Super Group shares rise on Q3 earnings surge

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 2023 consolidated financial results.

Revenue increased by 16% to €356.9 million, being Super Group’s highest ever revenue for the third quarter. Profit for the period of €10.6 million includes a non-cash charge of €14.2 million arising from the change in fair value of option liability

Operational EBITDA ex-US of €64.1 million and a loss of €10.3 million from the US amounted to Operational EBITDA of €53.8 million.

Monthly Active Customers increased 44% to 4.0 million during the third quarter 2023 from 2.7 million in the third quarter of 2022.

Neal Menashe, Chief Executive Officer of Super Group, 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, Chief Financial Officer of Super Group, stated: “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%. We continue to focus on investing for future growth and the further realization of cost efficiencies. Despite some headwinds experienced this quarter, while tight, we are reaffirming our guidance, assuming a normalized margin for the remainder of the year.”