only approach after pulling sports betting in 2024, the business remains live in New Jersey and Pennsylvania.

During the report period, revenue soared 152% to $15m and adjusted EBITDA losses came to $9.8m, down sequentially from Q3 and Q4 2024.

The migration of Betway Casino to Spin Palace Casino was also completed, with plans to ramp up personalisation now in the pipeline.

Looking at full-year 2025 guidance, revenue is expected to top $2bn while adjusted EBITDA should come in above $421m.

In the US, revenue is expected to break the $89m mark, while adjusted EBITDA losses for the year have been pegged between $32m and $38m.

Neal Menashe, Super Group CEO, said: “We started 2025 on a high note, delivering a strong first quarter with impressive revenue growth, a surge in customer acquisition and effective retention strategies.

“The group’s combined revenue reached a record $517m for a first quarter, representing a 25% year-over-year increase, fuelled by outstanding sports betting margins and consistent casino margins, as well as our ongoing efforts to optimise return on investment across all markets.”

The post Revenue and adjusted EBITDA hit record levels in Q1 for Super Group first appeared on EGR Intel.

 Betway and Spin parent company points to strong gains in Africa, Canada and the UK, while actives breach the five million mark
The post Revenue and adjusted EBITDA hit record levels in Q1 for Super Group first appeared on EGR Intel.