Super Group Q3 revenue reaches record levels despite sports betting declines
Super Group has posted a 16% year-on-year (YoY) increase in Q3 revenue to €356.9m (£311.2m) as growth in Africa, the Middle East, Europe and North America offset drop-offs in Latin America and Asia. The Betway and Spin parent company noted operational EBITDA of €53.8m, up from the €49.6m posted in the third quarter of 2022.
Super Group has posted a 16% year-on-year (YoY) increase in Q3 revenue to €356.9m (£311.2m) as growth in Africa, the Middle East, Europe and North America offset drop-offs in Latin America and Asia.
The Betway and Spin parent company noted operational EBITDA of €53.8m, up from the €49.6m posted in the third quarter of 2022.
The operator did note that this figure was impacted by a €10.3m loss in the US, which would mean non-US EBITDA stood at €64.1m.
Profit amounted to €10.6m in Q3, a drop off from the €34.9m recorded in the same period in 2022. However, this figure did include the positive impact of non-cash adjustments of €22m related to the change in fair value of option liability.
Breaking revenue down by geographical region, European revenue reached €54m, which was an increase on the €38.4m recorded in 2022. Europe now accounts for 15% of total Super Group revenue.
North America became the dominant region for the company, with the market accounting for 38% of the revenue and, in Q3 2023, recorded €134.1m in revenue.
Africa and the Middle East returned revenue of €100.1m in the quarter, representing a revenue share of 28%, while Asia-Pacific posted revenue of €62m and a revenue share of 17%.
Latam took a 2% share of the revenue pie after posting €6.7m in revenue.
Breaking revenue down by vertical, sports betting revenue decreased 28% to €65m, with the operator attributing it to customer-friendly results in September and regulatory headwinds in India and Germany.
Online casino revenue increased by 29% to €274m as Super Group heaped praise on “significant growth” in Africa and the performance in the UK with the inclusion of Jumpman Gaming.
The operator also noted solid upticks in Spain and Canada, excluding Ontario.
Additionally, monthly average customers increased by 44% to four million during the third quarter, almost double the amount from Q3 2022 of 2.7 million.
Elsewhere, marketing costs jumped 14% to €82m as Super Group said it will continue to invest in “markets that offer the highest return”.
Neal Menashe, Super Group CEO, commented: “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.
“I remain encouraged by our very strong customer engagement and continued expansion of our global igaming offering.”
Alinda van Wyk, Super Group CFO, added: “For the third quarter, we delivered ex-US revenue of €348.9m and ex-US operational EBITDA of €64.1l, which resulted in a strong margin of 18%.
“We continue to focus on investing for future growth and the further realisation of cost efficiencies. Despite some headwinds experienced this quarter, while tight, we are reaffirming our guidance, assuming a normalised margin for the remainder of the year.”
EGR Intel
