Super Group, the parent business of well-known brands Spin and Betway, recorded a notable 16% year-over-year increase in revenue, hitting €356.9 million, in a fantastic third-quarter performance. Strong markets in North America, Europe, and Africa and the Middle East were the main drivers of this noteworthy expansion, which saw sales soar by 27% to €390.8 million in constant currency.
With 38% of total sales, North America remained the largest market, but at a slightly lower rate than the 40% it had in Q2 2022. In dollar terms, North American sales increased by 9% YoY to €134.0 million, despite a little decline in its Spin business. Africa and the Middle East, on the other hand, made significant strides, currently generating 28% of the company annually as opposed to 23% a year ago.
However, these positive developments were somewhat offset by setbacks in the South/Latin America and Asia-Pacific markets.
Segment Performance and Customer Growth
With online casinos accounting for 62% of Super Group’s overall income, this category emerged as the leader. The online casino industry saw a respectable YoY revenue rise of 12%, reaching €219.0 million. During that time, Super Group’s Global Monthly Active Customers increased by an astounding 44% to 4.0 million.
Neal Menashe, CEO of Super Group, expressed satisfaction with the results, stating, “Super Group has delivered yet another quarter of solid results, having achieved our highest ever revenue for a third quarter.”
Super Group faced difficulties in light of growing marketing expenses despite the company’s strong sales growth. From 74% in Q2 2022 to $270.8 million, which represents 76% of total sales, direct and marketing costs increased by 19% YoY.
In Q32023, operational EBITDA increased 8% year over year to €53.8 million. The amount includes a €10.3 million loss in the US and €64.1 million ex-US.
Super Group reached a noteworthy milestone when its sales for the first nine months of the year exceeded €1 billion, coming in at €1.08 billion, an 11% YoY increase. Revenue in North America dropped 3% year over year to $401.3 million.
Speaking on the future, Super Group’s CFO, Alinda van Wyk, emphasized the company’s focus on “investing for future growth and the further realization of cost efficiencies,” while also restating their projections for the remaining portion of the year.
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