Africa, Mid-East and Europe Are Betway As Super Group Takes A Spin On Q2.
Noting significant gains in Africa, the Mid-East and its European regions, Super Group–home of top brands Betway and Spin–has posted a profit of €27.6 million (£23.62m) on revenue of €380.8 million (£325.93m) for its second quarter, ending June 30.
A converse dip in fortunes in Super Group’s Asia-Pacific and North America regions–particularly Ontario, which was hit by regulatory changes–failed to dent overall revenues, up €60 million year-on-year (£51.35m).
Correspondingly, EBITDA for the quarter was €70 million (£59.91m), up from the €53.6 million (£45.87m) reported in Q2 2022.
The second quarter of 2023 saw an increase in Monthly Active Customers to 3.7 million people, up from the 2.7 million people reported in the second quarter of the previous year.
By the end of June 30, 2023, Super Group reported cash and equivalents of €228.7 million (£195.75m), a decrease from the €254.8 million (£218.09m) recorded at the end of December 2022.
The change in cash flow was influenced by various factors, including operational activities, investment undertakings, and foreign currency adjustments.
Revenue distribution for Q2 across the different regions was disclosed as follows: Betway reported earnings of €229 million (£196m) and Spin reported €152 million (£130.1m).
“[We have] delivered financial results that reflect our ongoing focus on both an optimized global footprint and investment in long-term growth,” commented Super Group CEO Neal Menashe.
“This quarter’s strong revenue performance has delivered enhanced economies of scale in multiple markets, resulting in significant year-over-year growth in Operational EBITDA, ex-US.
“We remain confident in our business model and focused in our search for future growth opportunities in the global online casino and sports betting industry.”
Added Alinda Van Wyk, Super Group’s Chief Financial Officer: “Achieving scale in each of our markets, combined with driving cost efficiencies throughout the business remain our focus for long-term growth.
“With regards to the US, the business is tracking in-line with expectations and we are confident in our strategy.”