{"id":245,"date":"2024-06-28T12:19:55","date_gmt":"2024-06-28T09:19:55","guid":{"rendered":"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/"},"modified":"2024-06-28T12:19:55","modified_gmt":"2024-06-28T09:19:55","slug":"super-group-lowers-full-year-projections-amidst-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/","title":{"rendered":"Super Group Lowers Full-Year Projections Amidst Economic Uncertainty"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/-08VVkyOmDc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The massive corporate entity reduced its full-year projections in the face of global economic pressures during the second quarter.<\/p>\n<p>The group lowered its full-year revenue and profit expectations amidst widespread economic uncertainty in the first half of the year, but stated that its core operations are robust and remains optimistic about future growth prospects.<\/p>\n<p>The operator, which owns brands such as Betway and Spin, indicated that it continues to experience the effects of the normalization of post-pandemic entertainment spending patterns and global economic uncertainty on discretionary spending.<\/p>\n<p>Betway cautioned that this could persist for the remainder of the year and issued updated guidance to reflect this.<\/p>\n<p>Full-year revenue is now projected to reach \u20ac1.15 billion (\u00a3972.7 million\/$1.19 billion), down from the initial prediction of \u20ac1.4 billion provided at its 2021 results announcement. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are anticipated to be between \u20ac200 million and \u20ac215 million, down from the previous forecast of \u20ac345 million.<\/p>\n<p>However, Neil Menash, CEO of the giant corporate group, stated on the earnings call that the year-over-year performance in the first two quarters of 2022 did not accurately reflect the &#8220;management&#8221; of the past twelve months and the business remains in a strong position. <\/p>\n<p>The chief executive of Super Group, Menash, declared that the firm will gain from the ongoing regulatory shifts in the post-pandemic period. He emphasized their effective cost structure and profitability over the last two decades, irrespective of market conditions. Menash highlighted their control over marketing, product, and operational expenses, providing them with the ability to optimize these areas.<\/p>\n<p>Menash acknowledged the strength of online gambling businesses while recognizing their vulnerability to broader economic pressures. He emphasized Super Group&#8217;s global reach and competitive cost structure, aiming to maintain and enhance these advantages. Despite facing these pressures, Menash assured that their core operations remain robust and they anticipate continued expansion.<\/p>\n<p>The second quarter witnessed a decrease in income to \u20ac320.8 million, down from \u20ac355.2 million in 2021. Online casinos remained the primary revenue source, generating \u20ac204.3 million, exceeding sports betting (\u20ac110.6 million) and brand licensing (\u20ac5.8 million).<\/p>\n<p>Betway emerged as the more successful brand, generating revenue of \u20ac178.7 million, ahead of Spin&#8217;s \u20ac142.1 million.<\/p>\n<p>Geographically, North America led with \u20ac142.1 million in revenue, followed by Asia Pacific (\u20ac77.4 million), Africa and the Middle East (\u20ac63.6 million), Europe (\u20ac30.5 million), and South America and Latin America (\u20ac7.2 million). North American revenue is projected to increase further in the upcoming quarter due to recent approval in Ontario, Canada.<\/p>\n<p>Direct and marketing costs experienced a 3.4% reduction to \u20ac225 million. <\/p>\n<p>Although Super Group&#8217;s income experienced a downturn, their pre-tax earnings saw a significant surge of 354.0% year-over-year, reaching \u20ac304.2 million. This growth was primarily driven by favorable changes in fair value.<\/p>\n<p>The company paid \u20ac5.6 million in taxes and reported a negative foreign exchange translation of \u20ac3.5 million, resulting in a net profit of \u20ac295.1 million at the end of the quarter. This represents a 374.4% increase compared to the same period in 2021.<\/p>\n<p>Looking at the first half of the year, revenue for the six months ending June 30 declined by 1.8% year-over-year, reaching \u20ac655.3 million. Online casinos were the primary revenue generator, contributing \u20ac408.2 million, followed by sports betting revenue exceeding \u20ac220.2 million and brand licensing revenue of \u20ac25.7 million.<\/p>\n<p>Direct and marketing costs rose by 4.1% to \u20ac466.4 million, while general and administrative expenses decreased by 8.3%, and depreciation and amortization costs fell by 25.7%.<\/p>\n<p>In terms of other costs, Super Group reported a positive impact of \u20ac194.9 million from fair value changes and a positive impact of \u20ac34.6 million from fair value changes in share option liabilities. However, these positive impacts were partially offset by \u20ac125.3 million in share-based payment expenses and \u20ac24 million in foreign exchange revaluation of share options and warrants.<\/p>\n<p>Despite these offsets, pre-tax profit still grew by 38.2% to \u20ac149.9 million, after accounting for \u20ac14.6 million in taxes and \u20ac2. <\/p>\n<p>The Super Group&#8217; saw a significant surge in net earnings, reaching \u20ac133 million, a 30% jump from the previous year. This growth occurred despite challenging conditions in the international currency market.<\/p>\n<p>Menashe stated that the company&#8217;s financial standing remains robust, its operational base is secure, and it will continue to pursue global expansion opportunities for the future.<\/p>\n<p>Sign up for iGaming updates. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The massive corporate entity reduced its full-year projections in the face of global economic pressures&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Betting Giant Cuts Projections Amidst Global Uncertainty<\/title>\n<meta name=\"description\" content=\"Betting company lowers revenue and profit expectations due to global economic pressures, but remains optimistic about future growth.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Super Group Lowers Full-Year Projections Amidst Economic Uncertainty\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Betting company lowers revenue and profit expectations due to global economic pressures, but remains optimistic about future growth.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Go-To Destination for Licensed Casino Games &amp; Latest News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T09:19:55+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/\",\"url\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/\",\"name\":\"Betting Giant Cuts Projections Amidst Global Uncertainty\",\"isPartOf\":{\"@id\":\"https:\/\/winportnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T09:19:55+00:00\",\"dateModified\":\"2024-06-28T09:19:55+00:00\",\"author\":{\"@id\":\"https:\/\/winportnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Betting company lowers revenue and profit expectations due to global economic pressures, but remains optimistic about future growth.\",\"breadcrumb\":{\"@id\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/28\/super-group-lowers-full-year-projections-amidst-economic-uncertainty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/winportnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Super Group Lowers Full-Year Projections Amidst Economic Uncertainty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/winportnodepositbonus.icu\/#website\",\"url\":\"https:\/\/winportnodepositbonus.icu\/\",\"name\":\"Your Go-To Destination for Licensed Casino Games &amp; Latest News\",\"description\":\"Unleash your gambling potential through our up-to-date news, comprehensive reviews, and expert articles. 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