Super Group has released its Q3 2024 financial report, showcasing a notable revenue increase despite a drop in quarterly profits. The company reported revenue of €402.9 million ($431.6 million), marking a 13 percent year-on-year rise. Meanwhile, profits declined by 24 percent to €8.5 million for the quarter. However, year-to-date figures remain strong, with the company posting a nine-month profit of €48.5 million, up from €36.2 million in 2023.
Super Group reports €402.9m revenue in Q3.
Africa and North America drive Super Group’s growth
Super Group attributed much of its revenue growth to robust performances in Africa and North America. The African and Middle Eastern markets have particularly excelled, generating €444.5 million in revenue for the first three quarters of 2024, positioning Africa as the company’s largest regional contributor for the second consecutive quarter. The European market also showed strong growth, complementing Super Group’s global expansion strategy.
“Achieving our strongest third quarter ever highlights the phenomenal progress we’re making as a business,” said Neal Menashe, CEO of Super Group. He emphasised the company’s success in scaling African operations, which have now become the largest revenue source within the group’s portfolio.
Betway and Spin lead revenue contributions
Betway and Spin, Super Group’s primary brands, were central to its financial performance. Betway contributed €239.4 million in Q3 2024, with year-to-date revenue hitting €707.6 million, reflecting a 6 percent year-on-year increase. Spin accounted for the remaining Q3 revenue of €163.5 million, further solidifying Super Group’s growth trajectory.
Betway vs Spin in revenue contributions.
For the year to date, Super Group reported total revenue of €1.2 billion, an increase of 10.5 percent over the previous year’s figures. This growth has largely been driven by an increase in monthly active customers, which rose 17 percent year-on-year to 4.7 million in Q3 2024.
Adjusted EBITDA and future outlook
Super Group’s adjusted EBITDA saw a significant upswing, rising 60 percent year-on-year to €83.9 million for the quarter. Alinda van Wyk, the company’s CFO, stated that the results marked “our best ex-US third quarter ever,” with €395 million in revenue and €95 million in adjusted EBITDA.
Following its exit from the US sportsbook market in July, Super Group has focused on solidifying its Canadian operations, which continue to perform well. With a strong balance sheet, the company is exploring options for shareholder returns and has plans to discuss a potential special dividend before year-end.
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