Super Group, the company that runs Betway, said that its first-quarter revenues were €379.3 million (£326.7 million/$407.6 million), the highest ever for a first quarter. It also said that it had reached an agreement to fully own its sportsbook technology platform.
 super group q2 Super Group made 5.4% more money in Q1 than they did in the last quarter of 2024, when they made €359.9 million.  It was also 12.1% higher than the first quarter of 2023.

 Super Group said that the increase in sales was because of growth in Africa and North America.  The company's sales in Africa and the Middle East were up 58.9% from the previous year, while sales in North America were up 8.2%.  Super Group's revenue from Africa has grown from 27% in the first quarter of 2023 to 38% today.  But Super Group did say that its markets in the Middle East and Asia-Pacific were getting smaller.

 Super Group said it made €41 million in profit in the first quarter.  But it included a €40.1 million profit before taxes from selling the B2B segment of Digital Gaming Corporation (DGC) to Games Global, as well as a €13.1 million non-cash charge for the change in fair value of the option liability.

 For the first quarter, adjusted EBITDA was €46.5 million.  That is a 28.8% increase over the €36.1 million made in the same quarter previous year.  This is also a 38.4% rise from the €33.6 million made in the fourth quarter of 2023.  Super Group made €68.7 million in adjusted EBITDA, not excluding its US sector, which lost €22.3 million in adjusted EBITDA.

 Neal Menashe, the CEO of Super Group, praised the company's potential to keep going strong after the end of 2023.

 Menashe stated, "Our global team's ongoing focus and investment in core markets that are yielding strong returns have led to this strong performance, which gives us a solid foundation for the rest of the year."

 Super Group wants to buy software for sports betting.
 Super Group said it had signed final agreements to buy all of the technology for its sportsbook software.  Apricot, Super Group's software partner, is the one that now owns the sportsbook.

 Super Group has made a deal with Apricot's licensor to get the platform.  The deal was for €140 million, plus further money provided certain requirements are met.  If Super Group's sportsbook revenue doubles or more before the end of 2035, they could get up to €210 million extra.  The earn-out would be based on a percentage of Super Group's monthly net gaming income from its sportsbook.

 The first payment from Super Group will be €100 million, which is the amount of an outstanding loan that will be cancelled.  Super Group will also pay €40 million in two equal payments over the following two years.  The corporation could choose to pay up to €20 million of that in regular Super Group shares.

 Super Group said before that it had started talks to buy its betting platform in 2022.  The corporation said it couldn't promise to reach a deal, but it has finally done so.

 The transaction gets Super Group closer to its goal of owning all of its sportsbook technology.  It also lets the corporation use the technological stack on its future assets.

 Menashe is pleased about the deal's possibilities. He said, "This is a great chance for Super Group to take full control of our sportsbook technology, which would give them the most freedom to grow organically and through mergers and acquisitions."

 "As the benefits of this deal become clear, we will keep giving our customers around the world the best sports betting and gaming experience."

 Regulators must give further licenses for the merger to go through.  It is expected that the approvals will take between six and twelve months to happen.

 Betway's online casino business is growing as sports betting is falling.
 Betway made €222 million in revenue in the first quarter. This was because its online casino business grew while its sports betting and brand licensing businesses shrank.

 The amount of money made from sports betting was €76.8 million, which is 5.7% less than the €81.4 million made in the same quarter last year.  Brand licensing revenue, on the other hand, dropped 33% to €5.9 million.

 But Betway's online casino business made €135.3 million in sales.  This was 31.4% more than the €103 million that had been made in the same quarter last year.  Betway's total revenue for the first quarter came from online casinos, which made up 60.9% of the total.

 The casino brand Spin from Super Group also made more money this year than last, going from €140.2m in Q1 2023 to €156.9m.

 In the first quarter of this year, the number of active customers across all of Super Group's businesses grew by 33%, from 3.5 million to 4.7 million.

 Super Group has high hopes for the future.
 As of March 31, there was €289.2 million in cash and cash equivalents, up from €241.9 million at the end of 2023.  Super Group said the increase was due to €69.8 million coming in from business operations.  At the same time, its investing activities caused outflows of €20.4 million, mostly because it bought more assets and gave Apricot Investments a €10 million loan.

 In the first quarter of 2023, Super Group's direct and marketing costs went up to €303.9 million from €275.7 million. General and administrative costs also went up to €39.2 million from €36.6 million.  But the costs of depreciation and amortisation fell to €19.9 million.

 Menashe said that the company was hoping for double-digit growth in the top line in 2024 when he talked about the company's 2023 performance.  Super Group is expecting a 10% growth in overall sales to €1.6 billion and a 12% increase in net revenue for 2024, not include the US.

 Alinda van Wyk, the company's chief financial officer, says that the company's focus on making its operations more efficient is paying off.

 Van Wyk said, "Our laser focus on making our operations leaner and more efficient has paid off, with Q1 operating costs as a percentage of net revenue dropping to less than 19%."

 "We are still investing heavily in the parts of the business that are growing quickly, and we are still sure that we are in a good position to reach our goals for 2024."