Super Group Reports 16% Revenue Increase in Q3 2023, Strong U.S. Performance
Super Group, the parent company of Betway and Spin, experienced a 16% increase in revenue year-on-year, reaching €356.9 million in Q3 2023.
Contribution by Brands
The growth was primarily fueled by strong performances in the African and Middle Eastern, European, and North American markets. However, declines in the Latin American and Asia-Pacific regions slightly offset these gains.
Betway was a significant contributor, generating €206.4 million of the total revenue, while Spin added €150.5 million.
Super Group CEO Neal Menashe highlighted the company’s robust performance, noting the highest ever revenue for a third quarter, coupled with record highs in customer numbers and deposits. He praised the strong customer engagement and global expansion of their iGaming offerings.
Operational EBITDA for the quarter reached €53.8 million, up from €49.6 million in the same period last year. CFO Alinda van Wyk pointed out that the company achieved ex-US revenue of €348.9 million and an ex-US operational EBITDA of €64.1 million, maintaining a solid 18% margin. She emphasized their commitment to future growth investments and cost efficiencies despite some quarterly challenges.
U.S. Market Performance
The U.S. market played a crucial role, contributing €134 million, marking a 9% year-on-year increase. Despite this, Super Group announced plans to withdraw its sportsbook operations from nine U.S. states, while continuing its iGaming activities in New Jersey and Pennsylvania.
- Africa and Middle East: Revenue grew by 43% to €100.1 million.
- Europe: Revenue increased by 41% to €54 million.
- Asia-Pacific: Revenue decreased by 9% to €62 million.
- Latin America: Revenue fell by 14% to €6.7 million.
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