Key points:
- Super Group experiences record Q3 as revenue rises for both the quarter & year-to-date
- Betway is the primary driver as the operator hails strong performance in Africa & Canada
- Super Group CEO hints at possible further special dividend before the end of the year
Operator Super Group has released its latest financial results, posting a revenue figure of €402.9m ($431.6m) for Q3 2024, a year-on-year increase of 13%.
Profits, however, experienced a dip of 24% in comparison to figures from the third quarter of 2023, settling at €8.5m for Q3 2024. Despite this, profit for the year so far remain positive, with Super Group reporting a nine-month profit figure of €48.5m, compared to the €36.2m that had been generated by this time last year.
Revenue for the year so far also continued to rise, experiencing an upswing of 10.5% year-on-year as Super Group reported a figure of €1.2bn for the initial nine months of 2024. Of that figure, the primary driver was Betway, which has generated €707.6m so far this year, 6% higher than figures from this time last year.
The remaining revenue posted by Super Group across the year’s first three quarters was generated by Spin. Similarly, group revenue for Q3 2024 was split between Betway and Spin, which generated €239.4m and €163.5m, respectively. Africa and the Middle East has been a key region for the group, generating €444.5m in revenue so far this year.
Overall company adjusted EBITDA experienced a notable upswing of 60% year-on-year, with the operator reporting a figure of €83.9m for Q3 2024. This increase was reflective of the rise in monthly active customers, which went up by 17% year-on-year to 4.7 million for Q3 2024.
Much as it did for its Q1 & Q2 2024 results, Super Group has attributed its rise in revenue to a strong quarterly performance in the African and North American markets, however, this time with the addition of a supposed strong performance in the European region, as well. Following its withdrawal from the US sportsbook market in July, the operator will be pleased that its Canadian operations remain, on the face of things, solid.
Further, the business will also be pleased to maintain a positive trajectory with regard to revenue as we move towards the year’s conclusion as, if it continuous on its current course, full-year revenue figures are set to surpass that of those posted at the end of 2023.
Good to know: Shortly after the announcement of its Q2 results, Super Group announced its first ever dividend program
Commenting on the latest financial results, Super Group CEO Neal Menashe said: “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.”
This sentiment was echoed by Alinda van Wyk, Super Group CFO, who stated: "This quarter was our best ex-US third quarter ever, achieving total revenue of €395m and adjusted EBITDA of €95m. 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%
