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Super Group has released its financial results for the second quarter of 2024, emphasising a positive period for the parent company of Betway and Spin.
Total revenue during the quarter reached €414.7m ($453.1m), representing an increase of 9% year-on-year.
Africa and North America’s growth was a key driver for the group overall, though was partially offset by declines from the Middle East and Asia-Pacific markets.
The highest proportion of Betway’s revenue came from Africa and the Middle East at €152.8m (62%) while for Spin, the region where it saw most of its revenue was in North America at €111.8m (66%).
Looking at Super Group’s product lines, online casino revenue was up 18.6% compared to the same period last year, while sports betting revenue dropped 10.5%. Brand licensing and other also saw decreases during the period.
During the quarter, the company made a loss of €0.8m, compared with the second quarter of 2023 where it made a profit for the period of €27.6m.
Adjusted EBITDA grew 8% year-on-year to €81.9m, while monthly active customers was 4.5 million during Q2 2024 vs 3.7 million in Q2 2023.
Super Group CEO Neal Menashe said: “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 optimise 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.”
Super Group CFO Alinda van Wyk added: “We achieved new quarterly records for the ex-US business for both total revenue of €408m and adjusted EBITDA of €98m . The continued focus of growth in key markets, along with the significant progress made on realising 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.”
In other results-based news, Zeal Network has reported its financial results for the first half of 2024, showing a 40% increase in revenue and 46% rise in EBITDA.
