Super Group, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced second quarter 2024 unaudited consolidated financial results.

Revenue increased by 9% to €414.7 million for the second quarter of 2024 (constant currency: 11% to €422.5 million) from €380.8 million in the same period of the prior year, driven by growth from the Africa and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets.

Loss for the period was €0.8 million for the second quarter of 2024 and includes non-cash charges of €36.8 million relating to the impairment of DGC related assets. Profit for the period of €27.6 million for the second quarter of 2023 included a non-cash charge of €6.1 million related to the change in fair value of option liability.

Adjusted EBITDA, a non-GAAP measure, increased by 8% to €81.9 million for the second quarter 2024 compared to €75.9 million in the second quarter of 2023.

Neal Menashe, Chief Executive Officer of Super Group, commented: “The second quarter of 2024 was our strongest quarter ever and demonstrates the exceptional progress we continue to make as a business. I’m glad we have reached a conclusion in shutting the US sports betting market and we continue more generally to optimize our global footprint both in terms of geography and product. I’m really excited to welcome English Premier League champions, Manchester City, and South Africa’s Premier Soccer League, now known as the Betway Premiership, to our brand sponsorship portfolio. Our outlook for the remainder of the year is strong, and we look forward to making 2024 a super year for Super Group.”

Alinda van Wyk, Chief Financial Officer of Super Group, stated: “We achieved new quarterly records for the ex-US business for both total revenue of €408 million and Adjusted EBITDA of €98 million. The continued focus of growth in key markets, along with the significant progress made on realizing cost efficiencies, contributed to a strong second quarter ex-US EBITDA margin of 24%.

Given the strength we have seen in the first half of the year, we are confident in raising our ex-US Adjusted EBITDA guidance for the full year 2024 to greater than €300m. Finally, our debt-free balance sheet continues to show strength, and we were pleased to return capital to shareholders through the announcement of our first ever dividend.”