Super Group, the parent company of the multi-brand online casino, Spin, and the leading online sports betting and gaming operator, Betway, released Thursday its latest financial report. The company posted an increase in operational EBITDA, as well as revenue for the third quarter of this year or the three months ended September 30, 2023.
Overall, Super Group reported revenue of €356.9 million ($381.4 million) for the latest trading period. This result, compared to the €307.8 million ($329 million) reported for the same period in 2022, showed an increase of 16%. The leading betting and gaming company explained that the strong revenue comes after growth of the company’s operations in Europe, North America, Africa and the Middle East. Super Group said that the revenue was “partially offset by declines from the South/Latin America and Asia-Pacific markets.”
In its latest trading update, the company confirmed that operational EBITDA for Q3 hit €53.8 million ($57.5 million). This result also marked an increase when compared to the €49.6 million ($53 million) figure reported for the corresponding period last year.
According to the latest trading update, Super Group saw an uptick in its monthly active customers. The new report reveals that monthly active customers increased to 4.0 million in the third quarter of 2023. This result, compared to the 2.7 million monthly active customers reported in Q3 2022, marked an increase of 44%.
After the recent trading period, Super Group announced its withdrawal from the gambling sector in India. The announcement came at a time when the country increased its tax applicable for gambling activities. The global sports betting and gaming company identified this increase as an issue, causing its business in the country to be unsustainable which is why it decided to exit the market.
The Company Plans Further Growth and Expansion
Alinda van Wyk, Super Group’s CFO, commented on the recent results. “For the third quarter, we delivered ex-US Revenue of €348.9 million and ex-US Operational EBITDA of €64.1 million, which resulted in a strong margin of 18%,” she explained. The CFO added that the company remains dedicated to investing in its future growth and implementing cost efficiencies. In conclusion, Wyk said that despite some headwinds in Q3, Super Group reaffirmed its guidance for the rest of the year.
“Super Group has delivered yet another quarter of solid results, having achieved our highest ever revenue for a third quarter, as well as new all-time highs for both our customer numbers and deposits.“
Neal Menashe, CEO of Super Group
Neal Menashe, Super Group’s CEO, acknowledged that the company enjoyed another strong quarter with exceptional results. He explained that in Q3 this year, Super Group recorded its highest third quarter revenue along with an increase in monthly active customers. Finally, Menashe predicted further expansion for the company within the global iGaming vertical.