Super Group, the ownership company of the global online gambling company Betway, has revealed that it has met the forecasts for the second half of 2021 it had made in August. The announcement comes just before Super Group’s planned initial public offering.
Super Group’s IPO and August Forecast
Despite a few setbacks, Super Group has been enjoying steady growth. The release of its financial results comes just before the company’s plans to go public on the New York Stock Exchange and work with Sports Entertainment Acquisition Corp to establish a new NYSE-listed global gaming operator.
Back in August, Super Group informed its investors that it is targeting a valuation of $4.5 billion. Its end goal is to create a new wagering venture on the New York Stock Exchange and put 88% of it in the hands of Super Group shareholders.
When it announced the IPO plans, Super Group also predicted that it expects to earn $762 million for H1 and a total of $1.5 billion for 2021. It turns out that the company has managed to fulfill its goals and even go a slight bit beyond its initial forecast.
The Company’s Results Correspond to the Forecasts
According to Super Group’s announcement, it has had total revenue of $1.53 billion dollars, which is a 36% increase compared to the group’s 2020 results. This revenue increase is accompanied by an 87% EBITDA increase when comparing H2 2021 to H2 2020.
The results are supported by a 45% increase in active customers. The total number of people interacting with the operator each month is estimated to be around 2.7 million.
This customer increase is in part thanks to Super Group’s launch of Betway and Spin in several new markets. Throughout 2021, the brands went live in nine new regulated gambling markets, and Betway expanded to five new states.
Although Super Group’s 2021 results are favorable for the most part, it did meet some hurdles, mainly as it had to exit the Dutch market after new regulations were introduced. To make matters worse, the German regulator changed the taxation of gambling operators, which hurt not only Super Group but other operators as well.
Still, even with those few bumps along the way, Super Group has undoubtedly had a remarkable year and will continue moving forward. Should its IPO meet expectations, it is likely that the company will continue scaling its business up.