Super Group, the owner of Betway and Spin, has seen its revenue reach a new high for the third quarter. The company reported a 16% increase in revenue year-on-year, totaling €356.9m ($380.6m/£310.4m). This growth was driven by various markets, including Africa & Middle East, Europe, and North America. In constant currency, revenue was up 27% to €390.8m.
Even though North America is Super Group’s largest market, accounting for 38% of revenue, it saw a decrease from the previous quarter. Revenue from North America was up 9% year-on-year to €134.0m, with the Spin segment experiencing a slight decline. On the other hand, Africa & Middle East saw an increase in its share of the business, accounting for 28% compared to 23% in the previous year.
Unfortunately, the gains in these markets were offset by declines in South/Latin America and Asia-Pacific. Online casino remains the company’s largest segment, representing 62% of the total business. Revenue from online casino games grew by 12% year-on-year to €219.0m.
Super Group also experienced a significant increase in its Global Monthly Active Customers, which grew by 44% to 4.0 million during the period. This marks a notable rise from the 2.7 million customers in the third quarter of 2022.
CEO Neal Menashe expressed his optimism about the company’s performance, highlighting the record revenue for a third quarter and the growth in customer numbers and deposits. However, despite the increase in revenue, the company’s profitability continues to be hampered by its US operations. Direct and marketing expenses increased by 19% year-on-year to $270.8m, accounting for 76% of the total revenue.
Operational EBITDA for the third quarter was €53.8m, representing an 8% year-on-year increase. However, the US operations incurred a loss of €10.3m during the same period. The company’s profit for the period was €10.6m, which included a non-cash charge of €14.2m related to its acquisition of Digital Gaming Corporation (DGC).
Overall, Super Group’s revenue for the first nine months of the year surpassed €1bn, reaching €1.08bn, an 11% increase compared to the same period in 2022. Despite facing some headwinds, the company remains committed to investing for future growth and achieving cost efficiencies. In October 2023, Super Group announced that it had ceased providing services to the Indian market, but reassured that this withdrawal would not impact its financial forecasts for the year.