Super Group gaming revenue up 4.5% in third-quarter

Finance News

Super Group the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced third quarter 2022 financial results for its operating subsidiary, SGHC Limited.

Profit after tax for the third quarter of 2022 was €34.9 million compared to a profit of €50.5 million in the same period of the prior year. EBITDA, a non-GAAP measure, was €60.9 million in the third quarter of 2022 compared to €75.9 million in the same period for the prior year. Revenue across all sectors of the business was up 4.5%.

Adjusted EBITDA, which excludes transaction fees, share listing expense, changes in valuations of warrants and earnout liabilities and associated foreign exchange movements, gains on derivative contracts, recognition of fair value option, bargain purchases and RSU expenses, decreased 26% to €56.1 million compared to €75.9 million in the same period from the prior year.

Monthly Average Customers for the quarter increased 7% to 2.7 million during the third quarter of 2022 from 2.5 million in the third quarter of 2021, excluding customers of Jumpman Gaming which was acquired on September 1, 2022.

Neal Menashe, CEO of Super Group, commented: “Super Group’s online-only business model and ongoing focus on improved customer experience through enhanced global technology platforms continues to ensure optimal customer engagement and value. Together with effective investment in our brands and efficient allocation of our capital, this provides us with a sound path for long-term growth.”

Alinda van Wyk, CFO of Super Group stated, “Super Group remains financially strong and we continue to optimize our global footprint and operate more efficiently to leverage our scale. We remain focused on investing into technology and marketing, as well as other opportunities that will provide us with long-term growth and profitability.”