Q1 2025 also marked a 120% year-on-year increase in adjusted EBITDA to $111.1m.
“We started 2025 on a high note, delivering a strong first quarter with impressive revenue growth, a surge in customer acquisition, and effective retention strategies,” said CEO Neal Menashe.
He added that this performance was driven by “outstanding sports betting margins and consistent casino margins, as well as our ongoing efforts to optimize return on investment across all markets.”
Super Group CFO Alinda van Wyk noted that ex-US revenue reached $502m, while ex-US adjusted EBITDA rose 62% to $121m.
North America contributed 35% of revenue, totalling $181m. The US saw 152% growth to $15m, while Canadian revenue ed for the lion’s share and grew by 12%.
In Europe, revenue surged 51% to $96m, with Betway’s strong performance in the UK contributing $70m.
Africa and the Middle East saw a 34% increase, reaching $203m, with South Africa driving growth, though the Middle East experienced a decline.
Asia-Pacific saw a 16% drop, bringing in $32m, likely due to regulatory challenges in New Zealand.Latin America saw a decline of approximately 30%, with revenue reaching $5m, highlighting ongoing challenges in the region.
Despite paying out $95.7m in dividends during the quarter, Super Group maintained a strong balance sheet, closing Q1 with $351m in unrestricted cash.
Monthly active customers increased by 14% year-on-year to 5.3 million.
The company also reiterated its full-year guidance of over $2.01bn in revenue and $421m in adjusted EBITDA.
Analyst take
Regulus Partners praised Super Group’s resilience and adaptability amid shifting regulatory landscapes.
While competitors like Entain and Flutter posted more modest growth (10% and 3% respectively), Super Group’s diversified approach allowed it to outperform peers in the online markets outside the US.
“However, staying ahead of the regulatory ‘salami slicer’ requires changes to be relatively small, relatively self-contained, and offset by growth opportunities elsewhere.
“As companies like Entain and 888 have graphically shown, legacy strengths can suddenly change into legacy weaknesses,” the analysts concluded.
