Super Group Q3 2023 results: Revenue up 16%

Super Group， the parent company that owns and operates Betway and Spin， has published its financial results for the quarter ending 30 September 2023.

Revenue for the company totalled €356.9m ($382.5m)， an increase of 16% when compared year-on-year， or alternatively， an increase of 27% when accounting for constant currency and €390.8m.

Profit was recorded at €10.6m， a decrease of 69%， although the company explained that this was affected by the acquisition of Digital Gaming Corporation Limited.

Adjusted EBITDA increased by 7% to €53.3m， and the inflow from operational activities reached €112.1m.

Neal Menashe， Super Group CEO， said: “Super Group has delivered yet another quarter of solid results， having achieved our highest ever revenue for a third quarter， as well as new all-time highs for both our customer numbers and deposits.

“I remain encouraged by our very strong customer engagement and continued expansion of our global iGaming offering.”

The monthly active customers across both brands increased by 44% up to 4 million.

Alinda van Wyk， Super Group CFO， said: “For the third quarter，Online Casino Games we delivered ex-US Revenue of €348.9m and ex-US Operational EBITDA of €64.1m， which resulted in a strong margin of 18%.

“We continue to focus on investing for future growth and the further realisation of cost efficiencies.

“Despite some headwinds experienced this quarter， while tight， we are reaffirming our guidance， assuming a normalised margin for the remainder of the year."

The revenue from Betway increased by 48% in the Africa and Middle East regions， while Asia-Pacific， Europe and North America all saw around 17% increases.

Spin reported equally uneven regional results; a 0% increase in Africa and the Middle East， an 18% increase in Asia-Pacific， a 13% increase in Europe， but a 67% increase in revenue from North America.

Funnily enough， both companies reported exactly 2% increases in revenue from Latin America.

Total online casino revenue from both companies totalled €219m， an increase of 11% when compared year-on-year.

Sports betting revenue saw a decrease of 28% to €64.6m， but interestingly， revenue from fixed odds contingencies saw an increase of 290% to €58.1m.