Super Group Reports Over €400 Million in Q3 Revenue

Super Group achieved record-breaking results in the third quarter of 2024, with revenues totaling €402.9 million, the highest Q3 figure in the company’s history. The profit for this period reached €8.5 million.

Super Group’s Q3 2024 Performance

Adjusted EBITDA, excluding U.S. results, hit a record €95.4 million, partially offset by an €11.5 million loss in the U.S., resulting in total adjusted EBITDA of €83.9 million. As of September 30, 2024, Super Group held €296.6 million in cash.

The company reported strong growth across its main regions, including Africa, Europe, and North America (primarily Canada). Africa emerged as Super Group’s largest region for the second consecutive quarter.

Super Group emphasized its focus on sustained growth in key markets while maximizing operational and marketing efficiency across the group. As a result, its margin held steady at 24% for the second quarter in a row, significantly exceeding the company’s long-term goal of 20%.

Given the strong performance over the first three quarters and early data indicating a robust October, Super Group raised its full-year adjusted EBITDA forecast (excluding U.S. results) to above €345 million.

The company is also considering ways to return surplus cash to shareholders and plans to discuss the possibility of a special dividend with the board before the end of the year.

“This quarter was our best ex-US third quarter ever, achieving total revenue of €395 million and Adjusted EBITDA of €95 million. 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% for the second quarter in a row – well ahead of our long-term target of 20%. 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 €345 million, ” stated Alinda van Wyk, Chief Financial Officer of Super Group.

Focus on Online Casino

Spin, Super Group’s online casino, saw notable revenue growth in Q3 2024, generating €163.5 million, up from €150.5 million in the same period last year.

The online casino segment contributed significantly to Super Group’s total revenue. In Q3 2024, online casino revenues amounted to €330.2 million, representing over 80% of the company’s total revenue of €402.9 million.

North America remains a crucial market for Super Group’s online casino. This region generates the largest share of online casino revenues for both Betway and Spin. Spin’s North American revenue increased significantly, reaching €111 million in Q3 2024, compared to €100.4 million in the same period last year.

How Are Sports Betting Revenues Performing?

In Q3 2024, sports betting revenue for the Betway brand totaled €67.1 million, up from €64.6 million in the same period last year, reflecting a growth of about 4%.

However, for the first nine months of 2024, Betway’s sports betting revenue totaled €224.5 million, marking a 15% decline from €240.2 million in the same period the previous year.

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, 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.”