Despite a 2.2% drop in revenue last year, the global digital gaming company that owns Betway Sportsbook feels primed for expansion in the U.S. legal sports betting market this year.
Super Group — which became a public trading company last year — announced its fourth-quarter financial results for 2022 on Tuesday. The online sports betting and iGaming business generated $1.38 billion in revenue in 2022 and has made a serious commitment to gaining more U.S. customers.
“We continue to efficiently invest in our brand, enhance our technology platform and benefit from our consistent cash generation,” Super Group CEO Neal Manashe said. “We feel we are well positioned to apply our well-tested strategies to the U.S. markets and capitalize on what we see as a multi-year investment opportunity.”
2022 figures
Despite the decrease in revenue, Super Group’s profits were still 25% higher than its 2020 numbers.
Revenue in 2022 was $250.5 million before taxes, which was also ahead of its 2021 mark, but EBITDA figures of around $320 million were short of the previous year. Operational EBITDA fell by 31% and Super Group believes it has found ways to continue cost-cutting measures.
Overall costs have gone into becoming a public company, investing in technology, and making small increases in marketing.
Betway's 2023 plans
Super Group closed on the acquisition in early January of Digital Gaming Corporation Limited, which fuels the technology behind Betway. The online sports betting site is currently active in Arizona, Ohio, Virginia, Colorado, Iowa, Indiana, and Pennsylvania.
Meanwhile, Betway has secured expansion to Kansas, Missouri, Maine, and Mississippi. According to Super Group’s projections, the U.S. market is worth $39 billion and $14 billion at maturity. Bettors in those states should expect to see and hear more of Betway in 2023 and beyond as Super Group strategically picks and chooses the right markets to add.
“We're effectively going to be looking at the U.S. the same way we have more other markets around the world,” President and Chief Operating Officer Richard Hasson said. “That ($70 million) investment will be assessed on an ongoing basis in terms of finding which state is commercially feasible.”
