Super Group, the parent company of leading iGaming brands Betway and Spin, has reported its third quarter 2024 financial results, marking record achievements for revenue and growth.
Revenue for Q3 reached €402.9 million (£335.86m) a 13 percent increase, year-on-year, and the highest recorded for any third quarter in the company’s history.
Growth was largely driven by gains in the Africa, Europe, and North America–primarily Canada–markets, though it was partially impacted by declines in the Middle East and Asia-Pacific regions.
For the quarter, ending September 30, Super Group reported a profit of €8.5 million (£7.08m).
Adjusted EBITDA, a non-GAAP measure, rose 60 percent, y-o-y to €83.9 million (£69.92m), with non-GAAP Adjusted EBITDA ex-U.S. reaching a record €95.4 million (£79.52m).
Strength
The wide distribution of revenue highlighted the ongoing financial strength of Betway’s core market regions.
Betway contributed €239.4 million (£199.53m) to the total revenue, while Spin contributed €163.5 million (£136.3m), with Africa and the Middle East leading the way by contributing some 38 percent of total revenue, €151.2 million (£126.03m); followed by North America with €144.8 million (£120.69m) and Europe with €67.4 million (£56.2m).
Super Group saw consistent growth in Monthly Active Customers, increasing 17 percent during the year to reach 4.7 million people in Q3.
Expansion
“The results affirm the group’s trajectory of expansion and its commitment to delivering high-quality online sports betting and casino offerings globally.”
Super Group CEO Neal Menashe affirmed: “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, and 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.”
Added Super Group CFO Alinda van Wyk: “This quarter was our best ex-US third quarter ever.
“We are focusing on consistent growth in our key markets, while striving to maximize operational and marketing cost efficiencies across the group, which resulted in a margin of 24 percent for the second quarter in a row — well ahead of our long-term target of 20 percent.”
“[Accordingly] we are increasing our ex-US Adjusted EBITDA full-year 2024 guidance to be greater than €345 million (£287.52m).”
