Super Group (SGHC) (NYSE:SGHC) released first-quarter financial results and hosted an earnings call on Tuesday. Read the complete transcript below.
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Summary
Super Group (SGHC) reported record-high quarterly revenue, monthly active customers, deposits, and wagering for Q1 2026, highlighting strong strategic execution and brand strength.
The company introduced a new reporting structure with two segments: Africa and International, providing clearer insights into regional performance.
Q1 revenue for Africa grew by 33% year over year, with adjusted EBITDA up 21% to $98 million, driven by robust sports and casino wagering.
The international segment saw a 9% revenue increase, with adjusted EBITDA up 26% to $73 million, supported by strong growth in the UK and Canada.
Super Group (SGHC) achieved a total revenue of $612 million for the quarter, up 18% year over year, with adjusted EBITDA growing 36% to $152 million.
The company's cash balance increased to $422 million, and it reaffirmed its full-year guidance of at least $2.55 billion in revenue and over $680 million in adjusted EBITDA.
Strategic initiatives include the phased rollout of the ZAR Supercoin wallet in South Africa and preparations for the World Cup, which is expected to significantly boost engagement and revenue.
Management emphasized disciplined cost management, AI-driven efficiencies, and a focus on sustainable long-term growth, highlighting a strong balance sheet and high free cash flow conversion.
Leadership appointments and product enhancements position the company well for ongoing growth, with a focus on operational efficiency and customer experience improvements.
Full Transcript
OPERATOR
Thank you for standing by and welcome to the supergroup first quarter 2026 earnings webcast and conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press Star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press Star one. Thank you. I'd now like to turn the call over to Nekem Ojibo, Head of Investor Relations. You may begin.
Nekem Ojibo (Head of Investor Relations)
Good morning everyone and thank you for joining us today to discuss Supergroup's results for the first quarter 2026. During this call, Supergroup may make comments of a forward looking nature that is subject to risk uncertainties and other factors discussed further in its SEC filings that could cause the actual results to differ materially from historical results or from our forecast. We assume no responsibility to update forward looking statements other than as required by law. On today's call we may refer to certain non GAAP financial measures. These non GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with gaap. We have provided a reconciliation of the non GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the Investor Relations page on our website. We recommend that investors refer to the supplementary presentation posted to our website today. I'm joined by Neil Minashi, Chief Executive Officer and Alinda Von Veeck, Chief Financial Officer. After I prepared the remarks, we will open the call up for questions. And now I'd like to turn the call over to Neil.
Neil Minashi (Chief Executive Officer)
Thank you Nekem and good morning everyone. The first quarter of 2026 marked a record breaking start for Supergroup. We delivered all time high quarterly revenue and unprecedented monthly active customers. Deposits and wagering also reached peak levels, extending our Q4 momentum. These results reflect the strength of our strategy, our brand and our people. As our business evolves, so does our reporting. We are introducing a new reporting structure consisting of two segments, Africa and International. Africa includes all revenue generated across the African continent, while International includes all revenue generations generated outside of Africa. This new approach highlights the distinct operating models across our core regions, providing shareholders with deeper insight into each unit's drivers and growth potential. The executives responsible for these segments remain unchanged. Africa delivered an excellent Q1. Revenue for the quarter grew 33% year over year with adjusted EBITDA up 21% to $98 million. Sports and casino wages were up 33% and 36% respectively. Year over year, Botswana continues to perform well. I recently spent time on the ground with our team in Nigeria and the actions we're taking there will strengthen our growth profile as we ramp up execution. The phased rollout of our ZAR Supercoin Consumer wallet began in mid April with a soft beta launch for our Betway South Africa customers. Our goal is simple expand utilities and gradually increase customer engagement across our ecosystem. We will reach a key milestone late in the quarter with additional listings on Ovex and Velar, two of the largest exchanges in South Africa. These listings significantly enhance liquidity and accessibility and provide a solid foundation for broader adoption as we optimize engagement and unit economics. For the international segment, revenue was up 9% with adjusted EBITDA growing 26% to $73 million. European revenue growth of 18% year over year was strongly driven by a 29% increase in the UK where we are capturing market share thanks to record customer acquisition off the back of continued product improvement and a successful Cheltenham Festival. We remain encouraged by Ireland's growth up 13% with local regulation expected in the second half of this year. In North America, Canada ex Ontario delivered 16% revenue growth supported by retention and product enhancement. Despite an increasingly competitive environment, Ontario achieved a post regulation record for new customers. Alberta, up 22% year over year, remains on track for local regulation in July with a fave and regimented brand rollout. Overall, North America excluding the US grew 15%. Rest of the world saw revenue growth of 8% with New Zealand growing 6% year over year which is particularly encouraging after last quarter's 5% decline. We remain disciplined while we await the anticipated local regulations framework. Overall, our sports business continues to enjoy strong margins. We are fortifying our sports trading and risk management capabilities ahead of the World Cup. This quarter we implemented targeted changes to material improve margin margin resilience within our promotional mechanics, pricing and payout structures. These measures proved their value in February which was a particularly challenging month for sports due to customer friendly outcomes. Meanwhile, our casino business remains the super reliable, steady and constant engine of supergroup. We don't take this for granted. We continue to innovate, extend and improve in numerous and meaningful ways. We have made it easier for our customers to discover content, we are personalizing their experiences and we are stepping up gamification and engagement. The result is targeted product and incentive management that delivers strong retention and responsible, consistent and profitable customer behavior. Neteffect a business where 80% of our revenue is driven by predictable, high quality and super persistent annuity revenue streams that offer shareholders unwavering reliability and confidence. With that, I'll turn it over to Alinda.
Alinda Von Veeck (Chief Financial Officer)
Thank you, Neil. Quarter one, 2026 marked an outstanding start to the year for Supergroup and I couldn't be more pleased to share these results. We have delivered a record total revenue of $612 million, up 18% year over year. While adjusted EBITDA grew 36% to $152 million. Our margin expanded to 25% compared with 22% in the prior year period. Driven by strong acquisition and retention strategies. Average monthly active customers reached a record 6.4 million, up 18% year over year, with March setting a new monthly high of 6.5 million customers. Total wagering increased 23% for sports and 20% for casino compared to last year. Disciplined cost management, controlled marketing spend and strong operating leverage are clearly reflected in our results. With continued focus on AI driven efficiencies and high return markets, we are well positioned to pursue sustainable long term growth. Our balance sheet remains very strong, supported by high quality earnings and measured capital allocation. We ended the quarter with $422 million in cash. This represents a 20% increase year over year. Despite returning $152 million to shareholders, including the special dividend paid in February, our free cash flow conversion of 75% remains strong, reinforcing the confidence that we showed when we recently increased our minimum quarterly dividend target to $0.05 per share. Building on the strong momentum of quarter one, we are entering the rest of the year with confidence. Quarter two is tracking positively with growth opportunities ahead, bolstered by an action packed World cup calendar. Our focus on marketing and operational efficiencies remains unchanged. As a result, we are reaffirming our full year 2026 guidance with total revenue expected to reached at least $2.55 billion and adjusted EBITDA to be more than $680 million. I will now hand back to Neil for closing remarks.
Neil Minashi (Chief Executive Officer)
Thank you, Alinda. This quarter underscores the effectiveness of Supergroup strategy and discipline. We are building momentum across regions, bolstering margin resilience and enhancing our products and customer experience. With a strong start to the year, strengthening our casino business, an attractive global sporting calendar ahead and a strengthened leadership team focused on execution and efficiency. Supergroup is well positioned for the remainder of 2026 and beyond. Operator. Please open the call up for questions.
OPERATOR
Thank you. We will now begin the question and answer session. If you would like to ask a question, please press Star one in your telephone keypad. If you would like to withdraw your question. Simply press Star one. Again, your first question comes from the line of Michael Hickey from Stonex. Your line is open.
Michael Hickey (Equity Analyst)
Hey Neil, Neil, Alinda Congratulations guys On a great one. Q2 questions from us. Neil, just Alinda on your 1Q performance here. Obviously a strong beat versus expectations and the MAU growth was exceptional plus 18%. I think you hit a record of 6.5 million in March. So I guess how are you thinking about the here, Alinda? Neal, to reaffirm your guidance for raising for the full year at this stage.
Neil Minashi (Chief Executive Officer)
Okay, so. Hi, thanks. So our guidance, as you know, was for revenue greater than 2.55 billion and very importantly EBITDA greater than 680 million. So we are confident about those numbers when we told them to you in February. Now after Q1, we remain confident, but this isn't the first time that we've outperformed like in Q1. We've never increased guidance at this stage of the year. It's just not something we do so early in the year. We obviously are focused, as you know, on executing and delivering growth and we're not finessing projections and guidance. It's really this simple.
Alinda Von Veeck (Chief Financial Officer)
And just to add to that, I think it's important also to note we're just not in that beat and raise treadmill game. As you all know, we are tracking ahead of our expectations and we're very encouraged by what we're seeing in the momentum. But we're only 25% into the year.
Michael Hickey (Equity Analyst)
Nice. Thanks guys. Next question from us. Just on the World cup, you gave some great data here in your deck. It looks like 80%, 88 plus percent of your revenue generated from World cup participating markets and 73% of your Gross Gaming Revenue (GGR) from football. So obviously it looks like World cup here is shaping up to be a significant catalyst for you guys. Q2, Q3. So how should we think about the potential uplift both player activity and revenue during the tournament period and then the follow up? You know, how should we think about the timing and scale of the cross sell of these incremental players to casino? Which of course would make this World cup catalyst durable. Thanks guys.
Neil Minashi (Chief Executive Officer)
All right, so I mean listen, I love this data that basically and I thought a lot about this, that 40% of the countries we operate in are participating in the World cup and that represents almost 88% of our 2025 revenue. So what we will get is we're super confident about the engagement of our customers in these markets. We've obviously got strong product stability and enhancements. We've done at the head of the tournament and we're focusing on the scale and the customer experience a bit different this World cup to the 2022 World Cup. The 2020 World cup was played because it was in the winter months. It was played in November and December and at 64 matches because there are more teams in this year, it's now June And July, it's 104 matches. So literally 63% more matches with more engagement. So for us it's all about giving us the content for our customers and the first half of the competition because they are 48 teams. There might be, you know, in our business it's all about the favorites drawing or losing. So hopefully let's see how the first half goes. But obviously as they get into the knockout stages which will be at the beginning of July, we will see what happens there. But again it's about engagement in the sports and then the cross sell into our casinos and the cross sale Normally is like 60 to 70% into casino. Nice. Awesome. Thanks guys. Good luck.
OPERATOR
Your next question comes from the line of Ryan Siddall from Craig Hallam your line is open.
Ryan Siddall (Equity Analyst)
Hey good day Neil, Alinda Linda, want to stick just one follow up on the guidance. Are you willing to comment on trends you've seen in April and May? I get the reason to reiterate this early in the year but curious if you've seen any deceleration in the business or any trends or anything to really give you concern.
Neil Minashi (Chief Executive Officer)
All right. So this quarter started off great. Obviously you know in February. Remember quarter one had a big loss in February on one day when all the favorites basically won and our customers won. But we haven't seen any deceleration. Remember our guidance is greater than $618 million so we are confident about that. And remember our business is 80% casino stable, consistent and we are annuity income on top of that every single day.
Ryan Siddall (Equity Analyst)
Second question just the UK tax effect went in effect recently here. What are you seeing in the market from your competitors? What have you done from a marketing, promotion etc standpoint and really nice quarter results and momentum it seems like in that business despite that. But just curious for kind of an industry and company update there.
Alinda Von Veeck (Chief Financial Officer)
Yes, thanks for the question. We called out around 6% pre-mitigation of 2025 EBITDA hits is around a $30 million hit. However we have starting to pull multiple levers in order to mitigate that. As we said we've obviously done even with the April numbers already in effect, we haven't seen that massive impact because of operating leverage in the way we manage our. So we feel in a confident position to see this through quarter two.
Neil Minashi (Chief Executive Officer)
And also we did call out that it would say it only kicked in on the 1st of April, so only like a couple of weeks and five weeks in that the marketing rates will start coming down. When everyone starts doing their numbers, you know, they have to get used to this new world of taxes. And obviously we have to be efficient and that's part of our two segments being International and Africa. And bringing International together has effectively given us this operating leverage.
Ryan Siddall (Equity Analyst)
Very good. Thanks guys. Good luck. Thank you.
OPERATOR
Your next question comes from a line of Bernie McTarran from Needham and Company. Your line is open. Great.
Bernie McTarran (Equity Analyst)
Good morning. Thanks for taking the questions. First I just wanted to ask about the new breakdown in terms of ebitda. Greatly appreciate being able to see Africa versus International. Can you just talk about the margin opportunity in Africa? Maybe any thoughts on incremental margins? Just as the region continues to grow, how we should expect margins to scale with it. And then I have a follow up. Thank you.
Alinda Von Veeck (Chief Financial Officer)
Thanks for the question, Bernie. I'm glad to be able to share that transparency now to the market to see what it brings us to Supergroup, the difference between Africa and International. So it's not so heavily weighted. You know the expectation probably was that it's not very heavily weighted towards Africa. Saying that that gives us the ability to have really strong potential to still have that market margin expansion. And we always do it in two kind of strategies. The one is our return on investment, how we make sure we the marketing that we spend in that jurisdiction is very localized. It's spoke for that customers and we see strong returns on that. And then secondly our product mix is getting that product really fit for purpose for that local market. Getting the pricing is right. That really, really helps us with the expansion of not just in South Africa but the rest of Africa. The margin bottom line.
Neil Minashi (Chief Executive Officer)
And then I can add we've got huge cross pollination between the international side of the business and the African side. And I think we really in the last six months have scaled that up from the call centers, same software to the risk and fraud to all of that. So we really are seeing super efficient costs coming through there. And also in Africa we've been pushing on different sports e. Soccer, cricket, tennis, etc. So it's all coming together. And we've also mentioned our trading. We are really getting stuck into the trading of all the various sports. Understood, thank you both. And then in the slide deck it References Nigeria ramp up underway to to strengthen growth profile. What would success look like this year in Nigeria for you guys? Thank you. I think that the Nigeria is an interesting one. We've been on the ground there. It's super interesting. I think what we have seen in the African continent and maybe led by Nigeria is that the country as a whole is doing much better. The free flow of the currencies improving. So we have to listen double treble our business size there at least twice. So as you know, it's the largest population in Africa. It's a growing TAM and we're getting our product right and that and again we can build or buy across the ways and we can do both. So it's really top of our mind. Thank you.
OPERATOR
Your next question comes from a line of Jed Kelly from Oppenheimer. Your line is open.
Jed Kelly (Equity Analyst)
Hey, great. Thanks for taking my questions. Another great quarter. Just on the margin cadence between the two segments. How should we be thinking about that particularly in the international margins? I know you have, you've got the UK taxes and then you're launching Canada in July. So can you just give us a sense how we should be thinking about that? And then with Africa, should we expect revenue to grow faster than EBITDA over the medium term? Thanks.
Neil Minashi (Chief Executive Officer)
Great question. First of all on the international side, how we look at international is the continued customer momentum. So our assumptions in the guide is definitely on organic growth assumption. There's no aggressive persistency assumptions made in there. But we also in making sure that we remain that have that marketing discipline of around 22%. And then if we caveat then to Africa that 22% of marketing as a guide towards the spend of revenue is much lower in Africa because of the jurisdiction and the localization of marketing. So that gives that ability for the EBITDA just to the EBITDA margin to grow as strong as the revenue market targets that we set for Africa. But the interesting thing here is that it's a very equal business. You know, you have even though you have probably most of the scale of the growth of the customer base out of Africa. The revenue and the marketing, the revenue and the EBITDA margin growth is very similar. And I could just add and this probably a point on Alberta, it's very different. Alberta regulation to Ontario. Ontario was what we call the Big Bang approach. You had to move all your existing customers over onto the new software on day one before you could even market the new software. In Alberta you can market through the new software first and have a period of three, three months or so to be able to move your existing customers over. So that for us is a massive, massive difference. We tried for that in Ontario, but it didn't happen at the time. But now, now it can happen in Alberta.
Jed Kelly (Equity Analyst)
Thanks. And just as a quick follow up, how should we view World cup net win margins relative to your historical net win margins?
Neil Minashi (Chief Executive Officer)
You've got to hope that the smaller teams like Haiti, etc. Just draw with the bigger teams in the early rounds. Like the early rounds might be a little bit hairy, but it doesn't matter because remember, it's all about if they win on those games, what happens on the next games and most importantly, what happens in our casino. So let's see. I think it's going to be interesting. We've never had this many teams but I think on the plus side you've got engagement with so many games. I think like 60, 63% more games, matches. It's actually unbelievable. So I think the audience and what we're going to have in our ecosystem should be, should be really, really, really good. Yeah. And the cross sell of 60% that you pulled out earlier, I think that's the big benefit as well. Yeah, absolutely.
Jed Kelly (Equity Analyst)
All right, looking forward to it. Thanks.
OPERATOR
Your next question comes from the line of Clark Lampen from btig. Your line is open.
Clark Lampen (Equity Analyst)
Thanks very much. Maybe I can start with a little bit of a follow up on Jed's last question. I think in the past your sportsbook margins have basically peaked at sort of an 18 to 19% ish level, maybe a little bit higher. But I guess what I'm wondering is after you sort of fortified the, the sports trading and I think pricing, I'm paraphrasing I guess from the language in the presentation, but what I'm curious is are book friendly months potentially going to produce higher structural sports margins now on a go forward basis, Quick follow up question would be on the leadership team comments that you guys put in the release. Sorry if you've already elaborated on this in the release or in the presentation. But if not, could you give us an update on sort of where you've made hires and where you believe you're sort of strengthening the overall business now?
Neil Minashi (Chief Executive Officer)
Thanks. All right. Okay, so firstly on the sports margin, we obviously put out there that, you know, that's the average of the two sports books, International and Africa. But yes, as we fortified our pricing and the promotions we give in the sports book, we would think in months where favorites are not winning or drawing that, that we are seeing increased margin. That's absolutely that for us but our trailing 24 month average is almost at like 13%, 13.1 and that means Africa is higher and then International is a bit lower. But we've seen increases in International when it, when it comes to our leadership team. Listen, for me, for me and Alinda and actually all of us, even our board, it's all about having the right people in the right seats and then you will create a super team. So we've appointed Kirsty Ross as our chief operating officer. I mean she was our chief of staff but as operations officer I think we are seeing huge, huge efficiencies. And then we hired Justin Stock who's been our external counsel and helped us deliver the business to where it is today. We've finally taken him in half and he's our group head of commercial and M and A. And of course as you know we've got Lon Ben David as our cto. So we really have a great team at the C suite level of supergroup. But then when you go into the rest of our companies we are absolutely got great people there. And with the International and Africa being these two segments, we're bolstering all of this. But in order to grow and keep growing, it's about our people, it's about our platforms, it's about the tech that we're going to use and we need the best of the best to help us make, make these decisions and that's what we have done up till now. And I'll take into the next level. Neil, if I could just follow up quickly. Is the goal of I guess some of that hiring activity to continue driving your corporate costs and the sort of corporate EBITDA that you've now itemized for us down. Or maybe it's something different. I guess I'm just curious what you're driving at both I think it's definitely always to centralize the cost not to go to so many third party member. Our legal feedback can be a lot especially if you do M A and other things. But, but, but with AI etc it's to definitely bring it down and be able to do much more volume based, based on our current cost base. So it's everything. But again we've got to make the right decisions and we have to make them with the best information we have. And for that I need the best people around us.
Clark Lampen (Equity Analyst)
Appreciate the color.
Chad Bennen (Equity Analyst)
Your next question comes from a line of Chad Bennen from Macquarie. Your line is open. Hi, good morning. Neil and Alinda. Nice quarter. Wanted to start with these Are Super Coin adoption rate kind of where this is how it compares to your expectations. I know that you said in the slide deck, you know you have plans to roll it out further in the back half, but just wanted to test your temperature on how this is going thus far. Thanks.
Neil Minashi (Chief Executive Officer)
Okay, so remember we did call out, we said it's going to take adoption, it's going to take time. And so obviously we've done a beta now in South Africa, so it's gone quite well in terms of our beta, but it's only a beta. We are obviously getting the utility of the coin in there, but what we have to do is it's going to be a slow process to get them adopted. But for us it's not only about the Super Coin, it's also about the processing fees. Remember to remind everyone in Africa, a single biggest after taxes expense are these processing fees, especially on the sportsbook where depositing in, cashing out, redepositing in this in and out of the same money costs a lot of money. So that ecosystem we, we, we, we are getting right and we're just going to be patient with, with the TSAR Super Coin and see how it goes in other markets. We obviously will bring it there once we've seen how it works in South Africa and the different legislations. Obviously we all have the legislation in our other seven markets in Africa and we hope to bring it there as soon as we get this part right in South Africa. That's very encouraging. It's something new, it's new for the consumer, so let's see how we go. But something that was new a year ago is now normal now. So that's kind of what we base it on.
Chad Bennen (Equity Analyst)
That's great, thank you. And then with respect to the M and A environment, obviously strong Q1, you're tracking at least ahead of expectations for the year. 400 plus million of cash on the balance sheet. How are you thinking about MA opportunities given your position of strength? Thanks.
Alinda Von Veeck (Chief Financial Officer)
Thanks for the question. We still, as we've always been highly selective on what we pursue. We don't need M and A to hit our plan. Our plan is based on consistent organic growth. That will be just an added bonus if the right opportunity comes along and at the right price. And it's supposed to be a bolt on, you know, to improve our business overall if we, if we pull the treat on something. We also look at vertical opportunities such as improving technology, product or maybe marketing efficiencies. But in the long run there's always something on the table that we are setting and we've got the right balance sheet for it. So we'll just remain disciplined until the right opportunity at the right price comes.
Neil Minashi (Chief Executive Officer)
And I said, and I always say to Linda, we always say to each other, we're not overpaying for stuff. If it makes sense, we'll do it. And I think as we've, you know, we've got a facility. I think you've seen lots of our competitors have acquired over the last five or 10 years. And when you're laden with debt after that, these businesses have to perform. So we still got 75% free cash flow because, you know, that's what we do. So if we find the right one, we'll do it. But we are not overpaying, and that's not how we've operated up until now.
OPERATOR
Your next question comes from lineup. Matt Weber from Kenaccord Genuity. Your line is open.
Matt Weber (Equity Analyst)
Hi. Thanks so much for taking the question and congrats on the strong quarter. I just wanted to ask if there's any update you could share on the Apricot transaction and just maybe more broadly how that transaction is framed in your key product initiatives for the balance of the year. And then relatedly, could you just, given AI is the topic du jour of every earnings call, could you maybe just touc on what you were doing there in that space? Thanks so much.
Neil Minashi (Chief Executive Officer)
Okay, so the Apricot, we finally closed the transaction at the end of February. We've got all the ip, so the Sportsbook finally is owned by us. So we're very happy about it. We've done the progress of moving all the development resources that support the Sportsbook. They're now becoming part of our team. Expect over 100 people, even more to move over to Supergroup, be part of our structures, how we work, what we do. So we're really starting to see overall realized cost savings will obviously come over time. But for us, it's about the product that's near our product teams. Here the teams are together. And I think we've seen that with the global Best Way Sportsbook, we've improved speed, flexibility, efficiencies. So there's lots to come there. You know, we really are pushing, pushing hard. And, you know, since we've exited the U.S. i've got these teams not having to worry about the eight states in the US we can worry about all the markets that we're currently in.
Alinda Von Veeck (Chief Financial Officer)
And then just on your following question on AI, I think it's front of mind for everyone. It's definitely at the moment for us tools that initiatives that we use for risk and fraud management. There is definitely some elements being used in development and allowing us to be more efficient and more faster and deploying certain parts of our development, our businesses. It's definitely starting to have a big impact even on my world in finance and how we reconcile and look at accounts and disclosures. So it's definitely all in all enhancing efficiencies. But we have to be disciplined. We are working closely alone. Our CTO is taking lead on making sure there's a custodian that creates the boundaries around this so that we are disciplined around it. But major impact. I think the only thing we know is that it's changing fast.
Matt Weber (Equity Analyst)
Fair enough. Thanks for the caller.
OPERATOR
Your next question comes from a line of Jordan Bender from Citizens. Your line is open.
Isabel Slavin
Hi, this is Isabel Slavin on for Jordan Bender. Thank you for taking our questions. We just want to ask about Europe. What drove the outperformance there and do you expect this to continue throughout the year? Thank you.
Neil Minashi (Chief Executive Officer)
Yes. So I think Europe again, as we exited countries that we didn't see a path to profitability, us being one, Belgium, Italy, etc. We focus on the UK, Spain, Ireland. And so if you take the UK as an example, as we dropping more product enhancements, the brand is well known. We are seeing the stickiness of our customers, our marketing being really driving record acquisitions because finally the Betway product can now start competing head on with major competitors there. Same with Spain. We've got focus to casino. We've got new stuff happening there, Ireland as well. So it's all about the front office being the product and our brilliant back office coming together. And then in Africa we have got a brilliant product and we've got a back office and we're improving the back office to make it as good as the international side. And if we get all of those two worlds working, that's when you see in the bottom and that's where you see see our retention rates, et cetera, going increasing.
OPERATOR
and there are no further questions. I will now turn the call back over to Neil Menashi for closing remarks.
Neil Minashi (Chief Executive Officer)
So thank you everyone for joining today's call. We are really proud of our teams across the globe and their super performance this quarter. We are very encouraged by the momentum we have built early in the year and we will speak to you again soon. Thank you.
OPERATOR
This concludes today's conference call. Thank you for your participation. You may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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