Super Group published its Q1 results in 2023. It showed stable numbers allowing the company to continue its growth for the rest of the year. Also, they saw their losses drop for the first three months of 2023.
Super Group earned $364 million for a one percent year-over-year increase. According to sportsbook pay per head reports, its growth in the EMEA market drove the increase. However, its revenue in the Asia-Pacific and Ontario continued to decline. As a result, it prevented more revenue increase.
According to sources of the best pay per head bookie, Super Group’s loss after tax was $2.04 million in the first quarter of 2023. In addition, its losses included a non-cash charge of $2.4 million due to the increase in value of the company’s liability when it purchased Digital Gaming Corporation’s B2B division.
Stable Q1 Results in 2023
The company reported that expenses related to Super Group’s partnerships and its 2022 public offering were factored into the Q1 2022 loss after tax of $175.59 million.
The first quarter of 2023 saw a significant drop in Super Group’s operating EBITDA, which came in at $37.33 million. According to the business, the reduction was blamed on a loss of $17.86 million in the United States.
The gambling behemoth announced a 34 percent YOY rise in monthly active consumers to 3.5 million in Q1 2023.
According to sports handicapping reports, the $265 million in cash and equivalents on hand at the end of the quarter was down 3.3% year over year. Super Group stated that the decline resulted from many things, including a loss of $6.56 million due to currency movements.
Management Happy with Results
Neal Menashe, CEO of Super Group, gave his thoughts on the findings. He lauded his staff for “another good quarter” and promised that the firm would maintain its upward revenue and profits trajectory.
According to Menashe, Super Group’s March net gaming revenue was the highest for a single month, and the company’s operational EBITDA margin was above 20%. He calls it a “powerful reminder” of the organization’s leverage in the market.
