Betway parent company Super Group has stated that it has achieved its 2021 commercial ambitions ahead of its planned US initial public offering, fulfilling financial predictions outlined in August of last year.
Publishing an update on its H2 2021 performance, Super Group detailed 2021 year-end revenue net gaming revenue of £1.53 billion, representing a year-on-year increase of 36%.
Meanwhile, the company’s EBITDA grew by 87% in comparison to the second half of the previous year, whilst the number of monthly active customers increased by 45% in the corresponding 2021 time period to an average of 2.7 million.
In particular, Super Group highlighted expansion for its Spin and Betway brands, which were able to launch in nine new regulated markets in 2021 in comparison to two in 2020, with the latter securing access in five US states.
Notably, the company was able to reach definitive terms to acquire US-licensing partner Digital Gaming Corporation (DGC) in August, by which its brands and partnerships secured market access for online gambling for an initial 10 US states including – Pennsylvania, New Jersey, Colorado, Indiana and Iowa.
However, despite its international growth the group did detail continued hurdles in continental Europe, in particular Germany and the Netherlands due to the introduction of new regulatory regimes.
In Germany, like many other operators, the firm has faced difficulties in the form of the tax regime introduced by the country’s new federal regulatory framework, GlüNeuRStv – the Fourth Interstate Gambling Treaty, ratified by the German states in June.
Meanwhile, the group is unable to operate in the Netherlands due to the KOA Act licensing regime in force since 1 October, which has seen 11 operators granted licences to operate in the country’s newly launched online sports betting market.
Despite these regulatory hurdles posed in June and October in two prominent central European betting and gaming markets, as well as a lower trading margin in the latter month, Super Group reports a ‘robust trading performance’ in the second half of last year.
The results come ahead of the company’s planned listing on the New York Stock Exchange in cooperation with SPAC partner Sports Entertainment Acquisition Corp (SEAH), with the Guernsey-based gambling group in the process of registering with the Securities Exchange Commission (SEC).
In an update to its investors in August, the firm detailed that it was targeting a $4.5 billion valuation – creating a new NYSE wagering venture that will be 88% majority-owned by existing Super Group shareholders.
The same statement saw the company predict that it was on track to on track to match full-year expectations of $1.5 billion, accounting for over $350 million in EBITDA, an estimation which has been proven in its latest update ahead of its IPO listing.
Super Group CEO, Neal Menashe commented – “2021 was a pivotal year for Super Group and we achieved our key aims of continued growth while expanding our global footprint. The Betway brand opening for business in the U.S. was a headline achievement among a number of other new territories, while we also maintained focused growth in our existing markets. All of that was achieved against the backdrop of preparing the business for listing.”