Super Group Reports Strong Q2 2024 Results, Despite Regional Challenges

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Super Group, the parent company of Betway and Spin, has unveiled its financial results for the Q2 2024, showcasing a period of notable achievement and strategic progress.

Super Group Reports Strong Q2 2024 Results, Despite Regional Challenges

Key Financial Metrics

For Q2 2024, Super Group reported total revenue of €414.7 million ($453.1 million), marking a 9% increase compared to the same period last year. Despite this growth, regional performance varied, with Africa and North America driving overall gains, while declines in the Middle East and Asia-Pacific markets slightly tempered results.

Betway’s revenue predominantly came from Africa and the Middle East, contributing €152.8 million, or 62% of its total revenue. Conversely, Spin saw its highest revenue from North America, totaling €111.8 million, which represented 66% of its earnings.

Product Line Performance

The company experienced a significant shift in revenue composition. Online casino revenue surged by 18.6% year-on-year, while sports betting revenue saw a decrease of 10.5%. Additionally, brand licensing and other revenue streams experienced declines.

Super Group faced a net loss of €0.8 million for the quarter, a stark contrast to the €27.6 million profit recorded in Q2 2023. However, adjusted EBITDA grew by 8% year-on-year, reaching €81.9 million. The company’s monthly active customer base expanded to 4.5 million, up from 3.7 million in the previous year.

Executive Insights

Super Group CEO Neal Menashe expressed enthusiasm about the company’s performance: “The second quarter of 2024 was our strongest quarter ever and demonstrates the exceptional progress we continue to make as a business. I’m pleased with our progress in optimizing our global footprint and am excited to welcome Manchester City and South Africa’s Premier Soccer League to our sponsorship portfolio. We anticipate a strong finish to the year and look forward to making 2024 a standout year for Super Group.”

CFO Alinda van Wyk highlighted impressive performance metrics outside the US: “We achieved new quarterly records for our ex-US operations, with total revenue of €408 million and adjusted EBITDA of €98 million. Our focus on key markets and cost efficiencies resulted in a robust second-quarter ex-US EBITDA margin of 24%. Given the strong performance in the first half of the year, we are confident in raising our ex-US adjusted EBITDA guidance for the full year 2024 to over €300 million. Our debt-free balance sheet also allows us to return capital to shareholders through our first-ever dividend.”

Conclusion: The Results

Super Group’s Q2 2024 results reflect a period of strong revenue growth and strategic development, despite regional and product-specific challenges. The company’s focus on optimizing its global presence and expanding sponsorships positions it well for continued success throughout the year.

FAQs About Super Group Q2 2024 Financial Results

1. What were Super Group’s total revenues for Q2 2024?

Super Group reported total revenue of €414.7 million ($453.1 million) for the second quarter of 2024.

2. How does this revenue compare to the same period last year?

The revenue for Q2 2024 represents a 9% increase compared to Q2 2023.

3. Which regions were the primary drivers of revenue growth for Super Group?

The primary drivers of revenue growth were Africa and North America. However, there were declines in revenue from the Middle East and Asia-Pacific markets.

4. What were the revenue contributions from Betway and Spin in their respective key regions?

For Betway, the highest revenue came from Africa and the Middle East, totaling €152.8 million (62%). For Spin, the most revenue was generated in North America, amounting to €111.8 million (66%).

5. How did Super Group’s product lines perform?

Online casino revenue increased by 18.6% year-on-year. In contrast, sports betting revenue dropped by 10.5%. Brand licensing and other revenue streams also saw declines.

6. What was Super Group’s net profit or loss for Q2 2024?

Super Group reported a net loss of €0.8 million for the quarter, compared to a profit of €27.6 million in Q2 2023.

7. How did adjusted EBITDA perform in Q2 2024?

Adjusted EBITDA grew by 8% year-on-year to €81.9 million.

8. What was the monthly active customer count for Super Group in Q2 2024?

The company had 4.5 million monthly active customers in Q2 2024, up from 3.7 million in Q2 2023.

9. What are Super Group’s expectations for the rest of 2024?

Super Group anticipates a strong finish to 2024. CEO Neal Menashe expressed optimism about the company’s progress and new sponsorships, while CFO Alinda van Wyk highlighted increased adjusted EBITDA guidance and a debt-free balance sheet.

10. What new sponsorships did Super Group announce?

Super Group announced new sponsorships with English Premier League champions Manchester City and South Africa’s Premier Soccer League, now known as the Betway Premiership.