Super Group (SGHC) Limited, the parent company of Betway and Spin, has reported its unaudited consolidated financial results for the second quarter of 2024, achieving record revenue of €414.7 million.
The revenue for the three months ending June 30, 2024, reached an all-time quarterly high of €414.7 million. However, the quarter closed with a loss of €0.8 million, influenced by non-cash charges of €36.8 million related to the impairment of DGC-related assets. On a more positive note, the company reported a non-GAAP Adjusted EBITDA ex-US of €98.3 million, marking the highest quarterly ex-US adjusted EBITDA to date. This was offset by a non-GAAP Adjusted EBITDA loss of €16.4 million from US operations, resulting in a total non-GAAP Adjusted EBITDA of €81.9 million. As of June 30, 2024, unrestricted cash stood at €306.8 million.
Revenue increased by 9% to €414.7 million in Q2 2024 (11% on a constant currency basis) compared to €380.8 million in the same period last year. This growth was driven by strong performance in Africa and North America, particularly Canada, partially offset by declines in the Middle East and Asia-Pacific regions. The period ended with a loss of €0.8 million, including non-cash charges of €36.8 million related to the impairment of DGC-related assets. In contrast, the profit for the same period last year was €27.6 million, which included a non-cash charge of €6.1 million related to the change in fair value of option liability.
Adjusted EBITDA increased by 8% to €81.9 million in Q2 2024, up from €75.9 million in the previous year. Monthly Active Customers grew by 21% to 4.5 million during Q2 2024, up from 3.7 million in Q2 2023. Cash and cash equivalents were €306.8 million as of June 30, 2024, up from €241.9 million at the end of December 2023. This increase was driven by €104.5 million inflows from operating activities, €42.9 million outflows from investing activities, €3.7 million outflows from financing activities, and a €7.0 million gain from foreign currency fluctuations.
Revenue by Geographical Region for Q2 2024: Betway generated €246.3 million and Spin generated €168.5 million, totaling €414.7 million. Regionally, Africa and the Middle East contributed 37%, Asia-Pacific 9%, Europe 16%, North America 36%, and South/Latin America 2%.
For the six months ended June 30, 2024, total revenue was €794.0 million, with Betway contributing €468.2 million and Spin €325.8 million. Regionally, Africa and the Middle East accounted for 36%, Asia-Pacific 9%, Europe 16%, North America 37%, and South/Latin America 2%.
Revenue by Product Line for Q2 2024: Online casino generated €323.2 million, sports betting €84.3 million, brand licensing €5.3 million, and other revenues €2.0 million. For the same period in 2023, online casino generated €272.4 million, sports betting €94.2 million, brand licensing €8.3 million, and other revenues €5.8 million.
For the six months ended June 30, 2024, online casino generated €619.1 million, sports betting €157.4 million, brand licensing €11.1 million, and other revenues €6.3 million. In the same period in 2023, online casino generated €515.4 million, sports betting €175.7 million, brand licensing €17.1 million, and other revenues €11.1 million.
Super Group continues to demonstrate robust growth and operational efficiency, despite challenges in certain regions. The company’s strategic focus on expanding its footprint and enhancing customer engagement has led to significant improvements in financial performance and market presence.
Neal Menashe, Chief Executive Officer of Super Group, commented: “The second quarter of 2024 was our strongest quarter ever and demonstrates the exceptional progress we continue to make as a business. I’m glad we have reached a conclusion in shutting the US sports betting market and we continue more generally to optimize our global footprint both in terms of geography and product. I’m really excited to welcome English Premier League champions, Manchester City, and South Africa’s Premier Soccer League, now known as the Betway Premiership, to our brand sponsorship portfolio. Our outlook for the remainder of the year is strong, and we look forward to making 2024 a super year for Super Group.”
Alinda van Wyk, Chief Financial Officer of Super Group, stated: “We achieved new quarterly records for the ex-US business for both total revenue of €408 million and Adjusted EBITDA of €98 million. The continued focus of growth in key markets, along with the significant progress made on realizing cost efficiencies, contributed to a strong second quarter ex-US EBITDA margin of 24%. Given the strength we have seen in the first half of the year, we are confident in raising our ex-US Adjusted EBITDA guidance for the full year 2024 to greater than €300m. Finally, our debt-free balance sheet continues to show strength, and we were pleased to return capital to shareholders through the announcement of our first ever dividend.”
