SBC News Voice of the Sports Betting Industry
Super Group has declared a second consecutive quarter of ‘exceptional trading’ as the NYSE online gambling group begins year-end trading.
Publishing its Q3 accounts, Super Group registered corporate revenues of €403M, up 13% on 2023 comparatives of €356M – as results “represent the highest revenue recorded in a third quarter.”
Period trading saw Super Group underscore the continued growth of its Betway brand in Africa and the Middle East, generating an income of €150M (+51%).
Across all geographies, the Betway brand generated Q3 income of €239M, with Africa and the Middle East contributing 63% of income.
Meanwhile, despite the exit of Betway from US wagering states, Super Group maintains its regional growth profile as its casino brand Spin generated €111M from North American activities, primarily in Canada.
Spin maintained stable growth in Asia and Europe, generating Q3 income of €163M, up 8% on 2023 results of €150M.
Group KPIs saw Monthly Active Customers increase by 17% to 4.7 million during the third quarter of 2024, up from 4.0 million in the third quarter of 2023.
A breakdown of product segments shows revenue as follows: Online casino: €330.2M, Sports betting: €67.1M, and Brand licensing: €3.7M.
Year-to-date trading shows Super Group reported total revenue of €1.2bn, with Africa and the Middle East leading at €444.5M (37% of total revenue), closely followed by North America at €435.8M (36%).
After accounting for US impairments of €11.5M, total Adjusted EBITDA reached €83.9M for the quarter, representing a 60% year-over-year increase compared to the same period in 2023, driven by strong performance in ex-US regions.
Neal Menashe, Chief Executive Officer of Super Group, commented: “We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business. There is still tremendous potential as we experience super growth across our global casino brands, particularly in Africa, which we have scaled to be our largest region for the second quarter running.
“Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders and intend to discuss with the board a possible further special dividend before the end of the year.”
Leadership maintains its 2024 Full-Year Guidance, with ex-US Adjusted EBITDA guidance raised to over €345M due to strong performance.
Group accounts show Super Group maintaining unrestricted cash of €296.6M as of 30 September 2024, with key outflows of €63.6M for tangible/intangible assets and a €10M loan to Apricot Investments.
Looking forward, Group CEO Neal Menashe and CFO Alinda van Wyk continue to target group cost controls and efficiencies to ensure a 24% margin, maximising profitability.
“This quarter was our best ex-US third quarter ever, achieving total revenue of €395M and Adjusted EBITDA of €95M. We are focusing on consistent growth in our key markets, while striving to maximise operational and marketing cost efficiencies across the group, resulting in a margin of 24% for the second quarter in a row – well ahead of our long-term target of 20%,” Alinda van Wyk explained.
“Following the strong performance of the business over the first three quarters and an early look at a strong October, we are increasing our ex-US Adjusted EBITDA full-year 2024 guidance to be greater than €345M.”
